New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-10-04
WALL STREET PEACEFUL.

APPIEIENSIONS BROUGHT TO NAUGHT.
SINGLE FAILURE, AND THAT NOT AN IMPORTANT
ONE-THE EXPULSION OF TWO MEMBERS FROM
THE STOCK ExCHANGE-wITHDRAwALo OF CLEAR
ING-HoUsE CERTIFICATES
Despite the fears which were expressed con-
cernlng the expiration OF the three days grace at the
Stock Exchange, business opened quietly and without
any marked incident I'm Walst yesterday The failure
OF Albert Cole, small dealer was officially announced
10 the Exchange.
The main topic OF conversation, however. the
expulsion from the Exchange OF George b. Grnnel and
j. c. Williams. the representatives IN the Exchange OF
the firm OF George Bird Grinnell Co. The expulsion
was formally announced to the members OF the EK-
change at the opening OF business yesterday morning
member OF the Governing Committee has detailed the
following as the history Of the expulsion of the mem
bors:
J. C. Williams Of that firm was summoned before the
Committee on Settlements wednesday afternoon, when
he either could not or would not take his stocks or
margin them down according to the rules. He asked
permission TO withdraw for 10 minutes which was
granted, and he did not return during the afternoon.
The Committee reported the matter TO the Governing
Committee Thursday morning. and the latter met TO
consider the case at 1890 m summoning Messrs. VIII
hams and g. b. Grinnel the special partner to appear
before them The head Of the firm, George Bird Grin
NELL is not member OF the Exchange and was, there
fore, not amenabe to the Committee. Meanwhile notice
OF the injunction in the bankruptcy proceedings against
Grinnel Co. had been served nearly all the firms
and institutions with which they had contracts.
Messrs Grinnell and Williams did not 20 before the
Committee, but sent word that they would come in
few minutes. As they did not arrive, the Committee
adjourned until ais p. ~, having had the witnesses
served with formal notice TO appear at that time.
When the Committee assembled in the afternoon note
was received from the firm requesting the Committee
70 delay action for few days. second peremptory
notice was then sent ordering the witnesses to appear
and show cause for any delay. This had the effect OF
bringing George b. Grinnel and j. G. Williams before
the Committee when they renewed their request for
postponement OF action. They told that if they
gave good reason for such a course, the Committee
would consider it, but they merely sand that they
acting under the advice of counsel. Mr. Grinnel, when
questioned in regard to Henry Meyers, the creditor who
instituted the bankruptcy proceedings against the firm,
appeared to know but little about him. He said that the
firm owed Meyers between $1,000 and 5000 Mr. Grinne
then asked how it that Meyers II he was com
paatye stranger to him. enabled to name In his in
junction nearly all with whom Grinnell Co had con-
tracts. This question he declined to answer. He was
then asked directly if the injunction was not obtained
with his knowledge and consent, and he refused TO
answer. The question was put TO Mr.. Williams,
and he also declined TO answer The witnesses were
then dismissed and the resolution for their expulsion
from the Exchange unanimously adopted
The member or the GoYcrnng COMMITTEE
who thus xpalned its action, said that Messrs. Grin
nell and Williams were summoned before the Committee
on account of that they we're In collision with
Meyers. II this collision had been proved, they might
have set up the defense that they did not violate the
rule against procuring injunction against the Ex-
change or its officers, the injunction was served only
those with whom they had contracts. BY refusing,
howeyey 10 answer the questions necessary for the
iuyestig cation Of the Governing Committee, they had
openly violated the rules of the Association, and this
was the direct ground Of their expulsion. In conelu-
SION they said that the Governing Committee was de-
termned 10 maintain the high honor of the Exchange,
and that all who expected TO remain members of must
act up to ITS rules.
The transactions OF other members will also he inves
tigated At the meeting Of the Governing Committee,
yesterday Reuben Maney, Brayton Ives, and Warren
Kmbal were appointed Committee TO investigate the
operations Of John Bonner Co., and III. ID. Williams x
Co with the Bank OF North America, ana l.. L. Halght
with the Bank OF the Commonwealth.
The following members of the Exchange. having re-
sumcd business, made application TO the Govern
ING Committee for restoration TO their rights and priv
icges: Brown, WadswOrth Co.. Robinson SuYdaln,
and f. VI. Kldder & Co. The Loan Committee Of the
Clearing house reduced. yesterday the humber OF the
temporary loan certificates slOOOOCO and wi" continue