New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-07-23
AUTO NEWS Of THE DAY ENDS PRICE QUOTATIONS
Mercantile Exchange Acts on
District Attorneys Suggestion.

The proceedings begun by District At.
| torney whitman against the New York
| Mercantile Exch0nge last January, when
butter and eggs were unusually high,
have been dropped In consideration Of
resolutions adopted by the exchange doing
away with the butter, egg and cheese
quotations which were formerly posted en-
! the blackboard Of the Exchange every
morning.
/ Yesterday Franklin Taylor, counsel for
| the exchange, and William A. De Ford,
| the Assistant District Attorney in charge
of the inquiry, appeared before Magistrate
Murphy In the Jefferson Market court.
Mr. Taylor read the resolutions drawn by
the executive committee. The resolutions
state that while the inquiry OF the DIS
trict Attorney, with which the members
OF the exchange co-operated, showed thal
no law had been violated, yet In view OF
the difficulty OF ascertaining selling values
and to assure "a continuance OF an open
and competitive MARKET" It had been re-
solved to abandon the quotations except
those based on prices actually received
The resolutions were as follows;
Resolved, That the exchange Will not at
any time, directly or indirectly, Dy any
method whatsoever, make or publish, OF
receive from any person; nr nn or hls ECk
board on the floor of the exchange or
otherwise, any prices or quotations OF
the prices of butter, cheese ana eggs III
the New York market with the excep-
ton of listing and recording prices actual
w received for lots OF said commodities
at bona fde sales thereof actually MADE
upon the floor OF the exchange; and be II
further II, -.
directly or indirectly, either use or know
ingly permit the use by any otner person
OF It's statistics of receipts OF Duttet'
cheese ana eggs In the New YORK ;, thhIh;
quotations OF the market values or prices
Of any of said commodities In manner
contrary 70 law
The "dvotation committees which useu
TO agree on the price at which butter
and eggs should be quoted on the moor Oh
the exchange, were discontinued three
wears ago. Their work, however, was IN
q way taken up by F. G. Urner and W.
c. Taber, who went through the market
every morning 10 obtain the prices Whlch
should be quoted later IN the day IN Inc
Producers Price Current The prices
obtained by Taber and Urner were posted
on the blackboard, and generally pre-
vailed.
That was one or the customs TO "hlch
the District Attorney objected. Retail
dealers and stewards of hotels were
called to show that the same prices Tor
butter and eggs prevailed all over the
citv. and that they were the prices quoted
by Taber and Urner. For weeks after
the last hearing Mr.. De Ford and the
attorneys for the exchange we're seeking
a compromise. Mr.. De Ford felt that
there had been at least technical viola
ton OF the law, and that concessions
should be made by the exchange
The members OF the exchange were sure
that there had been no violation and that
there should be no concession. The
Urner-Taber quotations had been stopped
while the inquiry was still IN progress.
Finally they agreed that they would
adopt resolutions making the cessation
from such quotations permanent
After the resolutions had been read TO
MAGISTRATE Murphy yesterday, Mr.. De
Ford said that he mad been instructed by
the District Attorney not to apply for
"the issuance OF any process against any
corporation or individual as the result OF
the evidence taken upon this inquiry