New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-03-10

considers IL
the corporation that he should longer continue "
hold said dictatorship; now. therefore, :. .o,or,ed
to the stockholders at their meeting. to De he,a a
this day. that they may take such action ia ''''
premises as they may deem requisite.
The communication was attested, as loiio"S'
OGDEN P. PELI, Secretary.
Mr.. Sims. who was In the room. was asKeo
II he wanted to say anything. He o'o' nc sou
the meeting was illegal. Those present We"
not stockholders. Fifteen seats OH '"e
change were subscribed for at sloo each. 1"''
money was to be used in promotion Oh 'ne 10
change. All the money had been placed III w
hands OF Edward Marcus, as trustee.
Marcus had made contract WIN 0iii'e'
e. 20 whereby they were to become the pro-
moters The $500 was to be expehueu -, p. 49,
,no orv and all expenses connected with the
incorpoIa alton.
Mr. Sims contended that. as Marcus mace
,o,,roct with his firm. the contract covered the
MANAGEMENT and operation OF the EAo"""ee
A SPIRITED DIALOGUE.
"Mr. Sims. am l not a stockholder! asked
Colonel Ammon.
NO" replied Mr. Sims you are not
What am II?
You are a member" ~
What did you do with my sZoo!
you did not pay me-. ,,,,, c,,,n
IL sent my check to you by "liilani L. S''p ~
son. want to know what became u NY
II embodied the whole matter in statement
to the directors. which you can see ,e,d M
IL received a receipt for my money ntu nv
account Of the payment on the treasurer pooks ms
There are others whose experience has oeeh '"e
same as mine. ~ .. p,ra-st tho
counsel for the Excharge, said: Mr. sims 6
statements of the Exchanges accounts aie iiN
a nightmare. A.. 1-xharoa
here said: when this trouble began trled
easy methods Every opportunity was oiIeIeu
TO Sims to make an explanation ana 10 reure
quietly but he did not see fit to do So now TINS inns
man has the audacity to come mere anu zen you
gentlemen who paid hard money for seats thaI
Won have nothing to do with the corporation. l
am not in favor OF violence. but If ever there was
a time for II. Ii Is now 49,, -.
The following resolution was then offered by
John A Ferris and seconded by Samuel H. Drew
II was carried UNANIMOUSLY ''i' '''''' '
voting against II
Resolved That George V. Sims be. and hereby
is. expelled from his office as memper Oh Ex sxe
Roard Of Directors Of the New-York Mining Eh-
cnange and that the Board OF Directors : r hsrepy
requested call meeting OF the day to
the corporation for the earliest pracucdpt eay nou
take such further action as may be advisape PIE upon upon
the subject matter o. TINS re- nrecors read to the
stockholders tais day
You can CO." cried out Colonel Ammon 70 MT.
Sims. . o,.o,,,o,
to the fact that Mr.. Sims was still member oi
the Exchange
"WeIl" said Colonel Ammon, again addressing
Mr. Sims you can go 5 director ana stay as
a member TO hear what is said about you >,
Mr. Sims went out, saying: The directors d'd
not pay for their seats III bust up the Ex-
change . -, ., .ha,
the members paid in $3.50 each. OF this amount
800 was for seat and the rest was 10 20 ih'o
the treasury Of the exchange
THE PRESIDENTS STATEMENT.
Subsequently both President Porter and Mr..
Sims issued pronunciamentos. President Porter s
read:
rb. Board .. Directors Of the New-York Mining
desire 20 ntor the the Which
has been made more or less g Pnnicd Pd Iy ySng scr
! tsined In. their opinion. that the time had come
when It seem.d 10 be necessary that more T- repre- Pre-
sentative and influential citizens OF New-i ork cly
| sbould be made members OF the Board. undertook
TO create vacancies in order that this view couia Oe
carried Several resignatlons haNe oeSn oeSnnond
| dered and further there seemed to be deNiaho III u
! coming from the members OF the Exchange VINO VINO
have purchased seats ana paid lor saIle , & ,,,,n
cally should George V. sims resign ms sea. I upTv
the Board OF Directors This demand of the
coming from almost luminous optraITn PHI asHed 10
| members Mr. Sims was approacneG ana asne' ~ In In
! W. MN tim investigation was begun 10 deter
mine TIE condition OF his financial reauotS ob
| ,nf,ed from him which, in opinion shows a
very considerable Indebtedness from MIN ~ 'o,,iS
his aftsrnoon. they did by unanimous vote. de-
care Mr. sins expelled from the directorate .o
Board to see to that the Exchange shall be fsrg arr
ami honestly conducted that every member - 1'b h
have his rights that no nn'ar and 'eI hat the com
muniiy ssai BE- protected against frauas W. shnil
ply ast tn, patience of the pu3nc nnas, un nurnnse
- the pr, sent management We believe that the
| groundwork has been laid whereby the cohNue"ee
| OF the public shall be fully restored
WHAT MR. SIMS HAS TO SAY.
| Mr. sims's address read as follows:
| ufrtrr Exchange out Illegal in so far as they met
az Stockholders Of the Exchange heid to-uay,
cSt nn,sd nv the members removing me as director
| aS re New-York Mining Exchange ~. ..
As the matter will no dou3i ;one T. 'l'o HUe 'ne Course
ahu n'nr - only necessary state that | have been
.tine under the legal advice Of Judge d. NJ porter,
Wno saye not paid for the shares for which they
smSscribed and as they have not PAD WIN WIN on one
@ sVe received both their shares and their seats
Su, pnm no sims Beers & Co. who have paid for the
| sloch a." a. ,her promotion contract with the New
Wi. Mining Exchange, that the action OF hs reih
hers al their meeting to-day VIII prove 10 DC 'o''
ana OF no oresoion refers alleged Indebtedness by
me to the Exchange desire TO STATE s hns On Resrs
Co % was rendered the EXshanse and ina, they icy
owe me the sum Of $500. 5000 OF when M are ,io top
| services rendered IN connection WIZ" '"'
OF hs r. generally the In all corporations that
nrcned se ar msrepresented beg 10 ask the favor
~ the insertion of this letter that the puoc may
| snsnend their opinion until the facts are Kho"h
Mr. Sims was the secretary Of the late Fred
| erIck Billings when Mr.. Bings was presiuen'
| of the Northern Pacific Railroad
ppOpOSED NEW BUILDINGS AT YALE.