Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1881-11-24
LAUGHED TO SCORN.

/
Not Frightened by Gould's Threats to
Start . New Exchange-An Exposure OF
Gould's Dishonest Methods of Doing,
Business, ETC.
NEW YORK, Nov. 23.-The members of the
stock exchange and operators quite generally
seem inclined to laugh at Jay Gould's reported
programme to start an opposition exchange.
"That's Jay Gould's latest mouse trap"
laughed broker, ''but he can't entice any ole
mice from Wall street into it.
Brayton Ives, ex-president of the New York
exchange. said; "The real cause of this m owe
ment is the refusal of the governing commit
tee to comply with the request of Gould
Field and Sage to force innocent stockholders
in the Metropolitan road to accept what are
known as "stamped" certificates. There has
never been more audacious or in
iquitous scheme attempted in Wall street
than this. These men borrowed stock
bearing the guarantee that 10percent. dividends
should be paid and one of them (Cyrus w.
Field) is party to that guarantee. They then
closed the books without notice and voted
that the dividends should be reduced to per
cent, and then stamped upon the certificates
they had borrowed the false statement that
the owner of that stock assented to the modi-
fed agreement and consented to take o per cent
instead of 10 per cent. Naturally, stockhold.
ers who had been SO treated, refused to receive
stock bearing such Endorsements and as natur.
ally the governing committee, being composed
of honest men, supported them in their re-
fusal. If they can carry out this scheme and
perfect reorganizing of the elevated roads
without consulting the stockholders, then
there is an absolute end of all security
In railway stocks and any man or party OF
men who can command o few millions OF
dollars can borrow Morris & Essex or any
other guaranteed stock which may be held by
hundreds of investors, put the stock in their
pie vote Of half dozen men who does not
own hundred shares, reduce
tho rate one-half and then com.
pei the parties who loaned them the stock
to take it back at the same price. The gov
erning committee are deserving the thanks of
the entire community for doing all in their
power to thwart such villany."
81 first saw Gonld's announcement in the
Times this morning." said Donald MdKay,
say I can see nothing alarming in it.
Even if Gould and his colleagues should
open new exchange hardly think great
number of stocks would be taken from the
present one and placed in the other. Money
alone, am constrained to think, will not
make stock exchange"
"Would the new exhange be able to gain a
footing?"
"That is question I will an
svs swer wonS BY n.va asking Whether es,nasa afs
in 1892 to risk their chances in a new one,
started as possibly may be presumed, by men
with the idea of feathering their own nests.
A dozen other operators and members of the
exchange were asked for their views, and
without exception, expressed the belief that
Jay Gould had no idea of establishing second
exchange. Gould Z & Field had long
conference yesterday morning, and the report
was subsequently put aaoat that they had ex-
pressed positively their intention of establish
ing an exchange Of their own, and had agreed
upon further details. ssThe enthusiasm of
Cyrus W. Field yesterday" says the reporter
of the Times, ''knew no bounds. Let Wall
is bound to go through. There is nothing on
earth can stop it. We've got land for our
buildings and every dollar Of stock has been
subscribed. Why, to-day have received a
dozen letters from prominent men in this
city and elsewhere asking me to
secure them seats. The demand for
membership will be greater than the SUP
ply This talk about the project
failing through lack of capital, is all bosh. I
am ready myself to put IN q big sum and
there are others with me who will furnish
capital to any amount. And why shouldn't
we succeed? just look at the New York stock
exchange with its 1,loO seats, valued at $50
600 each! There sir, is capital Of $33, ,OOO, GOO,
every cent of which Is water. except one
building"
The reporter states as a fact that $29 600
was offered Wednesday for seat in the pres
ent stock exchange