New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-08-11
EXCHANGE WINS
ON WIRE CONTRACT
Western Union Joins in
Fight on Bucket
Shops.
so PER CENT OF ALL
TRADES SETTLED
Question of Reopening Yet a
Matter of GueSsing-Money
Easy with Brokers.

Two governors Of the New York
Stock Exchange met yesterday after
{ noon.
when will the exchange open ?"
asked one. =,
"Two weeks. What do you think ~
two months, and you cannot main
tain your prediction any more thah
The dialogue explains the situation
as regards the opening Of the exchange
Many Of the members would IKE 10
omen at once. but until the bankers
give the word and the European situa-
ton, particularly on the hlgh seas
clears up. that word will not be gwen.
The work Of closing up trades that
we're open between brokers when tne
exchange closed has progressed We'll
Yesterday il was eonservatively esti-
mated that so per cent of the contracts
had been closed. Other brokers were
positive that the percentage was nlgher'
Some Of the largest houses IN the
Street have but two or three contracts
10 be adjusted, and many have so Few
that everybody, except q bookkeeper
and perhaps a member Of the firm, has
taken an indefinite leave Of absence.
The governing committee Will meet
tomorrow, but the matter OF reopehlhS
will not be touched upon except cas-
ually, the real purpose Of the meeting
beinp 70 receive the new contract with
the Western Union Telegraph Com
Many for the distribution OF quotations
agreed TO by the company and SUD
committee Of the governors.
The exchange and the company nave
been doing business for more than
wear on a contract breakable on twenty.
four hours notice. During much OF
that time the two interests have been
seeking 70 get together. the cher bone
of contention being the method to be
nursued 10 protect the quotations OF
The exchange from use by bucket shops
and unauthorized persons. Under the
old contract the exchange nomlnally
had q veto power on private wire ana
ticker service. As a matter Of fact,
the exchange had very little power the
company making it almost necessary
for the exchange to convict firm or
person of bucket shopping before ser
vice was curtailed or refused.
Under the new contract the exchange
will have as much control Of the wires
as is consistent with the law governing
the Western Union as a common car.
rier. This, il is expected, may result
in some litigation on the part OF bucket
shoppers to force the company to give
them service, but it is not feared that
The courts will look with 8 favorable
eve upon the pleadings OF such
swindlers.
To-dav's meeting will be formal az
fair, the actual closing of the contract
going over to later date. Meantime
the exchange and the company are gong
ahead as though IL were signed, seaIeo
and delivered. -..-.
Brokers who visited the executive
of5ces of the exchange yesterday were
in many instances complaining that
thew were piling up too much money,
+be high rate for carrying stocks per
cent-forcing wealthy clients to take
up their commitments. Under the cir.
cumstances these would like to put
Some of their surplus cash to work, but
for the present at least they will let
the banks look out for that line OF
business.
sale than il was expected would be
offered. though rumors persist of large