New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-07-23

hooye every member OF the Evch1nge only be LOYAL
10 his sense but TO stand firmly and devoeiy
10 Institution OF which h. is a member The comm,i.
nifty have always looked % the Stock Exchange high
STANDARD NJ financial commercial Integrity and they
have not been disappointed. Moreover. that
during the recent phenomenal shrnklge and distressing
financial complications public looked with amaze.
ment and deep respect the which tn members
the Stock Exchange have lived up their contracts
rut in all largo Lodic, OF there will be- found in
dlyi1uas who for private gain or public notocty Will
take stand at variance with their assocates Would
that We had the power punish, deserves such
dsoyaltv But II Is our intention. in so far a. our
power goes put stamp OF absoute dsapproya upon
all the irregularities aid all methods OF doing business
subvcrsvc OF welfare aud Injurious u public credit.
Furthermore public are apt b. confuse umOrs which
have their oruin in Wall with Tn, Exchange
to give to the Exchange the credit Of malicious
or false statements which may from the sccthing
mas, q people who tho In wall street itself. With
OF strongly expressing It's intention Of enforcing
its own laws on floor OF the Exchange and with the
desire 10 appear before anNois do
everything its power 10 foster and sustain public
credit the Stock EXCHANGE has passed the following rulings
and resolutions which 1 Will now read to you.
The first Of these rulings has reference TO dealings
upon tho OF the Exchange, as provided for In
Section g. Article o. in the constitution:
Whereas \ number Of reports utterly without
Foundation and Intended nure the credit Of corporate
Institutions been circulated. and have Outlined GER
crcdcncc aud transactions have been based thereon
Whereas, The Governing Committee Of tn, New.YorS
Stork EX.hangc dc-irr to eNpFc,, In ne -tfongeIt
false statements and to do all in their power to arret
Er-ovcd. Any information Of reliable nature or
from reliable ,ourcr which VIII go 70 G rOee tne
dca To- tending inure The crsat Of @ 9Sn g.
Sy ted bs at ra Ss viii b" gladly received and
acted under section g. Article H. OF the con
Section 6-wherc no penalty i prescribed by the com
tgon the gyc""g cg sa have b o o we're 90 5TS
or in it. discretion suspend FROM the FNchange for
such crod as it nay deem RroPsr any ad com% ha
also have power hy vote Of two-thrd, Of it, member,
Exceeding one year, any member who is guilty OF mis-
conduct or Of any art drtrlr' h 20, IN n,d om,ntoe
hall be the sole Judge.
will now read to You the further resolution adopted
by Board OF Governors. and tine article OF the con
tuition bearing thereupon:
the ESchange provides for only oilers which may be
made of or for securities upon the floor Of the Board
Room Governing Committee hereby makes the iolloW-
That ali oacs to buy or sell securities rcqurnr
Of contract mode % ocaing Other Than l. guy
other atlons Of constitution shall b. deemed 10
contaycnton Of The rule q the Eychange ana ,ha
Act L. section g. Of the constitution. ,,,.
or Sp. ., H S r @c as bndna nor shall
quoted by Telegraph otherwise. as portion OF the
section ~ B. "a %cic % SO OTTER buy sell specific
emf lot 6nc 10 buy or sell larger smaller amounts
be made at the same time and price with lOo snare
Many Of the brokers appauded the sentiments OF
both Mr. SurH>S speech and the resolutions. Among
those who listened 70 them was II. G.. We'll, the
board member for his firm lie refused 10 say any
thing 10 reporters beyond that the presidents speech
was forcihlr one.
soon after the speech had been delivered, J.
Edward simmons the president OF the Fourth National
Ran sent the following letter TO the president Of the
Exchange
have rad With profound interest tn" remarks mad"
y YOU NJ the Stock FNthangc this morning, and take
plcasur, IN expressing my hearty approval Of the same
10 4. high time these so'alcd wall street Chou-
who dcsccrat and DESTROY. should receive Tho punishment
they richly rye. and the invest public can only
comm. nd the laudlhc cfort, b ing mad"
IS the Board continue the high standard
= nranca comncrcia int gritty that has always char
actcrilci the Stock FNchang" body
Having been member Of the Exchange for many years
ami having held the Office OF president the duties Of which
You discharge with much Lonor to your associates.
am naturally Interested rhe welfare OF the Exchange
and am jcaou. credit and s'1ndng in the business
cci1mrnty.
aou VIII pardon me therefor H. outsider.
taic the lr riy concentrations upon
tho prai.eworhy position which YOU and your a-,ocat"
ernor Assumed in Determination to maintain
upf ch hoorarc iu-in u'thot- in nll tn" transa'
tons 81 those who constitute the body over which you
nifv rcsld