The evening times., 1900-10-08
4 COMPETING COMPANY
The Exchange Telegraph to Fight
Existing Concerns.
Incorporated in, New Jersey With
s5,00o,0OO Authorized Capital.
as the Result of the board of Trade
Fight-NiEI Do n General Business

NEW YORK, Oct. S.-With an author
lied capital of So, 600, ,000 in so 600 shares
OF $10e each. the Exchange Telegraph
Company fled certificates of incorpora-
tion in the office of the County Clerk of
Hudson county, n. j.. and, with the Sec
retary of State of New Jersey. in Tren-
ton. The new concern is the one formed
by Chicago capita lists and others as the
result OF the fight of the Chicago Board
of Trade with the Western Union TeIe-
graph Company a few weeks ago, which
resulted in the severance of relations
between the two organizations and
general disorganization of the grain
speculation business of the country.
The incorporators, whose names are un-
known here, and who are supposed to be
employees of the real hackers, are Louis
B. Daley, Clifford Perkins, Evan J. Dud-
ley Charles H. BarkIey, Kenneth x. Nc
Laren. Forrest F. Gould, Millard w Bald
win, Thornton Parker, John l. Billings
and Adolphus Smedburg. jr., all Of New
Jersey.
James B. Vredenburgh. the attorney for
the new corporation. who has Office in
this city, declined to give the names of
the capitalists interested. but said that
the company had ample resources and ex-
pected to do an extensive business.
". S. Warren President of the Chicago
Board Of Trade said in that city last week
that the work of construction of the new
system would begin as soon as practicable,
and that stock in the new concern would
be placed en- the market early next month.
He added that when completed the lines
CT the Exchange Telegraph Company
would be 4 700 miles in length.
He asserted that the new company
would have exclusive privileges in regard
to telegraph wires on the floor of the Chi
eago Exchange, and made the following
general statement
The project for building a new teie-
graph system TO connect the various COM
merciaI exchanges OF the country has
grown oLt of the efforts OF the Chicago
Board of Trade 10 suppress bucket shops
through the medium OF the control Of
their quotations.
1T being necessary for the carrying out
of their plans to have a telegraph com
pany which would cooperate with the
board and the existing companies having
declined 10 accede to certain REASONABLE
conditions imposed by the board. it was
decided to incorporate this new company,
with which the board has authorized an
exclusive contract for space in their
building and for the distribution OF their
quotations 10 points which the new com
pany will reach.
This will include all cities where conf
merciaI exchanges exist, and other points
where the grain business will justify il.
"A representative of the Exchange TeIe-
graph Company is now engaged in obtain
ing from other exchanges contracts for
free space, and the cooperation of all the
exchanges Will ensure the success of the
new company beyond q peradventure. it
is well known that the inter-exehange
business and the leasing of private wires
TO brokers is the most profitable business
in all the field Of telsgraphy-''
There was a general belief in financial
circles that the hackers of the Exchange
Telegraph Company would prove to be In
alliance with the Telephone. Telegraph and
Cable Company of America organized
some ime ago to compete with existing
concerns. William J. Latta is president of
the Telephone, Telegraph and Cable Com
pany of America. 1t was impossible TO
reach him yesterday to ascertain whether
he was interested in the new corporation.
Great mystery surrounds the ultimate
objects of the concern, so far as this city
is concerned but it is understood that it
is intended to compete with existing cor
porations. Its charter authorizes it to ae-
qn:-e by purchase or lease. and to operate
throughout the United States, a system of
telegraph and telephone wires: TO conduct
the business of transmitting messages by
telegraph and telephone and transmit and
sell market and all kinds of news; to op-
crate tickers and like instruments for the
prompt transmission of all market quota
tions and other news; also to lease to
other companies wires and to conduct in
the cities and villages OF the United States
a general messenger service; also to man
ufacture and sell electrical power and do
a general telegraph and telephone bust
ness