The sun., 1896-12-10
SUSPENDED FROM CHANGE.
BROKER JACOB KIRKNER DIsCI-
PLINED BY THE GoVERNORS.

Deprived OF the Privileges of the Stock
Exchange for Year Because no RE-
fused to show His Books-To Continue
an Investigation Ia Another Direction.
The Governors of the New York Stock Ex-
change, at n full meeting, which began yoster-
day afternoon and lusted well into the evening.
suspended Jacob Kirkner for one year for acts
detrimental to the welfare OF the Exchange"
In u word. Mr.. Kirkner had refused the request
OF a special committee OF tho Governors. con-
sstng of Rudolph Kcppler, w. II. Granbery,
and James McCovern, TO show his books, which
aresupposed TO contain his transactions for the
firm OF +. b. Cuthbcrt & Co.. 30 Broad street.
In passing, 1t should be said that at the request
of Cuthbcrt d Co. Joseph II. Choate. John r.
Dos Passos. and Edward Lauterbach submitted
briefs short time ago to the effect that the
special committee, consisting OF Mr.. Kcppler,
Mr.. Granbery, and MIR. McGovern. Ind no nu-
thority to ask tho firm or Mr.. Kirkner or any
other broker acting for the firm to produce their
books either to prove or disprove any allegations
that may have been lodged against the
firm any OF Its brokers Tho special
committee of the Governors paid no heed
whatever to the opinions OF these three
distin guished lawyers. and yesterday. for the
last time. before the meeting OF the full Board
OF Governors convened, they asked Mr.. Kirk
ner to produce his books for the purpose OF
demonstrating TO them exactly the nature OF
the transactions he had had with Cuthbert &
Co. Mr. Kirkner again refused. and the Cover
nors. after II session lasting from / 30 o'clock
in the afternoon to Z o'clock in the evening.
passed sentence Of Suspension on Mr.. Kirkner.
This means that Mr.. Ktrkner, during the year
which he is detarred from the privileges OF the
Stock Exchange. must pay his dues and gratuity
fund assessments and all other fees Just as IL
he were in the full enjoyment OF these priv
ileges.
For nearly two months now Wall street men,
and those who frequent the uptown clubs.
have heard that complaints had been filed
against Cuthbert Il Co. and several of the firms
brokers. alleging that their transactions had
not been IN strict accord with the rules OF the
New York Stock Exchange. which insist that
all transactions must be carried out In letter
and spirit, and that purchases and sales must
change are immeRsurably opposed To anything
that portends of bucket shopping methods"
which consist only OF settlement OF di fferences
without actual purchases or sales of stocks.
The Governors appointed the special commit
must be said that not man outside OF the Gov
ernors or OF tins rpeci ial committee has complete
lodged against Cnthbert q Co. and some OF the
firms brokers. The firm has been doing n tre-
mendous business during the last year. Among
its customers are some very weli-known men in
Washington.
on the stock Exchange. He has been mem
ber of the institution since Aug. 81. 1876. His
office Ia at ~ New street. In years gone by he
has been especially prominent AS vigorous
and successful room trader. aud on many occa-
sions he was considered to be n fnctor In the
market. He is q resident Of Planheld, y. j.
Acting OH the briefs submitted by the three
lawyers already mentioned. he has all along
protested that the special committee OF Gov
ernors mad no authority tn examine his hooks.
and he has persistently refused to show them.
The special committee Of Governors. hacked
as determined that Mr.. Kirkuer must show his
books or take the consequences.
The final chapter. 80 far rs Mr.. Kirkner 10
concerned. came yesterday when he was
pended for one year. and in view of the briefs
submitted by the lawyers Mr.. kirkner's friends
recall ed that ancient legend about the chap who
was In jail. even though his lawyer protested
all the time that there was no authority for
putting him there. But ! am In jail" plant
lively protested the prisoner: and Just SO with
Mr. kirkner-he is suspended. and there is no
authority In the state OF New York which can
compel the Governors OF the New York Stock
Exchange TO revoke their action concerning
him.
The special committee OF Governors, 1t was as
certained. has not completed its labors. Ii PRO.
poses to continue the investigation. ana IL was
the universally accepted opinion that even
tually Cuthbert Il Co. will be called upon to
confront the committee. and TO answer the
complaints as to the frm's transactions on the
floor OF the Exchange. The members OF the
special committee. while recognizing the legal
LEARNING of the three lawyers who submitted
those briefs to The firm and some OF It's brokers'
nevertheless IL WAS added. understand fully
their own powers. AS well as the powers OF the
Governors of the Exchange. 1t need not be snid
that this special committee. backed up by the
the Exchange consistent with legitimate
methods,