New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-02-15
THE WAR OF TIE EXCHANGES.
POSSIBILITY OF LEGAL ACTION.
ACTIVE TRADING IN STOCKS AT THE MINING BOARD
talks WITH PROMINENT BROKERS.

ACTIVE TRADING IN STOCKS AT THE MINING DoAfD
TALKS WITH PROMINENT BROKERS.
The members of the New-York Mining
Stock and National Petroleum Exchange ala h'ey
trading in railroad stocks yesterday under the pern
sion granted on Friday by their Governing Committee
but no official record kept Of the TRANSACTIONS
A comparatively large business was doDo. Dut
the desultory record which made cannot be
upon The amount however was largely In excess
OF the business done Friday afternoon 1t was believed
that even larger trading would have been done II the
attention operators had been diverted by the I'M
usual activity in the oil department OF the Exchange
Tomorrow superintendent Of the Exchange hopes TO
have all the facilities ready for the business to be con
Quoted In formal manner
The action Of the Mining Board discussed with
much interest in wall-st Rumors were current
that some members of the Stock Exchange would try to
procure inunctons restraining the Mining Board from
dealing In railroad securities, on the ground that
thereby their rights in equity as members OF the Mining
Board were impered. The claim Is made that these
members bought their seats in the Mining BOARD ana
paid their Dues assessments etc. under the agreement
that the board was deal in railroad stocks that
the Governing Committee OF the board has violated this
| agreement and as they now have 10 sell
| their Seats according to the rules OF
tho Stock Exchange, their equity value
has been unjustnably diminished It was stated that
Of suits based on this position weuid DO Do
| gun tomorrow mt the latest ,., Art, ,.
Members of the Mining Board ridicue this VIEW lew;
the Stock Exchange. member of the Mining Boards
mutually that neither one should deal in the kind of
stocks reserved exclusively to each except upon SIX
ton. but While it was not formally established by
the Stock Exchange 1t was its unwritten law About
change listed Homestake. Robinson, Canton and few
other silver mining stocks We were 70
We however struck from our constitution the clause
railroad Stocks and the members Of Stock Exchange
who remained in our board or joined II subsequently
sttuton made few weeks ago would be at bertyto
extend the sphere of our dealings 40 9Gi oe siec
Exchange give the relief asked for under such claims
now put forth" ,,u,,...
regarded by the mining brokers as indicative OF
s S SS COURT E a hs 81 said
Der Of the Mining Board would De wise 40 ITt cone tne
nection with the Mining Board, to permit It's
members in one board to sell their seats gradually
sale To compel immediate sale OF seats would be 70
rob its members, even If II weuld thereby hurt inc
Mining Board Orr might wait and LEI It's inaiviuuai
members seek determination in the courts OF the quas
ton as to whether or not their legal rights nave Oeeh III
1t is generally considered that i the Mining Board lra
chances for consolidation Of the former with the New
York Petroleum Exchange on an equitable basis VIII be
The special meeting Of the Governing Committee OF the
Stock Exchange Friday adjourned hastily after
2 dIT on e part t Of the Mining Stock Excnang
understood that President summons violated par
adjourn As the chief executive officer OF the Exchage
he might be guided. The discussion was continued q
short time longer without result when the motion 10 al
ourn was renewed and carried Several members oil the
committee said yesterday that in their opinion the con-
mittee shrEed definite action simply because
circumstances Tho law OF the Exchange
on the subject ana the intention OF tho Ia"
are plain. The bylaw Is as follows
ANY member uniting, directly or by a
partner with any organization where stocks, bonus
etc Dc alt IN, shall cease 10 he member or ms TX
change. This rule shall not apply 20 the NcW-nork
Mining stock Exchange while its transactions are unte
class securities al present dealt IN at tat TX
change" The Governing Committee hesates To enforce
the rule escind IT, one OF the members remarked
Yesterday 81 have strcnuousy urged IN al cases
Of this kind that should execute our
laws or promptly repeal them a majority
of the committee seems 10 think tie laws were maze
simply to bo broken with impunity Because the com
mee refused take decisive action many members Oh
the Board are In doubt today 10 what they ought 10
DO with their memberships in the Mining Exchange
The officers 20 whom they look for information ana
guidance have given them neither"
The Stock Exchange law does not forbid con-
neetlon with other exchanges by means
OF confidential clerks In tie case OF
the New-York Petroleum Exchange which re-
Gently began dealings in stocks many members OF Il9
Stock Exchange who mad seats there merely transferred
them their cashiers and now are doing me same Dusi
before similar result may follow from lhe
new anita. OAisIn with the Mining Board.