New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-05-03

the basis for trading. but were desired SIM
ply for the purpose of giving information
TO the members of the course OF i'm
portant market for securities as the Lon
don Stock Exchange figures are necessary
for the New York Stock Exchange; the
inference being that there could be no OBJ
lection to the posting of the Gold and
Stock Telegraph Company's figures on the
Consolidated Stock Exchange board. As
Mr.. Badeau put it, the case was similar to
that of a broker posting on the quotation
board in his office the figures from his
ticker. for the information of his Gus
toners, and not for outside use.
Mr.. Badeau was unable to give details
regarding the exact scope Of the injunc-
ton referred to. and doubted if the attor-
neys of the Consolidated Sullivan & Crom-
well. could furnish the facts, At the office
of. Sullivan & Cromwell no information on
the point could be obtained and the New
York Stock Exchange management were
equally uncommunicative. There was a
well defined report late in the afternoon
that the Stock Exchange was preparing TO
take legal steps 10 prevent the continued
use of the Gold and Stock figures by the
Consolidated for posting on its blackboard.
President Badeau yesterday confirmed his
I
morning papers that the Marin wire ser
vice was. in fact. slower than that of the
Gold and Stock tickers. citing in proof the
RAISING by the board Of governors some
time ago of a rule forbidding members to
run from the ticker to trading post. 1T
had come to be scandal he continued.
Members would get the quotations from
the ticker and execute orders. practically
sta bling fellow members in the back, and
il had TO be stopped.
Certain critics of the Consolidated sug
gested that this statement of President Ba
deau might be viewed as tending to mega
tive the theory Of the Consolidated Ex-
change mana cement on which presumably
the posting of the Gold and Stock figures
was advised and carried out'yesterday, that
those figures were not in any sense the
basis for trading on the Consolidated.
For il was asked. how could brokers
on the floor be said to gain an unfair adj
vantage over other brokers by executing
deals Immediately after having seen Stock
Exchange figures which the brokers with
whom they traded had not yet seen. unless
the quotations of the New York Stock Ex-
change were in the minds of the brokers
concerned the basis of the trades?''
Various theories were put forward yester-
dav TO explain the source of the Marin
quotations furnished to the. Consolidated
Stock Exchange by Frank Maaer. one being
that they We're taken off by his operator
from under the wheel of the Gold and Stock
instrument Maier, il is said was a. mem
her of the Consolidated for short time
dozen years ago. He is expected TO testify
before the federal grand jury in Washing
ton to-day and the exact facts concerning
the means by which he has for many years
obtained the quotations of the New York
Stock Exchange may not be disclosed in
advance of the publication Of the indict-
ments which that body is expected TO find
in connection with the case.
The Hughes commission. in its report to
the Governor last June. after referring to
the strained relations between the Stock
Exchange and the Consolidated SAID:
The tension has beeen increased by the
methods by which the Consolidated obtains
the quotations of the other-through the
use of the tickers conveying them It is
probable that without the use of these in
struments the business of the Consolidated
Exchange would be paralyZed; yet the
right TO use them rests solely upon a tech
nical point in a judicial decision which en-
joins their removal
Naturally the Hughes commission did
not know of the existence of the Marin
wire" although it is now reported TO have
been an open secret for years. The. service
of this wire, which cost the CONSOLE
dated $1,000 a year, was said yesterday TO
have been necessary because of the hos
tility of the New York Stock Exchange
TO the smaller board, which. requiring for
the information of its members the news