The sun., 1873-10-24
REGULATING THE STREET.
THE EXPULSION or NrMBER or
fIfE STOCK EICH1NGE


ffE STOCK EXCH4NGE.
| Prrsident Grants Letter to the President Of
the Me'rop"iinu nart rrcaking ~ the
| CIrTo"tV EQUALIZATION Poui.
Tho second expulsion from the Stock
Excha're during the present monetary troublcs
| that Of Edward Haight, Jr VIVA tho subject of
| comment among Hnnncers Yesterday. les re-
Rarded M case Of tho visitation OF tho sins %
tho father upon his children. The cause for the
action was a charge OF fraud against the Arm Of
Edward Haght Go. by the Commonwealth
National Bank. The senior partner OF the nrm
| was formerly its President, and at tho time of
the alleged fraudulent action was director OF
| the BANK OF tho Com m onwealth. On the second
| day OF the panic he overdrew the firms account
by SSHUn Overdrawing Ia a matter Of hourly
occurrence during ordinary business times. and
the firms making overdrafts are expected to
make them good by either cash OF collaterals at
the end OF each day. Mr.. Haiyht was called
upon TO make his good nut furnished only col
Iateras for S6O.0OO. The day " the overdraft the
bank had sustained n run that nearly exhausted
lite resources, and next morning on ascortaining
that Haisht Co.'S deficiency would not he
forthcoming Its doors were closed. Haixht &
Co. themselves suspended tho next dav. Their
dealings with tho bank were investigated by tho
Governing Committee ot tho Stock Exchange.
Edward Iialght Jr., was tho only member OF tho
nrm that BELONGED g. the Exchange. and after
three weeks dulihcration tue committoe pro-
sented this resolution.
He,o'rsd That Edward Halch,, Jr. tho rcpresrnta
tivc IN the stock Esohanee of INC nr,n Of towsri
, ii ~ ~ 4 g. CO.. nav M n = lnsnegi OF e uo,ernns
M nwealth' he expelled frOn this as.oclaton
Tho resolution was read In the Exchange vcs-
/ tcriay morning. IL is said that the repurt upon
: Which II IA founded contains very damaiing
/ i!Cts about tho persons montiouod. Tho action
/ hi Aiic chnNl Tee receives general
| tiun.
PRESIDENT GRANTS LErrrn.
The tonic next In intereat wa4 tha ictter unon
! the hnincial S-iui"n which Mr.. John Is. vii
Hams, PRESIDENT Of the Metropolitan Bank. saws
he received from President Grant. Mr.. Williams
few DAYS ago one Mr.. Anthony. who wis about To
| go To Washington asked Nj. Williams to make
| him bearer ola letter To the President cmbody.
inc his w llians views of the best way to assist
.i., .ns merchants OF the Si,y durinc the money
| done 10y a weekly issue VI a few millions Of the
| le-al tender reserve. He at the same time urged
| uron the President the plan for the purchase Of
| torcltn exchange. winch MIR. Anthony proposed
! e. urge.
som" doubt was thrown unon the authenticity
! of the autograph letter sad to heve been re-.
! ceivcd IN reply by a despatch from Washing an
allie Ing that President Grant denies having
written any such letter. Nevertheless a fun
met.inI ,, t. ,f the qs.oeinlei bank Presidents as-
eraion. The letter which Mr Williams road
c"N,iS pa-e aud a half of note paper. After
r"aing IL he putit into his pocket and never
took II out Nraiu. ~ far ne could be asccrtainsd
The cuncnt acknowledged the recoipt Of a
letter from III. Williams. The President had
kNcn tts contents earnest con .ideratton, and
/ i,Ii ~, Lined To make the issue of
LEGAL TENDER RESERVE
u amount. 4 two or three millions weekly
prINiI y tho merchants needed b. ifr t"lt ia.
"hr.d to ta,r more time - consider the prp.
D. c'nc'r'lnf tnc pur, aa-' ot FOREIGN cx-
". -id.nls hc brou-h ht together ami resolve to
cid each other and the business int,ro. ,- cen-
orally. The Government then viii do all in ia
b a.. a lac f.
W IA the view of doing all ia my power tor the
re,iei NV so much needed"
Nr. Williams presented resolutions that were
| speedily Withdrawn under manifestations OF
di satisfaction. Tho following VIA adopted
hs Usa sas Isi eo % % ssa 81 .s ;r '
be respeetuly I'D gratefully aeknovleiRsd ami that
l the spirit he rccosnnends - =" 'e'
The question Of oeasing the "poolinr" OF
legal tenders. which has been tho salvation ~
some of the weaker banks, was discussed, aud
the following was adopted
h.oa =, That from ami after Nov. newt The sqnai.
te dzconuuucd.
A proposition TO usc legal tender notes In set
tlcWcnt OF Clearing House balances was also
discussed. but without result.
ne acton diSc"ntIunns 90 p.ol' 'nc' had de-
cid'dlN decreasing eject upln pri 'cs. and enll-
cncd ths m..'hct at the close, - flc. TINT iudi-
cafes thAt confidence in the banks la. not yet
been entirely restored.
COMMODORE vANnERuTr's DtTricuLriE4
Rumors about the relations Of Commodore
vanderbilt and the Union Trust Company were
rife thr'ughout the day. and we're all unfound-
ed ana tracea'lc to scusati lnnl story in a
morning Journal, In which a further driaication
by Cashier Carlton was prominent feature.
They oil alleged a controversy about the debt Of
the Lake Sh'rs Railroad COMPANY To the niln
Trust Company. In fact no such controy,r.y
exists now, nor has there bern at any
time an actual difference OF Op.niun. The
facts are that ia Mr.. Horace 4. CLARK 5
aand loan of l:t0U0 Of the Trust Company for
The account Of Lake Shore. and when Cummo-
dore vanderbilt succeeded Mr.. Clark ha found
ina loan among the uIllEutItus gf
pAny. The debt has never been a sputed What
has occasioned the talk on thu street Tor weeks
phst ~ another sun % 500 q In the sh tpe II
81 W00 dohenturc Issue l"cay.althutln'd, nf |
which sil2t VO only nave already been l,sue,i. |
Tue Union ltuNi Conn any became the transfer !
agents ~ the issue. some time icf re Nr. !
" bdukcl, Ire rsr Of l-tNr ~lurc and seVs-
raj Others formed Il pool OF il5,,UtVVto
nrLt LAKE sHoRa
and other sicclia G, -. Gunnrll & Co. iu which
VI tLtk w'-a special partner, were made the /
brokers uf the cnmttlatiDp. In,. t,v, and !,
Grimm II 4 Co. by the Union Trust Company. ~ |
order nf James Banker a, Treasure, a, tart II /
The pool as 90. Hence they ran have no pos /
sihlt reference to thc sltJluD1 loan an OBJECT
or otherwise. 1t sHid, however. that Cpmmn- |
dpre Vanderbilt lolds that the Executive !
tiWmiitec mad no power % direCt the Transfer |
an "ppou iuity To vote. Hence the Union Trust |
Company WIS instructed not 70 transfer the /
bonds. A most of them were hypothecltod hy |
Grnne " Co.. those tbnt hold then nre natural |
~ very desirpus oI having the bal 90 e-t trans |
Ter moved
Whnr President Grnnt Sny-.
WAsHINGroN, Oct. 23-The President to-
day, on being asked bya friend IA To tho CON
tents OF hls recent letter to Mr.. John H. VIII