New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-06-24
BROKERS LOSE WIRES.
Elcucn Firms Find Their Telephones
Cut or.

At tie opening OF business yesterday tae stock
Exchange IL was found that the telephones Of
eleven houses members OF the exchange. lad been
r-mo.ed from the telephone booths which
sernbeo along the Newest. side OF the trading foor
il was speedily learned that this action had been
aaken by order OF the committee Sernents
as a disciplinary measure. and that the firms thus
deprived O direct connection with the exchange
Were 8. J.. Blood & Co. 10. Sc broadway: Philip
London & ~, 30 - BroaG-st-; Mendham Brothers
30. Is Nev-St.: Cohen Greene g Co. No 45 Bro2i-
way; C. Schumacher jr No % Broad-st; J. A.
Blair q So". 40. - Broadway; Raborg Manice
No. Broad-st; Alley Conger Co. No 20 Wall
st; Yates. Ititche & Pope. No. Nassau-sti Rob
erts, Calm 3 Co, No. 80 broadway. and J. r
Fie-son. jr.. os Co. No. il WaIl-st
Officers OF lie stock Exchange and OF che com
rnittes arrangements absolutely refused 10 give
statement Of the reason for the removal OF the
felephoneg. a move which had come total sur
prise ali The eleven houses thus disciplined.
il was learned ir the course OF the day that sew
oral Of the firms had had their telephones cut out
because OF their alleged connection with the ConfoI-
idaied Exchange.
One OF the members Of the governing committee
ssio:
We do not directly accuse the members OF arbi-
TRACING between The New-York Stock Exchange
sRo peve hsmte not guilty. we viii write out an
apology and he frame II and hang II up In a
conspicuous place in his Office
month ago IL was reported that the governing
committee was Investigating a number OF cases
sn which Stock Exchange firms were conducting
what are known arbitrage transactions WIN
members Of the Consolidated Exchange. through
such operations il possible for those VINO car
Yfed on the practice to take advantage OF differ
ences IN quotations. It stated at that time
that some Stock Exchange firms had direct con
yection with the Consolidated Exchange from the
Stock Exchange floor This they would manage by
calling their own offices their private wires from
che exchange then getting Central" and obtain
sng connection with the party desired. thus max
ing what practically would be direct connection
but & connection which IT supposed was tech
uicalIy not IN violation of the Stock Exchange
rules.
The telephones from the Stock Exchange floor TO
the Offices OF members under the direct contro!
OF The Stock Exchange, and the telephone COM
many has nothing whatever to do with their opera
.ion or control further that it may lease the
Instruments The telephones are operated by the
Sew-York Stock Quotation Company.
Among the powers conferred by the constitution
s1pon the committee Of arrangements is one TO the
effect that lit shall control and regulate the quo
cations service all telegraph or telephone con
s1ection with the exchange" The membership Of
shis body. which is Of the standing committees
OF the governing committee. is as follows; {. W.
Maury, chairman; r. P. Doremus. vice,chair,
h, . "a D Re Tes anG Charles NJ New
oom6e 70 attend to their business some of the
brokers used messenger boys; Others %eae 2e[rns,
corridor OF the exchange and big business was
done over these instruments. -, -. 80.
All the brokers whose telephones were cur OUT
were seen in the course OF the day Most OF them
refused TO discuss the subject in any way. Some
declining have their names used said mat theE
had had no notice that their telephone privilege
10 be off. and no intimation that charges
had been preferred against them.
One Of the brokers yesterday in consultation
with his counsel, but said that he would take no
action at law til after appeal 10 the committee
10 restore his telephone had failed.
II said by man who ought to know mat a
meeting OF the committee arrangements had
been called for yesterday afternoon, but az the
office of the exchange il declared that no such
meeting had been held. The committee is small
one, and could easily get together without attract
ing attention. 1t stated that OF the brok-
had carried the committee their books. sealed,
which would he examined by expert accountants.
but this report could be verified
. Roberts. Calm & Co. said they had heard that
the charge upon which their telephone had been
removed that they had arhitraEed with the
Consolidated Exchange. They said that in their
this charge absolutely false. They had
received communication from the exchange and
had written letter asking the for The
mova Of their wires
A representative OF :. L. Blood & Co said: The
FIRST we knew Of the matter when
use our telephone. and found IL cut of II
great surprise, as We had no notice. This is the
regular procedure When charge is made that
members misuse the telephones, the wires
and the member is called for explanation
il that is made satisfactorily the connection IS
restored.