The New York herald., 1873-10-04
The Firm OF G. II. Griuncn g. Co.

A HERALD reporter, who visited the ofllce OF this
firm yesterday, found everything very quiet. The
injunction prohibiting the disposal OF any OF the
securities OF the firm reduces matters to a condi-
tion OF stGtu quo. In this state OF afairs all the
rumors set afoat about proceedings on the part of
the firm one way the other without founda-
fion member OF the Governing Committee Of
the stock Exchange gave yesterday the following
account of the action of the committee in the case
OF this house,
J. C. Williams, OF that firm, this gentleman said,
was summoned before the Committee on Settle
ments on Wednesday afternoon, when he either
could not or would not take his stocks or margin
them down according to the rules. He asked per-
mission to withdraw for ten minutes, which was
granted and he did not return during the AFTER
noon. The committee reported the matter to the
Governing Committee yesterday morning, and the
latter met to consider the case at halr-past ten
O'Clock, summonng Messrs Williams and q. b.
Grinnell the special partner, to appear before
them. The head OF the firm, George Bird Grinne,
is not a member OF the Exchange, and was, there
lore, not amenable to the committee.
Meanwhile notice OF the Injunction in the bank
Tuptcy proceedings against Grinnell 4 Co. had
been served nearly all the firms and institutions
with whom they had contracts.
Messrs Grinnell and Williams did not go before
the committee, but sent word that they would
come in few minutes. AS they did not arrive the
committee adjourned until quarter past two
with formal notice to appear at tnat time.
When the committee assembled in the after
noon note was received IRON the firm requesting
the committee TO delay action for few days.
second peremptory notice was then sent, ordering
the witnesses TO appear and show cause iQr any de-
lay. This had the effect OF bringing George b.
Grinnell and j. G. Williams before the committed
when they renewed their request for postpones
ment OF action. They were told that If they gave
q good reason for such course the committee
would consider 1t, but they merely said tnat they
were acting under the advice OF counsel.
Mr. Grinne was then examined, and when ques-
toned in regard TO Henry Meyers, the creditor who
instituted the bankruptcy proceedings against the
firm, he appeared to know but little about him.
He said that the firm owed Meyers between sS 900
and 81, 900. Mr.. Grinnell was then asked how 1t
happened that Meyers, II he was comparative
stranger to him, was enabled to name In his injunc
tion nearly all the parties with whom Grnnell 4
Co. had contracts. This question he declined to
answer He was then asked directly If the injunc-
tion was not obtained with his knowledge ana con-
sent, and he refused to answer this question also.
The same question was put to Mr.. Williams, and he
also declined 20 answer.
The witnesses were then dismissed, and the
resolution for their expulsion from the Exchange
was unanimously adopted.
. The member OF the Governing Committee who
tnus Aplaned It's action said that Messrs. Grinne
and Williams were summoned before the committee
on account OF rumor that they were in cousion
win meyers. III this COLLISION had been proved
they might have pet up the defence that they did
not volate the rule against procuring an iniunc
tion against the Exchange or its officers, as the
injunction was served only on the parties with
BY refusing, however. to answer the questions
necessary for the investigation OF the Governing
tOnIultIce, tHcy openly violated the rules of
the association and this was the direct ground OF
their expulsion.
lie said that the Governing Committee wished IL
to be distinctly understood that all members OF the
Stock Exchange, who wish 10 remain such must
act up to high standard Of honor and fair dealing
The firm OF Jay Cooke Co. is as quiet as a church
yard. II is stated that in Philadelphia and Wash
ngton petitions have been nled asking to have the
arm placed IN involuntary bankruptcy, by parties
who are anxious TO get their money rom the
suspended house, and that the order is returnabe
ON the 10th.
The Firm OF Northrup u Chick
have nothing to say concerning the condition OF
Ihcir affairs. They are engaged In examining them