The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1849-12-14
Adjourned Meeting OF the Stock holders OF
the Merebants' Exchange Company.

| Adjourned Meeting Of the Stockholders OF
The Merchants Exchange Company.
This vac ssjourusd Meeting Of the stock holders
OF the Merchants Exchange held In the room Of the
Beard Of Brokers At the Exchange The object of the
meeting was to receive the report Of committee sp.
pointed ut former meeting to devise such measures
as might be best calculated to advance the interests
snd rights OF the stockholders, and prevent the i'm.
pending humiliation Of their property by forced ,sls
Of the Exchange on Judgment by default, obtained
ny certain creditors TO whom the directors or trustees
had moitgseed the whole concern appears, accord
ing to the history which and which we as
certsped from reliable information, that that beaui
full and spacious building the Merchants Exchange OF
New York, was built by funds derived from the sevs-
raj stockholders, Who were incorporated into Q oom-
pany by act Of the general Of the State Of
New York, passed January 27, 1928 This act eu,.
powered stephen bitDey, Elisha riobstts aud Vim
B. Astor vi h all others who should become stock
hclderr, to be body corporate, by the Of the
Merchants Exchange Company" The powers grant.
ed wee LIST, 10 purchase 30 much real estate was
necestsry to erect II such edhce necessary
to receive the rruts Of such sdcs and divide tn.
among the stockholders.
ID The capital stock limited to million mil
lion Of dollars to DO divided into Of hu adre
d.liars each.
Sd. Eighteen trustees were appointed by the act to
! be repesed by election who to direct and ma
mage the affairs of the company Beyond the above,
the act gives NO power whatever, Of any kind, to
mayed the building, and the affairs Of tue company,
by borrowing money and mortgasing the Exchanss,
as TO render the shares OF the stockholders abso-
lutely worthless. Having been sued Ut Law on the
bonds they have ifued they have It appears in col
lson With the bondhold.rs. suffered Judgment TO go
against the company by default; aud these
judgments DEGREES, the Merchants Exchange of
New York city is about TO BE- sold sheris for
the benefit OF the bondhoders, thus totally an nh-
latiDg ana swampng all the rights, property aud in-
terests " the stockholders whose money invested
Oh tho faith Of such great NAMES "A w ID Aston Geo
rlkN har Las Ing pr,ua
and Others, the building was erected rhs history of
this corporation Is only additional leaf added
the black book Of corporation mismanayeusnt-
one or the o,htr, but We say not which The chair
was taken on the present occasion by rhos Tleston
Esq, and j. d. Robinson, Etq appointed Score.
tary The minutes Of the former meeting having byeu
read by the Secretary and unanimously approved the
report Of the committee called for
1t was read by the Secretary and 10 as follows
THE REPORT.
The Committee Of the ssoekhoders Of the Merchants Ex
change Company appoln ted meeting held
ofkovemt,r. ls49 beg leave TO ,epor,;-
devoted much time endeavor the true and
s. r." s o. 'hs eo, the Of the
sent Time cover 20 long period and are Of youmiu
any except The most PROMINENT facts. livery acr
been eneed them At the command Of the officers Of the
Of The company fres, At their dis
S sas s s't duty pG%
@ Ss% %oS ssr %as and
eventually enable them to the large
TLey di.e!sm in ry.nips they report desire
o ftil
their duly, Of they been and are
Ne By ,s
asi memorial from stephen whitney, elisha boe,s sad
o. m s f 'h Of w CIR s
powers we're given 70 the trustees be elected The
tbs LesA,urs sppsrenty uiShs
constructed :, 70 CIV. a, Insurance Tooe
munosrsieod the act expressly staes "thsy shall not be
