Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1890-12-19
Troubls II the Stock Exchange.
WARRANTS AND SUITS BROUGHT INTO
REQUISITION.

> This week has been stormy one in til
= Virginia Stock Exchange. SO far, the lie
Gal outcome has been that the President
Ernest Howard has been arrested Oh Wal
rants issued Oh the complaint OF VIM. J
Perry and Jno. F. Landes, two member
of it. for embezzelment Of funds, ant
: ! that in return he has brought suit in thu
Circuit Court for $4,000 each against W
J. Perry and J.. f. Landes for defamation
OF character The facts as far as they Cal
be gotten from various statements are
about rs follows:
Some months ago. Mr.. Ernest Howard, {
young man of engaging address, came here
from New Orleans and proceeded to get UP
joint stock company to be called the
Virginia Stock Exchange. 1t was to be
chartered to do various things, but it's chief
business was to keep an open office in which
stocks should be dealt in, the market value
of stocks would be quoted accurately. and
the privileges Of which should be enjoyed
by such subscribers as paid $50 a year for
a seat therein. In everything but it's char
tered character it was carried on as an indi-
vidual enterprise the $50 shares of stock
at 500 share. Howard himself took 24O
and all Of the other 10 were given with
out cost to gentlemen of standing whom
he wished to act as Directors. While there
was a list of officers with Howard as Presi-
dent published, he himself was President,
| Secretary and Treasurer-captain, crew
and cocktail in one man. He opened the
Office, procured and published the quota
| tions, collected the dues on subscriptions
to seats in the exchange, answered letters
and did everything pretty much after his
own fashion as a man that OWNS 2l0 out of
$50 shares can afford to do. He called
meetings of stockholders and postponed
them at Willie being the stockholders.
This last operation brought on a crisis.
| All OF the Directors Of the Exchange are
well known business men Of standing in
the community whose names go a good
ways in business matters. There had been
a growing feeling among them, augmented
| by the fact that the President never com
municated any of the affairs of the compa-
|
names to an enterprise about which they
were left SO much in the dark. They did
not feel safe about what use might be
made of them. In addition to this they
were further stirred by the fact that dur
ing the week the President had written to
to the Treasurer W. J. Perry, the Secreta-
~ c. r. Caldwell, and Director B. B. Esk-
ridge. calling for their designations. Sc
on Monday the Directors determined to at
tend the stockholders meeting called for
that day and look into affairs. On alriv-
ing at the company's Office over Wayt's
| drug store, they found notice signed by
the President posted on the door, postpon-
ing the meeting till January 18th. A very
unbusiness-like feature accompanying this
postponement was the fact that the Presi-
dent Was sitting inside with the door lock
ed They called to him and he refused
them admittance. He seemed to be en-
gagged lii packing up papers. After the
President came out and locked the dool
after him, some of the Directors broke the
door open and going in made an exam1na
ton Of the papers. From them it appeared
that the President had deposited all the re
ceipts of the company in various banks te
HIS individual credit instead OF the compa
ny's. Thereupon notice was served On tht
National Valley Bank, the only Stauntof
, bank in which he had deposit, not to pay
his check. They also found that he was
preparing to move the Office away.
Shortly after this, Ohm F. Landes mem
Der of the Exchange, and W. J. Perry
, another member, each swore ont warrants
charging Howard with having embezzled
the money they paid for their membership
) He was taken before the Mayor where III
was represented by Capt. James Bumgard
ner, and U. S. District Attorney W. E
Craig, while Commonwealth S Attorney A
, e. Gordon appeared for the prosecution
The evidence OF the legal existence of Thu
| Virginia Stock Exchange not being at hant
the case was continued till tomorrow (Sat
urday) morning at 8 O'Clock, and Presiden
Howard gave 81 600 bail for his appearance
there, his counsel becoming his surety
Later, the two suits against Landes ant
Perry for $4,000 damages for defamation
y of character were begun in the Circui
Court by HoWard7s counsel.
A representative Of the VINpICAToI
asked President Howard about the matte
on Wednesday last, but that officer declinet
to talk, saying that his interests were il
the hands Of his counsel in all the legal mat
,, ters pending and he was sure the resul
would be satisfactory. He said when tn
o Directors called on HIM he was packing III
to move the Office to 2. E. W ilson & Co.
!, real estate Office Oh Main street, where h
had previously arranged to open the ES
change, and that that statement would
verified nv Cant Wilson