New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-03-08
INNING EXCHANGE TROUBLES.
RESIGNATION OF TWO MEMBERS OF THE
BOARD OF DIRECTORS

RESIGNATION OF TWO MEMBERS OF THE
BOARD OF DIRECTORS.
Rr,e, es has been the career OF the New-York
Mining Exchange II has been exceeding troublous'
The exchange began business. formally, on feo-
ruary 20 and dIsafection promptly set IN Inc
brokers first complained because the chaffhah'
who made the calls" did not read of the stocks
10 suit them. and next because they couid not ""u
buvers for the stocks They could not understand
xhv stocks Of holes in the ground in the mountains
NJ tho West OF the par value OF 81 each shoud not
be gobbled up by the effete Fasteners at from
to cents or more each II certainly ala look as II
New-York investors had not been properly uaiheu
IA grab at gold bricks without asking any emoar-
rass ng questions OF the sellers anyway my ~
not buy the goods offered
The men who had paid money OF the realm 10 pe-
como brokers or the exchange finally came to the
conclusion that the rules OF the exchange ana us
Clearing House and commission charges were
wrong and they got together IN the Boaru rooi''
and expressed themselvec The Bcard oil DtecIVs b,,
bowed down and enacted the reforms tld' ~ tls!
demanded This, however was noi H,ao. emouSm' i"e'
must be changes in the Board OF Dlrec,ors. "a ,c.
The Board sat yesterday and receiVeI an anu az =
James II Kerr The retirement OF Mt Beers ,sa ,e,
,he hmi tbat seemingly made particular differ
ence for no one was named to take charge OF 'he
b Dnard listened to charges OF irregular deal
ings' agains; another director VINO was leaui.s a
a..
sign but refused to do so further inves.ILa',TS ,S
wes ordered and II the allegations are proved tnr
director in question will be deposei MS ureGto.
has presented a claim to the exchange ior SCI
In o-ranizing K: and he demands that the eNcnanEe
shau square up with him before he quits rus ii. a
is~neriinC the settlement Of his Dill-that poSse'-
s,or Of office is nine points OF the law , III.
rnere is A story about this director "Sl.- o-''
tirsr,orshlp He formed mining coHpi.is' e, CT,
hefora ne exchange opened sold puts On - s'oSH
n, ~ cents in large numbers. Nnen u"u.Is o.
tho excnange began. there was astonsl,ns act,.t
In rs stock which may he cali7d Nee't ~ " n'.,, ~,
Weehawken started at 20 and ran up 10 % II W. W
davs 4 few days later II was cent plu' az" "0
sales II has been at zero ever since. .,., .,
The holders Of puts on Werh&N Ken llleu "a
dsver ~ stock to the director AZ ~ Du' ne cDi
mar take H. lie had not the money 10 pay 10. -;
/, ,upcared that he had enlisted the ih,steFi 81
tbr@a. exper,enced Wall Street men IN ms uea5' a.
rhe,. we're 10 help him push Neenawkeh up 70 70 ~
,hcv cold out or him around 30 Although ths Hit.yj
tor cannot make good his ob,igations ne IS pouiu
M, 10 IAN without pulling down somebody OF so''s
thing with him 49,. oo,,od Nev,-
yorl, n couple OF days before II opened ne s;iu ne
vas no stranger In these parts lie had spent SIN
weeks here last fall He probably did not see All ''e
town. 9 ... .,o Hi,,,- r.x-
change as a good deal Of a joke NeFerthe!ess ~.
brokers who hold seats in II think tney Will III !.
go The objections 10 the system IN vosa, ~ ou vino
have come mainly from the NeN-i orK h'en WIN
iolned IL and paid solid cash for mempeisn'lS
The coming Of the next rent day or tnt cA0"'t
u.ill he awaited with interest by the SCORERS