New-York tribune., 1885-02-17
THE WARRING EXCHANGES.
STOCK BROKERS LOOKING TO LAW.
TO SECURE COUNSEL FOR PROTECTING THEIR
INTERESTS IN THE MINING BOARD.

TO SECURE COUNSEL FOR PROTECTING THEih
INTERESTS IN THE MINING BOARD.
The bOnd-rOOm of the Stock Exchange
was given up yesterday business hours to meeting
OF the members who also hold seats In the New-forX
Mining Stock and National Petroleum Exchange 10
consider what action may be necessary In view OF tne
listing Of railroad stocks at the latter board ABOUT loo
brokers present. James ID. Smith presided The
temper OF the meeting boded no good to the Mining
Board and resulted In action which will probably iead
to the litigation foresbadowed in Sundays TRIBUNE
James D. Smith, c. E. Quincy, s. " White, H. f. Alex
ander aud Thomas Denny were appcin ea a committees
obtain counsel with view to securing ths rights OF
Stock Exchange members OF the Mining Board Ihese
rights it declared, consisted in pro rata distribu-
ton of the assets Of the Mining Board and the graty
fund The members showed disposition to leave the
Mining Board but not TO surrender what belonged to
them OF funds OF the organization The general idea
Is yesterdays action will lead to an attempt to get
receiver for the Mining Board. Many or the STOCK
brokers paid $1,000 for their seats In the Mining
Board its constitution, which provided In the nrst
article as follows: It's business shall be limited TO
furnishing facilities its members for the purchase ana
sale the stocks and other securities OF mining manu-
featuring and insurance companies, and OF other COM
panies not listed the New York Stock Exchange; also
OF ores. metals petroleum aud other mineral productS
This Is the way the costuon has stood slice May 20.
1885, when 1t amended to permit consolidation with
the National
a few weeks ago. On the other hand prominent
member OF the Mining Board talking Of the past rea-
tions of the two exchanges sad As regards the un-
fairness Of inducing stock Exchange members to buy
seats in our exchange. many did at the low price OF
$50 each sell at over four times that price
II they choose The public and many members OF the
Now York stock Exchange do not seem to be aw g OF
the fact that OF the Newly Mining Stock
and National Petroleum Exchange. in order to have
matters amcably understood bet the two exchanges
December last offered to over 500 members OF tue
stock Exchange who are not members OF the New-iorK
Mining stock and National Petroleum Exchange, me
facility 20 operate on door of exchange free OF
any charge. exec IT that $50 per annun dues whlcn
ihe New-York Stocs Exchange. Moreover. when mem
the Stock Exchange wanted business, done IN our
exchange they charged only half the regular
commission. whereas the Stock Exchange houses nave
uniformly refused To reciprocate this courtesy
The quarrel OF the exchanges Il still the chief topic OF
Wall Street talk. There are some good reasons said
Appointment Mining Board me mner, WY he st9eK G Gn 1
action Tie Mining Exchange will serve ~ feeder 10
tne stock Exchange ana our members viii have 10 go
10 il TO get thrr supplies Large obblng houses
encourage retail establishments and 1t would be short
sighted policy Ior the stock brokers to tear rivalry
rhe Mining Exchange business will be retail one and
nemters or IL will, by enarging the constituency or
Specializing In Stocks bring increased business 70 tue
wholesale business of the stock Exchange. Moreover.
thi> suppress the bucket shops far more surely and
speedily than any act OF the STOCK Exchange MahIpu-
latofs In hand deals In certain stocks can
buy or the Mining Board far US 1t has any busl-
meas, and anything which tends to enlarge the oPpor
tunilies for successful turns In the stock market WI"
invite frequent attempts. As to trading In oil on
the took Exchange. II undertaken II would HEey De as
slna AS mining stock business WAS On the stock EI-
change Most large stocA houses prefer to "ntru,t their
business petroleum brokers who have correspond
cuts IN the field. who are constantly on hana In the
market watch the changing conditions and attend To
all hr small orders 1t would hardly pay man whose
f. wIth $4,000 to attend the oil market al the
time aud as It's Movements quickly IL necessary
Ia be on hand every moment Unless there Is a large
body OF 0mraders ready to trade on every g; the
market would be insignncant and oil business 10 be
success must done in junction with producers and
oil men proper" ,,, =.
It ia doubt ul whether the Stock Exchange will list oil
certificates II IA rather believed that the members Will
turn their for oil tO the Produce EAohange
when It has be gun dealing IN that commodity.