New-York tribune., 1880-06-22
RROKERS OF TIE OPEN BOARD EXCITED
msCr>sING TIE DISSOLUTION OF THE BOARD
Ask. II


RLsIGNATIoNs ASK FOR
Amsctiur Of members of the Open Board of
Stock brokers was held yesterday 10 take action
,,,u tlr uronps..d dissolution of the Board Over
one huudrrd subscribers were present. and al times
much excitement was shown .ast week george
W. McIcan president and certain ,otlirr Officers ol
tln Ro1r,l sent to members circular letter lnYn-
mo their consent to the dissolution of the OrCanlIa
finn and to IA distribution of the funds III the
meeting Yesterday. but several of those wh"Nr
names were appended to the circular dcclarcd that
the use of their names was unauthorized; AZ least
une-third of the signaiur:H were ioihd 10 ,h' il-
authorized 4 .Ong fscrlcs of rcSol lutlons dcn"unc-
ing the action Of the president and treasurer was
read and adopted
mittcc. supported these resolutions with much
shirt and his speech was interrupted frequently
with applause lie declared thathr association @ ilan
n roll Of 800 members, and that the revenues were
more than sufficient 10 pay the expenses. An
opinion hv William Fullerton iwas read ;in regard
10 the legality of certain changes III th" t0lStli
tion of the Board, shy which the governing com
mittcc had been reduced in number, and gwen the
name of thc executive committee. II appeared that
prrsident Mel ran and the treasurer had refused to
recognize the present committee hut 1t was sald
Yesterday that aftcrwardI tn" prcSdrnt' lad ad-
mttcd the correctness oi cN-JuiGc Imrit'm
opinion and had met with the executive coiinIttr"
The treasurer of the Association. 'D. o. Noiirr-
spoon had made mo detailed report as required hy
the constitutions and Pitt BtTTOwS. mcnhcr OF the
committees. explained the efforts that had been
made Sby the committee to secure report ana 10
gain possession of his accounts ana vouchers a
rcport had been made bat It was unsatisfactory to
tlc committee, and Mr.. Burrows read II 10 slow
the reasons for the cOminltcrS tlsSaiI'la' t,"iI;
Among ;thc items with which the treasurer li;id
credited hIrnsclf was the payment oi %ti 90 l."
President Me-. can. The annoIllcclnrnt 0l TINS Was
received with storm of hisScS. Mr. Bariows SaId
in cXplanatiOn Of the matter that the president Iad
been authorized by the executive committee 10 buy
any seats in the Board that might he offered for
sale at q price not exceeding 80. He had alter
ward made Il detailed IT port of his purchases, by
which 1t appeared tlat ihc Iad honght ilty,tilr'II
the opinion tha; the difference III the amounts rep
rrSrl1tcd what had been rpaId hy the treasurer as
salary. When the Board had moved into its present
quarters, i'll May, the salaries haH nrGn reduced
President Mclean had4 been greatly rniagrd at thiS
action, and declared that he would recover hIS
salary at law in the course oil some r"nai rs, 'r.
ThoIhurn said that the trcaaur + was honest but
lacked brains. ,
The resolutions rcpudiating the action of the
officers were :adOptcd with the utmost unhnihntN,
and then followed .Inuch discussion III regard to
what should he done with thcsolIiccrS themselves.
TO solve the difficulty one man moved ,XrlirdiN
that the president and treasurer be cNl"llcd at
once, and another member named Lazarus thcn
bcuan the reading of Il motion, that " having been
guilt yiof obvious frauds The fate that was over
fake the absent officers vas lost In the confusion
that followed these words, and Mr. Lazarus was
denied the privilege of proceeding. AttcrWard he
moved that the designations of thu president and
treasurer should he asked iOT and the resolution
was carried almost unanimously. One person
voted against the PROPOSE because ne Thought II
the finance committee, was included attcrward IN
the Ircsoution and ia committee of five we're al
pointed to secure lthc designations OF the officers
The executive committee was instructed 10 protect
in every possible way the funds and assets OF the
Association. The meeting sadJOurncd after hlc1
explanation by &. l.. Parker. the chairman, nl Il
suit begun by him against President McLrii ne
purposc of tile complaint was to prevent the prcsl-
dent from being appointed receiver OF the Ass0ca-
ton.