ss ssns sss ns eas o Of 'S yoar 81
% 70 sn. 2, this time into The abstract right OF legal
,ention Of ,he tns fact stsnr
ny favorable uoa a ra6s existing as spears on
i Ss Sscsn I @ TIA. s s m,Ts Of
corded 70 The Council, O. W. strong, Eco, it might
ain Why va, q, g S. e ss ssgos Of .s'
IRON, TIE MINI settled fact in this country Ss
can contract no debt nor DO any act except
n,se ts,y.s tina, they possess the power Of forming
them, but dr from such spinOn they would
se .aetahes IN 20 aoins were they not we'd advised
opinion erroneous end could not be tuained much
,hnE would have b'ea 20 have aSeG from shs oyss .hs
created see eoipo,aon spthsrty TO borrow What
,l Of your committee extends ia companies ni
oJ asked the to ner.sse The Stock 70 30 saei
preferred stceh sllWgo which amendment to toe act
Your committee think IL would 10 merely iengheplnS
emf smsurt paid Ter III. Intrusion d tie ssrehas,s Et
Char ane aiesSTd t the hh position Of the parties wac
then TO think That wantVu should
n.ht Ila, lane asua, q meaSy has teen as.'sssly
trs Srst te sptafsnt TO sIy perseu Who ~ n,satsa IN
~ natter f,rthspco nsTcsrts piids might have been
tie rrehSn. New Y,Si Tor Which trds ;s
y aleu s. 90 r annum or about three daJ for
me cot OF The sGctsn,.' Exchange, as IT now
II. s@ount Of lie alleged indebtedness Of che
oonrqny. about. ................ 9G5iA %
Four bcsd orsssss on original land iOi 900 70
p. cd az - 10 q. X
400 90 lords, equal 70 $4,000
ALd hIst istLe boAGt... HO,oVD -. .
A second deed Of trust or mortgage % j. O. King
TO addition II issue bonds for go 900 %
And about. wnstiet secured OK not yosr commit
TIE r SsssS' cs f'd he building i n:; SD %
s % i' 1s , h %S, +. ' S.4sS,. .a pgss1 all
raby uttely On hopssly insoivsnt the present
What can oSd should bo ,sisa 70 ayort
su tD ym 81 ~. 70
eors tie hard, Of The H. gh yiast, isaws
70 ka % bun boz 81 n sss IA &
I'm. dua BE- ono 0S ~h." % sso. sas Ias
e,ne tioIe the meresItii. community Of New York and
could te rsas utasiy satisfactory 20 al. parties ia.
ssSsh ,z snot sy , .ssTlS ,s s'y D ss.s
ihs, has tshen racs between par
hSS.s e Ssw Ss IDEA .;Is 70 S;c @ gs.e9, gs'o
eousay pass 10th houses Of at ice present. se
,os sheyl: s,sh as's q .hs igaiss ,ahs place
spot New York, bulldog letter
.Tse tS s5g s's s S iS 'Ss
ell a nieree, which must be valuable than the
ltncs worth ~ e rartst but from 10 20 %
collar Should thcie ds all fs he upon
deter ID those others
r,se,, they oTpose force force
been tslcd let the law take e abide
~ m d.ciop mus, those who ia all;
nite htre there III necessity for tits, bat mutual
fsirg Of concession will severn all parties interested
Your mmttee this without stating to
The steel hoder that hoNey unpleasant the duty thr
opinion 10 that The trustees have taken such
dictate by the position Of the and
interest o. the stockholdtrs They nnd
70 the decree obtained sgan the Company BY Jsnsi O.
Mn trustee 2uh June is9 steps taken 70
defend the suit aud the BY default From
stsn daily taxing place Ia real estate
singular Tat the counsel o. fe board aid netpusc ths
less defence 70 E claims for u cannot 30 the n
rest 81 the eocl holders BY the TO
snord facility except ~ force thoss holding claims
tie company which have
nonif al prices. Your committee bee unable
lesn nom The company what tho
regulated and applying TO the Secretary of the company
for information on Ute subject he appsars equally Ignorant
with ourslvs The books Of the have been oh'
70 aroutan the ies' ~ requires better knossdss %
tues thar ysur eemnittee 20 rs at the state
Of thecsse.
The rents and Of the building paid under
tie advice 81 W. strong ts1 counsel u the U0trdG fast
received. into the hands Of the
nal