Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1900-07-28
Chicago Board Of Trade Heads q
Movement to Form Another
Telegraph Company.
System Will Cover the East and
Middle West and Cost About
s1O,ON0.OOO.
Result Of the Fight Between West
ern Union and Postal Over
Bucket Shops.

ward founding new telegraph COM
pany to build wires connecting all the
leading commercial exchanges of the /!
country, from Duluth and Kansas City
in the west to New York and Boston in
the east. They propose to have sSs-
TEN big enough to handle all the daily
business of these exchanges With each
other, and to replace entirely the West
ern Union Telegraph Company and the
Postal Telegraph Company in this field.
The project is the result of the fight
lover quotations and bucket shops,
which has been carried on between the
board of trade and the telegraph COM
|panies, and which has ended in the de-
cision of the telegraph companies TO
remove. their. wires from the board of
trade and to cease furnishing continu
Gus quotations after Aug. /. The last
dayof ,he present service is toFbe next
Tuesday, and the board of trade peo-
lple have called a meeting for the same
dayin this city OF Representatives of all
of the commercial exchanges which
would be reached by the proposed tele-
graph lines, to arrange for cooperation
ltiii tle eHtSFpElSe. .t'4f
The Inter ES change Telcgra pm Com
ipany, which is the name proposed for
the system, will probably have a capt.
tai Of S5.o000Oo. The promoters believe
NOT only that the money can easily be
secured, but that the investment will
4 be paving one from the start.
] Reasons for this belief We're ads
lNanced at a conference of represents
iltiyes OF the leading brokers in the office
of President W. 5. Warren Immediately
/ after the board meeting yesterday. 1t.
did NOT take the members present long
to dcide that the movement should be
started at once and they appointed the
following members OF the board, all OF
/ them supporters of President Warren
lin his fight against the bucket shops. a
Z committee TO organize the new. COM
Z pany: Charles C'eunselman, Of Charles
8Counselman & Co; A. O. Slaughter, Of
i A. o. Slaughter q; Co.; p. ID. Weare, of
tbs Wsare Commission Company: p. A.
4 Valentine. of Armour & Co; Benjamin
4 Bryan. of Logan u Co: Matter Com.
stock. Of Schwartz, Dupees& Co; j. T..
Harris; w. $. Warren. of Huiburd,
Il Warren q Co.
The proposed wires of the Inter Elk
bchanee Telegraph Company would run
iifram Chicago northwest to Milwaukee
i MINNEAPOLIS and Duluth. southwest TO
q st. Louis and Kansas City. and east, by
q Way % Cleveland and perhaps other
s points. TO NV York, Philadelphia ard
a Eoston. rhag would thus tie together
BE,ali th: great speculative exchanges of
the countt. The head of one of the
leading brokerage houses of this city
makes the POSITIVE statement that such
a system of iNires of the best c:larac-
liter could be constructed for sl0.oep,o 900
and be on u scale big enough TO handle
all The inttr-eS hAnge business.
The plan has IN vie,S mainly the bust
II Eesm between the exchanges, and il is
proposed that the members of each eN-
change shall guarantee. il their business
u VI night the Wires Mould be available
foi. press service.
Ii is asserted hat the guaranteed bus
mess Of half the big brokerage firms OF
lstiie country would make the lines profit
abie. Altogether firms operating on this
/ exchanges th;a can be reached pay
about Sl.oVo,0 00 a year in telegraph tollt'
F: while the men al the conference sesiter-
day represented alone annual tolls Of al
\ leas, $3o0,upa. BESIDES, there are a q ozel
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