The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-11-10
CONSOLIDATED shut
OUT BY GRAIN BOARD
Chicago Exchange summary
Cuts OFF Quotations to
Board Here.
is DONE AFTER INQUIRY

When the members OF the CONSOLE
dated Exchange go downtown to bust
ness this morning they will find that
the Chicago Board Of Trade. the leading
grain market in the world. has cut on
It's grain ticker quotations to the Con-
eolidated Exchange. This was done at
$3.50 O'Clock yesterday afternoon. APP
Consolidated Exchange learning what
was taking place. Representatives of
the Chicago Board Of Trade rave been
at work In this and other cities for sew
eral months securing the Information
which led TO the cutting OF OF ticker SER
vice to the Consolidated. The action
was taken with the greatest secrecy In
order to prevent the Consolidated Eek.
change from getting out an injunction
which would prevent the Chicago Board
Of Trade from cutting Off the ticker
quotations.
The history of the grain market on
the Consolidated Exchange Is one Of
fits and starts" Several years Z
there was a big grain market on the
exchange, but II Is understood that GER
tain rules under which trades were me-
gotiated did not meet with the approval
OF the Chicago Board of Trade, although
they appeared satisfactory to the Off
cials Of the Consolidated Exchange.
Revived when War Began.
Trading In grain on the Consolidated
1anguished and finally stopped. 1t was
not renewed until the security markets
nf IN. World u.r rinsat nu.inu IN tho
outbreak Of the war. When wheat began
to soar. "A little over a year ago. men,
bers of the Consolidated saw an oppor-
tunity to revive the grain market or
that exchange and for a time there was
considerable speculation In grain. IL
soon became evident that the market
there was not In especially strong hands
and the big grain buyers In New YorI;
and Chicago began to hesitate about
allowing Consolidated Exchange brokers
TO execute large grain orders for them.
With the reopening of the stock mar
kets trading in grain on the consoli-
dated fell of and for several weeks
there has been only the most limited
sort of "A market In that staple there
Court records show that the Chicago
Board Of Trade Is not the only greDi
market that has shown a desire to shut
on its quotations from the CONSOLIDATED
Exchange. The stock Exchange made
at least two attempts 10 keep its quo
tations out of the hands OF the Consoli'
dated Exchange. but was prevented boti
times by an injunction. This injunction
according to ihc report of the Hughes
Commission. which Investigated the
Stork Exchange. rested solely on a
slight technical point. The Hughes
Commission report. after taking up III,
history Of the Consolidated. said Very
strained relations have existed bel tive
the two security exchanges ithe Stock
Exchange and the Consolidared flN-
change. since the lesser one undertook
in 1856 to deal in stocks. The tensio'
has been increased by the methods by
which III. Consolidated obtains the quo
tationS Of the other through the use OF
the tickers conveying them. II is prob.
able thai without the use of these in.
strumen,s the business of the ConSoli'
dated Exchange would be paralyzed
vet the. right To Use them rests solely
upon a technical point in "A judicial de
Cision which enjoins their removal
origin Of 'Technical Point"
The technical point" mentioned arose
IN 1855 and 1855 when the Stock Ex'
change stroye to prevent it's quotation.
from reaching the Consolidated. At tina
time the Stock Exchange did not hav'
its own messengers or reporters collect
ing the quotations on the moor OF TN
exchange or senuing them out. instea'
the exchange allowed representatives o
one OF the telegraph companies to do tn
work. ON this fact the court ruled tina
n IL WAS legal for one Common carrier
telegraph company being construed a
such. ~ do this il was fair for anothe
90 do it.. In both cases the Consolidate
Y---Ia..a .-, ,,s.al lf uyhAf thn Sfnnl
Exchange was doing and succeeded II
gettlng out an injunction to withhold IN
Stock Exchange from preventing II
stock uvutitlons from reaching the Con
solidated.
Since then. however, the Stock EH
change has seen to II that its own EN-
pioyees collect and transmit the quota
tions from the building 10 the ticke
companies and to the telegraph CON
many with which 1t has an arrangement
for sending its quotations Throughout
the country.
Whether the action OF the chicae
Board of Trade in cutting off Its graf
ticker service to the Consolidated EA
change foreshadows a move oil the pat
OF the Stock Exchange to attempt I
prevent the Consolidated from securin
ITS stock and BON quotations could nc
be- learned last night.
1t is believed in financial circles Or
the cutting off Of the grain ticker eel
vice of the Chicago Board OF Trad
10 the Consolidated will paraly2e til
grain market on that exchange. Ilo'
severely such action OH the part OF tn
Stock Exchange In regard to It's secur'.
quotations would affect the Consolidate
Is indicated In the Hughes commissio
report. which states that such actio
would "paraly.e' the fto:!i and bon