The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1881-11-23
Gould Mad.

New York, 22.-Regarding the
talk OF a. new stock exchange, the
TIMES report says: Jay Gould has
not been accorded that treatment by
the Stock Exchange to.which he be-
lieves he is entitled. More than
once the governing committee of
that institution has taken action un-
pleasant to him, and more than once
has the story been started of likeli-
hood Of an opposition exchange
with Jay Gould at its head. Never
till yesterday, however, would he
acknowledge he was, or could
become, in any way inter
ested in such a prospect; but
the recent action of the governing
committee, in declining to recognize
his stamped per cent Metropolitan
elevated railroad stock as good de-
livery for borrowed Metropolitan 10
per cent shares, nettled him to des-
peration, and his threats since have
been neither few nor mild. Russell
and Field have been hand in hand
with him in his new project. They
have had daily conferences. They
have avowed their intention of plac-
ing their house upon a radically diff
ferent basis from that Of the exist
ing Exchange, which, in methods
and i'll scope, they criticised as being
behind the age and managed by old
fegies. In connection with the new
exchange, said a representative of
MI. Gould. there will be established
a bank and trust company. The
bank will be for the use of members
of the exchange, and all trans
actions of the exchange will
pass through it, thus disseminating
all risks in stock deliveries and
wiping out the trouble connected
with the system of certified checks
in vogue at the present Exchange.
Such bank will be. to all intents, a
clearing house. The trust COM
pany will serve members ia the
matter of their deposits, in con-
tracts, and will also be available as
a transfer Office These are features
of enterprise of themselves and will
insure the thorough success of the
project, and they are features which
the present Exchange will never
be enterprising enough to adopt. The
old cannot hope to compete with the
new. The announcement was made
that capital stock amounting to
100000 had been subscribed.
Seats will not be sold, as in the
present Exchange, but $4,000 of
stock the Gould party prophesy,
will Immediately pay big dividends
and it entities the operators to all
privileges and q full membership.
A new building will be erected, the
site being already chosen on Broad
way. Wires are to be run direct to
every city in the country, and apon
the floor of the exchange will be
given a special cable connection
with London, Paris and Amster-
dam, and other European centres
Many heavy capitalists are named
as associated with Gould; among
the names, Vanderbilt, Sage
Deems, Dillon, Huntington
Mills and Jewett, as we'll as
others in Chicago, Cincinnati
st. Louis, London, Paris and else
| where and of the stocks to be takeI
from the present Exchange and
listed with the new, the following
were mentioned: New York Cen
Jral. Canada Southern, Texas Pa
cfic, Central Railway, New Jersey,
Lake Shore, Western Union, Man
haitian Elevated, Wabash, Union
Pacific, New York Elevated, Central
Pacific, Michigan Central, Pacific
Mail, Metropolitan Elevated, North
west Missouri, Kansas and Lacka-
Wana.