Birmingham state herald., 1896-12-31
FIRED BODILY.
William Euclid Young Expelled From the New York Stock Exchange
 for Crooked Work

New York, Dec. 30.-William Euclid Young was expelled from the New York stock exchange by formal vote of the governing committee at the conclusion of a session lasting from 3:30 until 7:30 o'clock tonight. Forty out of ffty-two members of the committee were persent, and the vote was said to have been unan- imous. The charge was fraud.
 The charge was in reality against the firm of E. B. Cuthbert & Co.,, stock brokers, at No. 30 Broad street. The stock exchange authorities dealt with the member of the firm who was a mem Der of the exchange. MT. Young was the partner in the firm who belonged to the exchange. He withdrew from the firm on December 22, but that did not relieve him from the charge.
 The original complaint against Cuth- bert & Co. was made three months ago. A special committee from the governing committee was appointed to investigate the business methods of the firm.
 The, committee suspected Cuthbert & Co. of employing bucketshop methods.
 The committee discovered evidence that an arrangement had been made with Ja- cob Kirkner, a broker of No. "A New street, and a member of the exchange, whereby Cuthbert & Co.,, in rendering statements were allowed to use his name as broker, whom they had sold to or bought stocks from.
 To determine whether such an arrange ment existed between Cuthbert & Co., and MT. Kirkner, a demand was made upon MT. Kirkner that he show the entries in his books and vouchers covering a par ticular transaction alleged to have been had with Cuthbert & Co. He refused. For his refusal, which was declared to be detrimental to the interests and welfare of the exchange" the governing commit tee suspended him from the exchange for one year.
 In meeting the allegations against them Cuthbert & Co. engaged Joseph H. Choate, Edward Lauterbach and John R. Passes as counsel. The report of the in- vestigating committee made case against Cuthbert & Co. on a complaint by one D. R. Stewart that they had bucketed an order which he had given them on August 28, last. The order was to sell short fifty shares of Chicago, Bur lington and Quincy railroad stock on margin.
 They reported to MT. Stewart that they had sold the stock to MT. Kirkner. The Investigating committee found that the sale was never made. MT. Stewart gave an order to cover his short sale Cuth- ybert & Go. charged a commission of one leighth for selling and one-eighth for buy [ ing the stock and also interest on the stock which was supposed to be borrow ed, while MT. Stewart was short of the stock Chicago, Burlington and Quincy stock at this time had sharp rise and MT. Stewards transaction showed loss. The loss, as we'll as the commission. was so much gain to Cuthbert & Co.,, accord- ing to the committees finding.
 MT. Young appeared before the govern ing committee and explained that when the stock was sold short for MT. Stew at 1t was loaned to him and when 1t was int it was taken back. The expla- ln was not considered satisfactory.
 lumber of witnesses against Cuth-
 }& Co.,, were heard.
 nur Young was one of the oldest mem bers of the exchange in length of mem bership. He Joined May 8. 1869.
 MT. E. B. Cuthbert this evening is- sued a statement in which he said: 'Tfhe action of the governing committee of the stock exchange against MT Young is in our opinion unjust to the utmost degree. Mr. Young has been tried by his accus- CTS. For weeks some of the ablest men in Wall street have been engaged in a case against him. MT. Young summon ed before the committed, sitting both as accusers and judges. has had to pre- sent his defense unaided.
 We beg to assure the public that ex- parte trials shall not be permitted to cast lasting discredit on any of our meth- ods. In due season and In proper ways we shall establish a vindication that no man can question-however bitter busi- ness rival he may be-"