New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-04-26
NEW STOCK EXCHANGE.
a PRoJEOr AT ALBANY.


A BILL, BRFoRR THE GOVERNOR CONVERTING E4'
rrNs1vg POWERS ON AN UNKNOWN ASSOCIATION
A VALUABLE FRANOHIsE ENLARGED AND TX
TENDED.
IRRoM THE REGULAR CORRESPONDENT OF THE TRIBUHs.l
ALBANY, April 24.-A bill has passed
the Legislature without attracting attentlon'
and "a now before the Governor, which may Dc OF
ttorost 70 everv member of thu New-York Stock Ex-
change It's object Is probably to enable some one 70
start rival Stock EXCHANGE. II 10 saio sna' tle
present Stock Exchange has no cnarter from VINO
state that every application made BY IL 70 tne Eee-
ature for one has been refused. Inc ono
suspected this bill conceals in its bosom would nov"
have the advantage this enthusiastically the state
making the franchise veryValuable. OstensiDy the Dill
simply to give certain powers to Mining Trust COM
papy" .,,
In the year 1868 the Legislature passed an act whicn
became o law without the approval OF the GoVernor
the cause Of Mr. FentOns action 10 not known-consu
tutin0 a corporation under the name OF the Public
ExchanReD The charter has remained dormant TIL cue
present year. Probably 1t IL not now owned py the per
sons named In the act Of 1868 as the incorporator
Now It is sought to extend enormously the powers
granted to that corporation to change It's name 10 na0
of Mining Trust Company" and to give IL me op
portuniy desires, to do all the business OF s'OcA
exchange for all kinds OF stocks.
The original oct authorizes the ncorporators SIMPLY
to establish conduct, In the city Oh HeW-IOrK an
exchange for the daily meeting OF merchants'
and tradesmen and for other purposes The
powers desired can be perceived at glance Dy IN
inspection Of the proposed amendment to that law OF
1868, as follows;
SECTION l. John NJ. Smith, James H. Barley James
Hicholes Brandt Edwin NJ Baldwin, Henry Ashley and
ali other persons who shall hereafter De associated with
corporste and polite, by the name Of the Mining
Trust Company" with power to establish ana conduct
in the city OF EewYork exchange Tor the day mest
ngs of merchants bankers and other persons Ior me
buying and selling OF stocks bonds and other prSperS
and for other purposes and any stoeK DOhus OF Otne
valuable property sold at the s, "a
the sad corporation or elsewhere E i1e be
awfliy delivered the purchaser or purchasers tnere
~; udneiDat ONCE or place Of business in said city and
county NewYOrk. with notice OF such oeVery W e
purchaser or purchasers thereof.
The above Is an amendment OF Section OF the La" Oh
1853 An examination of that law shows that the amend
ment enables the Of tho charter to make great
powers granted In the aW that IL
the value greatly Of those powers. Thus Section pro
vdes the capital stock OF the corporation shan Do
$50 900; but gives authority to increase 1t to an IN
limited extent-to millions, II desired by the owners OF
the charter But Section OF the old Law contains the
most valuable provisions in connection with the feature
| OF stock exchange introduced by the amendment II
/ reads as follows:
| spc. g. The said corporation shall have power to
establish public exchange and mart for receiving
deposits OF and transferring earnest moneys, st0cKs
de nsT Vs AND
between the dealers therein, and for the
|
adjustment Of balances Of account between It's
COIN guaranteeing the payment OF bonds OF Otner oDRa
tions and for the transaction ana o. sucn
other business incident thereto may be provided Tor
IN The byaw Of said corporations and for the perform
ance OF any OF the services herein contemplated sao
corporaten may charge and receive such lawful COM
mission as is customary In the business and IN cases
where there is no established custom law, such COM
| mission as may be agreed upon.
Earnest moneys" IN the above section may pc IN
terpreted as meaning money margin "-one OF the
most attractive aids TO stock exchange speculation.
Power is also given OF very extensive character In re-
gard TO lending and borrowing money, and for estaD-
fishing branch exchanges in Section 10, which reads as
| follOwsI
| eEo TO- The said corporation may loan to It's mem
bea and dealers such of ls funds may by the rus-
tees be deemed prudent may borrow money OF DINERS
and reOap the same and may give aud receive sulLao
ob0aOna for the same but said corporation shan not
charge or receive than tho legal rate OF interest,"
for the use of higher rate OF coHsmls-
son than 10 prescribed by law. The said corporation
NAV however, invest its own funds In notes, bonds,
hills OF exchange other securities maze ~ or suou
nv any state OF the Union and receive the rate OF inter-
cat allowed by OF tho state In or BY whieh sucn
notes bonds bills OF exchange or other securities arc 80
| made or issued Aud Whenever shall be found THAT
the convenience Of mrmorrs or dealers may De SUD.
thereby the different branches OF business OF
coruoration may upon the votes or majority OF all Lne
rstoes at regular meeting, be conducted IN separate
buildings.