Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1881-11-23
RIVAL MILLIONAIRES.

LII AL U1OuxVVA1nOOs
A New Stock Exchange Projected by New
York Capitalists-Jay Gonld, Wander
bilt, Sage and Others Enlisted In the
scheme-A Bank and Trust Company
to be Established In Connection with
ItCapital Stock 100000.
New YORK, Nov. 22.-A new stock ex-
change, combined with bank and trust COM
pany, is in process Of organization. The men
who are said to be engaged in the scheme are
capitalists of worldwide reputation and rail-
way magnates whose regulations are national.
Among the names mentioned are those Of
VIM; =; Vanderbilt, Jay Gould, Cyrus W;
Field, g. ?: Huntington, Ed. Morgan, Russell
Sage, David Dows, Sidney Dillon, 81. J. jew
ett and others. Bankers Of st. Louis, Chicago
Boston, Philadelphia, Louisville and other
large cities are interested in the scheme, and
it Is said said there are many more powerful
men at the back of the affair, whose names
at present cannot be ascertained. The capital
Is fixed at $780, 900.
The Times reports, that Mr.. Jay Gould has
not been accorded that treatment by the stock
exchange to which he believes himself en-
titled. More than once the governing COM
mittee of that institution has taken action un-
pleasant to him, and more than once, too, has
the story been started of the likelihood of an
opposition exchange, with Jay Gould at its
he acknowledge that he was, or could
become in any way interested in
such project. But the recent action of the
governing committee in declining to recog-
nize his stamped 6 per cent. metropolitan
stock as good delivery for borrowed metro
politan 10 per cents have nettled him to des-
peration, and his threats have been neither
fo T;aId
Sage haye been hand in hand with him in his
new crusade. They have held daily confer
ences. They ayowed their intention of placing
their house upon radically different basis
from that of the existing exchange, which
Gin methods and In scope" they criticized as
being star behind the spirit of the age, and
old foggyism."
representatle of Mr.. Gould, s'there will be
established bank and trust company. The
bank will be for the use of members of the
exchange and all transactions of the exchange
will pass through it. Thus discountipg 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 interests clearing
house. The trust company will serve
members in the matter of their de-
posits in contracts and will also be
available as a transfer office. These are the
features which of themselves will insure the
thorough success of the project, and they are
features which the present exchange will not
be enterprising enough to adopt. The old
cannot hope to compete with the new.
Announcement was made that the capital
stock of s., 900 900 had been subscribed. The
seats will not be sold, as in the present
exchange but 5000 of stock which
the Gould party prophecy will Immediately
pay big dividends, entities an operator to the
privileges of the floor and full membership.
A new building will be erected, a site being
Broadway, lot Mol being the property of
Cyrus w. Field, and the other lots a portion
of the Metropolitan Elevated railway real es-
tate, which was turned over to the Manhattan
company a few days ago. Even the
plans of the new building are made
public. The first floor will have
a large square room, large enough to accom-
whom membership will be limited. The re-
mainder of the building will be fitted up half
dozen stones or 80 with Offices for brokers.
From the building are to be seen Gould's
Western Union wire direct to every city of
the country and upon the floor of the
exchange will be given special cable connec-
ton with London. Paris, Amsterdam and other
European countries.
Many heavy capitalists are named as associa-
ted with Gould. Among the names are Van
derbilt, Sage, Dows, Dillon, Huntington,
Mills and Jewett, as well as others in Chica
20, Cincinnati, st. Louis, London, Paris and
elsewhere. OF the stocks to be taken from the
present exchange and listed with the new, the
following were mentioned: New York Cen
Railway of New Jersey, Lake Shore,
Western Union, Manhattan Elevated, Wa
bash, New York, Lake Erie & Western, Union
Pacific, New York Elevated, Central Pacific,
Michigan Central, Pacific Mail, Metropolitan
Elevated, Northwestern; Missouri, Kansas &
Texas, Lackawona.
Gould's views were given the Times re-
porter as follows: 1.-THE present exchange is
wholly responsible for the opposition which it
invariably rise into proportions of
no ordinary rival. There is reason for be-
lief there are q number of men on the gov
erning committee of the New York Stock Ex-
change, who are influenced by personal preju-
dices and personal interests. They do not
use their position for the good of the ex-,
change or Its membership. They
are abusive, not only in committee,
meetings, but upon the floor OF the exchange:
It is possible to pick out in advance no small
number who will vigorously oppose any meas
ure introduced in the interest Of certain per-
SONS not allied with them. These unfair dis
ordinations do not all lie in the recent past,
and many large corporations have been given
reason for complaint"
It is further asserted as fact that number
Of doubtful mining enterprises have been ad-
mitted to the exchange while first class secu-
rites have bean excluded
Of long line of supporters claimed by
Gould, Cyrus W. Field was the only enthusi-
astic gentleman who could be found Field is
not member of the New York stock exchange,
and neither is any other gentlemrn whose
support Is claimed by Gould, except Russell
Sage. he did not care to say anything which
would seem to put him at issue with the ex-
isting exchange. 81 am loyal to the present
exchange" he said to Times reporter; "but
I am requested with influences at work in this
new enterprise, and believe, sir, they are
virtually irresistable."
Members of the New York stock exchange
discussed Gould's story without the display of
any vast amount Of terror or excitement. A
member OF the governing committee saId
"We have refused to do his dirtywork for
him and he resorts to the lash, but he will
find we can stand il if he can. The New York
ttock exchange will not be bullied by him,
snd the sooner he awakens to that fact the
better it will be for him."
William H. Vanderbilt says: 81 know moth
ing, absolutely nothing, about this new scock
exchange. My name has been used without
the slightest authority. have not even been
onproochad IN fho ei1hincf T am NOT dao1iuo