, 1872-12-04
.Aessrs. Mum & Scott No Longer
:: Members Of the Board
-. Of Trade.
:; Hundred to Thirteen, and Ninety
Six to Ten, Cause Their
Withdrawal.
Statement Of Mr. George Armour Con-
cerning the Transactions Of
II & S.

4 speciz1 meeting Of the Board Of Trade was
Id yesterday afternoon for the purpose Of
aking action on the following resolutions,
aopted by the Board Of Directors:
lesoircd, That from the evidence submitted to this
'Grd Of Directors, on the complaint Of r. Kanney
he opinion Of this Board that the charges preferred
y these gentlemen be presented to the Board Of Trade
ith the Recommendation that Ira F. Mum and g: +
colt be expelled from the membership OF this
Association
Rcsolrcd, That special meeting Of the Board Of
rade he held Tuesday next, Dec. 8, at So O'Clock,
. take action on the case
The President said complaint had been made
.-oy. %, against MesBra. Mum & Scott. Eyi-
1eaco had also been laid before the Directors,
.ho found them guilty, and recommended their
expulsion.
The charges and testimony were then read.
The latter is as follows:
Nj George Armour sworn, and said that, the
I'd day Of September last, Mr. Mum sent message to
lin b. Mr. Wheeler that he wished an interview with
accordance with that request they met th:t
,vening at LII. Theeler's house. Mr.
Eere in such condition that they could not go in
ousiness that they hud considerable amount Of pa
in bank which secured by warehouse receipts
OF wheat and for which they had not sufficient wheat
store, and that, unless some arrangement was made
y the day, this paper would be thrown upon the
narErt; and further his questions about
Wheat, Mr.. Mum said they also abort in other
yrains, for which receipts held BY the public In
answer 10 questions to how much there Of this
shortage, M1. Mum admitted to about three hundred
|o9Eand bushels OF corn, and twenty thousand
hes Of wheat. In this interview be told Mr. Mum
e could not say what he would d. that be would see
ne next Gay. After thinking the matter over, and
ai5ulung, they concluded he had better accept the
.luaton, and did So In Mr.. Munn's conversation he
:,uld not give any definite statement about their If
Its, and they were somewhat in confusion He
fouild, after he had taken possession Of the
es, that Mr. AIuln's statement Of the amount they
dafe
o be, and they Ind purchased more
Il answer 10 questions, mr. Armour said he has no
cndion Of things Is stated vas brought shout Mum
scott's books were in very disordered states they
I'D not been posted for several months, and since
hey had beeu D possession Of the warehouses they
ct d ut Sad qR ao s @ e
5em they had to Dig oat as best they could the cor
oct statement the books ought to show. He didn't
o how the receipts got on the market foE
Tsater amount Of grain gaiu than they they
aa h Num- Sao Scott In, o f Theat recpa
sbich hadbeen hypothecated bF them security for
3aper ct some Of the banks. He had no intimation
h3t such the casa until the fact learned By
u. Wheeler, incidentally, and when the matter was
znown, aIr. Scott said Mum, Norton + Scott had
alea lot Of wheat out Of store and had promised TO
aid he knows, ell the receipts they had taken
lp originally regularly issued, and appeared to
'GpTeSe1E gram properly EI0Ieu IL t1t9 QCuSes1 anu
Ee-e duly registered In regard to the receipts for
ooo0 bushels No. spring Wheat to the order Of S. D.
-oss Co., concerning which they had specially
raruei the public against negodsting, he would only
y there wheat in store to meet them.
slr Hiram Wheeler substantiated Mr. Ar
.o,u u's statement in ali respects-in regard to
!. t,ne and manner of the transfer Of the ele-
- By Mum & Scott, and the condition OF
-:acs stated by Mr. Armour to be found after
le trans fer. Subsequent to the transfer, Mr.
cott said. in regard to the amount short, it
3uld exceed twenty Thousand bushels Of wheat,
side from receipts held by banks. He under
;ood Mum. Norton d Scott took ont three car
ces of wheat q short time before the transfer
( the elevators by Mum e. Scott.
The President said the accused had been noti-
d Of the meeting OF the Board OF Directors,
ct made no defence. They had been notified Of
10 present meeting also, and the meeting was
lady to listen to any one appearing for them:
Mr. e. c. Ranney moved to proceed to ballot
n the expulsion of Ira 7. Mum.
The ballot was taken, resulting: For e1pul
ion, 100; against expulsion, 49,,
Nr. Mum WAS declared expelled.
4 ballot WAS then taken on George L. Scott,
esulting: For expulsion, 90; against expu1-
on, TO-
alr. Scott was declared expelled.
The meeting adjourned.