New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-03-01
THE WAR ON BUCKET SHOPS.
STOCK EXCHANGE REALLY UNAFFECT'
ED BY THEM.

ED BN Them
AN EASY MATTER FOR GOOD COMMISSION HOUSES.
WELL. ADVERTISED. TO SECURE A sArIsFAc-
TORY SHARE OF BusINEss-BUCKET-sHo
SHOULD BE IGNORED BY THE GOVERN
ING CoMMITTEE-vIEws or AN EN-
PERIENCED BROKER CRITI-
cIsING STOCK EX-
CHANGE METHODS
The renewal OF tho warfare OF the New-York
Stock Exchange against the bucket-shops. when
involves the question OF furnishing prompt quota
lions O. securities has developed VARYING PnaSe
of criticism Some OF the Older members regaru
the action as undignhed and unworthy OF so con-
spicuous and important body OF business men
II is OF course admitted that on account OF the
largo membership OF the Exchange and the long
continued depression in business. many brokers
find IL difficult TO support themselves ana 'heir
families in the style which they carried out III
better times and aspire 10 now But II Is asueu
that the bucket-shops are in no way responsible
for such q condition of things. These institutions
of unouestioned evil are not supported by the
same class OF patrons found IN regular s'oOh eA
change commission houses. The relations WHICH
they bear TO one another are about hKe 'hose "a
q low grade barroom and a high grade care with
beer and cheap whiskey in the one anu 0""'"P"eAo
and brandy in the other.
The trader in the bucket-shop conid not oPe'ae
IN the commission house unless he depositeu ''e
requisite. margin and observed Its regulations as
10 tho minimum number of shares to be dealt IN,
IL by any freak Of fortune he should be graduated
from his buckct-shop experience qualihed In these
two essential particulars. the broker would uh-
doubtedly help him onward in the me Vi MS am
bition to speculate on a larger SCALE anu "o0ep'
his bond and his money. and not question: MIN ds W
how he acquired the latter on the other manu.
,barQ f
6auv freouenter OF Wall Street precincts. ana VINO
strolls through the bucket-shops ana scans 'i'e
faces of their patrons, will often recognize those
~ men who have formerly trodden the carpe'eu
floors and rested in the cushioned chairs OF tile
commission houses in the aforementioned cohoi-
,,oD or things q single transaction OF any one OF
these men I'm former days may have maze quo
tation for an active security on the STOCK Elk
change In the bucket-shop he simply MAKES
WAGER ms TO the future price of q security anu IL
he is mistaken las he usually isl ne swallows MS
dsappointment. and the man on inc oppoS''e ~
OF the desk absorbs his money
An old member Of the Stock Exchange SAID the
other day that the attitude Of the Governing COM
r,t,tee might be likened to that OF hungry cat
watching a spider when he ought 10 be spending
tis time catching mice. His theory oased upon an
experience Of many years, Is that activity III inc
stock Exchange can always be secured II there Is
a plenty of traders He points to the tremendous
rise in the price OF stocks in connection Win tIe
resumption Of specie payments '"hu"'' - 80
At that time the list Of securities was small COM
,orad with the present list. but many, If not all
NJ them reached quotations beyond every cohsio-
Grafton Of intrinsic value
The cause was largely sentimental Out oiloo q"
inspiration was kndled interest was createo anu
thu nubljc hocked 10 Wall Street to take chances
He mentions that It was all brought ABOUT oy du-
vertising the fact that money could be maze III
Wall Street at that 1uncture. and the moro Peope
taking part in the struggle TO acquire IT, the o''
there was TO be made He believed that the sa'he
conditions exist to-day and points to the fact that
COMMUNICATIONS the dulness in general trade the
stock commission houses that advertise are uoHls
ne much business as they have a right TO eHpe0"
while the houses that do not advertise AT all iep-
resent the members of the Exchange who are
fretting themselves into fever about the bucket
shops when they ought 10 be stirring themselves
An an effort 10 secure legitimate business IL U.s. as
he SAYS a case OF the hungry cat watching
miserable loathsome little spider wnen ne ought
10 be hunting around for the fat mice whlch are
always found in the locality Of good feeding
grounds. -
The list OF securities is now three times as long
DC that of 1872 and there Is score OF low-priced
stocks Of merit which only need activity 10 put
them I'D ten or twelve points This broker holds
that the bugbear Of lack Of confidence has been
practically removed. and that with the advent OF
tho new Administration and the certainty OF the
passage Of a tariff bill which Will insure the conn-
trv against the humiliation Of having TO borrow
,,one with which exc out the cost or MAINTAIN
ing Il prosperity will to Wall Street as well
oe IN every other locality. When this time comes,
no savs the Governing Committee Will not think
If the bucRet-shops except with regret and morti-
cation that they were deemed OF sufficient I'M
nortance 10 cause the dignifed Stock Exchange TO
,toon IN the recognition OF their existence.
The view is further maintained that any restrlc- |
Non IN the method of promptly distributing quota
tions must necessarily result IN contracting the
business Of the Exchange, for the reason that no
man Will want TO buy a stock a quotation five.
fen or fifteen minutes late. In such circumstances
few orders would be given for transactions on the
market and many given at figures approximating
those of the last quotation must obviously fall or
execution Such methods would only be productive
of fretfulness worry and vexation on the part of
the customers. and Observation-Disclosures between
them and their brokers. ,,
The tendency Of the Stock Exchange 10 abridge
the privileges Of its members with respect TO their
association with the Cotton Produce ana oiler
exchanges is exceedingly irksome TO many bro.
kers The assertion is made that during periods OF
dulness in stocks brokers might spend their
time more profably in the execution or orders on
other exchanges, and thus save commissions which
under existing circumstances they are obliged 10
pay brokers those exchanges. Many OF the
Younger members of the Board, naturally wide
awake and alert. who have their future TO improve
might thus add considerably to their incomes, and
spend in profitable activity many hours now spent
il ideness and unprOductiveness. Taken altogether
these tendencies on the part Of the Governing Com
mittee toward contraction and exclusiveness are
cre0ting much unrest among the less influential
members, who prepOnderate In numbers
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