New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1869-10-20
WALLSTREET.
anE NEW OFFICERS OF THE GOLD BoARD-XAT-
TIERS IN THE COURTS.

President being unavoidably absent Mr. Hoyt, Vice
President, delivered short address, in which he bad
that the present time serious crisis In the history
OF the Board. Hemned in every side by legal com
peaons. struggling against the depression caused by
the late panic the OF tho Board were no" IN
dergOng an ordeal from which 20 successfully emerge
would be a triumph indeed He did not rear taI lheS
would triumph. But there we're two things WHICH were
absolutely essential tie safety and webelng Oh the
Board First there be some means OF clearing con-
tracts second the rights Of the officers ana enpers
of the Board must be restored and the legal comphca
tens removed thought that the Press had not al
ways treated the Board in friendly spirit having mis-
represented facts and exaggerated Others thus
setting the Board before the public in anything but an
enylable light In conclusion he hoped that brighter
day for the Exchange might soon dawn,
aud that the present dependency might pass
away Mr.. Akers. the Secretary, next spoke. He de,
voted himself mainly TO asserting mat The late hnanciai
way, but caused by persons acting entirely ndepe
dent OF it. lie did not see why the Board should come ~
for such unmitigated eensnre ana SO nuch moTSsV
abuse resolution laudatOry of the retiring PRESIDENT
Mr.. Townsend Cox, was then adopted Mr. Cox replying
very humorous vein. He had an idea that many
members OF the Board were opposed TO hm because he
saS S BE had 1 to pS 1 me TP T6e
following letter received III the Gold Room yester-
day from Mr.. Jordan - ~
EEw'ioRE, Oct 8. lt9
DEA Please the Boad that desire to withdraw
yot yey fay any ties that INDUCED by me
in to sud drm; and furthermore.
ANY psasse by Violation the rules Of the Board
The Governing Committee Of the stock Exchange yes
to establish gold department.
THE GOLD INJUNCTIONS.
In the Supreme Court, Chambers, yesterday,
before Mr. Justice Cardozo the suits OF Smith ana others
act. Cox and others; Willard agt The Same Enos agt
melton 20 continue These are the suits in Which inune
tons either temporary or permanent against the Cold
tons Of tho famous gold Friday Mr. Dudley Field for
the IN CP s Sssa Rank Ta ee "a
house for the Gold Exchange, and that al transactions
house. to bo settled through the Clearing Houses.
that this was an essential part OF the contract as
the transactions exceeded sSOOOoO,OOO Of gold and
$45O.OOOOOO groeubaeks, more gold and greenbacks
than existed in the country, to settle otherwise;
Tbat under another rule Of the Gold Board
contracts not properly settled are settled Gy me BoS n
count The question whether this Clearing House
Tho House they were denquents within the
rule Of settlement or not In the willard case as the
transactions among members without regard TO
the banks failure, the Stock Exchange was made a
and tho other three. Mr. Ds Costa for tie defendants
the members of the Gold Board, read the answer. the
substance of which has been already published. Mr..
RiarbuTy, for the New.YOrk Stock Exchange, raised the
verified Mr. Justice CardOzo said If were granted by
him, 1t must be duly verified. Mr. Dudley Field
pointed out that instead Of the ordinary veri'
soation, except as TO the matters therein
stated on information and belief e it read
zion and belief which changed 1T into an affidavit Judge
eeded 70 read the answer Of the Stock Board to the same
erect the OF the Gold Board, with the addition
that Board proceed 70 make these settlements
and information and belief that the condition Of the
bank the result of the action OF the plaintiff and those
with whom he is acting. Mr.. White officer OF the
stock Board makes affidavit that all claims of members
members under the rules be settled by the
Board and shows that under their rules unless the gold
can be sold by officers of the Board many of the
hers Of the Stock Exchange compelled carry gold
being unable TO throw their loss where it belongs Mr.
ease, Where they have 100000 gold to deliver
to TO Bacon gillespie nn iGF smith, could Mar
Mr. ~arbury read from the bylaws and constitution Of
the Stock Exchange and said 1t was understood by the
members that the Board had enforce all debts of
Its members when properly presented 70 IT, Mr. Field
Of Mr. Henry N Smith, in substance that he had nothing
TO do with the appointment OF Receiver but he knows
made authorizing the Receiver to make settlements
has with all his efforts and with the previous
of the officers of the bank been unable to adjust
even Thursdays accouns that II Is well known they
have been unable 70 clear fridays transactions not
through legal proceedings, but because Of the magnitude
80 of Thursdays transactions that he, Smith, not
the Exchange passed. and did the reso
luton authorize one " assent for hu the nitia
he is member of both Boards and his whole
Boards Mr. Dudley Field proceeded to argue that this
Gold Board was partnership. critcnG at some length
BrOwne ard claiming that as the usual equity jursdc
nersp ne claimed the Court would interfere TO-
punishment from being enforced for act that not
dereiction under their own rules argued that the
Court would not permit the Board under its rules to
settle complicated real estate transaction. on the
traTy the Court would Judge It's bylaws and constitu
ton strictly and limit them TO their least effect so far
forfeiture concerned. Mr.. Field cited numerous
cases to show that the courts would interfere 10 protect
members OF associations was idle 10 say that these
purchases and sales Of gold made with refer
organic law of the Board. THIS case
had cited. Mr.. seward spoke in '@'s answer nc
The facts and surroundings of the case seemed
that the purpose of these innctons Lad been accOp
pshed and this was strengthened by the recent dsrOn
tinuanee Of the Heser The njunctO ae based on
Of fear-of fear that the pant be compelled
TO pay his just debts What had re Boards done that
membeTs OF them should al prevented from transact
ing bsnessi What was the result the plaintiff If he
should be found guyi Not deprivation OF any right
OF property; not forfeiture his seat simply the
enforcement Of the rule that should maintain among
suspended from doing business with them. Suspension
all that threatened, and carried into effect his
procure his restoration. Expulsion RAD not been even
threatened. But the complaint do not present a
for the interference OF Court OF Equity. II pre-
scented no case Of fraud, accident mistake. II he
was injured he would have his action at law
but no case was mere made Tor EQUITABLE interference
There were some limits 10 the powers Of Court OF
Equity IL could not interfere by Injunction to restrain
herei IL was claimed that this oOparnership but
ne nssled ~ was no more 30 lhSn militia company or
tion, without any partnership, without any profitable
business stock Mr.. Seward quoted several cases on
which such associations had been recognized by the
Courts He argued that the constitution and bylaws
constituted contract between PLAINTIFF and the other
members Of the association, aud thar the Court would
not In the absence OF any allegation Nat IL
sOnabe with that The member of an
association having consented TO ~ jurisdiction cannot
its decision upon the natter he is estOpped by
his consent Subsection to tho bYlaws is fundamental
condition OF the exstence OF association Mr. Seward
further argued that the contracts not necessarily
De settled through the Gold Exchange Bank. Mr..
MarbuTy followed behalf Of the stock Board.
he argued that the stock Board had complaints OF
certainly after resolution Of the 2gh September The
rule that settlement should be through the Gold Bank