New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-03-10
MINING EXCHANGE WOES.
THE CHIEF PROMOTER OF IT DEPOsED AS
A DIRECTOR.
DAY OF TURMOIL IN THE CONCERN WHICH WAS
ORGANIZED AS A MART FOR THE STOCKS OF
WESTERN HOLES IN THE GROUND
COLONEL AMMoN SHOWS THE Eff
FErE EAST HOW TO RE
FORM THINGS IN GRIP
PIE CREEK STYLE.

FErE EAST HOW TO RE
FORM THINGS IN GRIP
PIE CREEK STYLE.
When the New-York Mining Exchange began
trying to do business on February 20. 1t had nine
directors and its members supposed 1t had money
enough in Its treasury to pay rent and to buy
chalk to mark down quotations on its black
board. and. in short to insure entire immunity
from the presence OF the Sheriff
The Exchange at this date has six directors.
Three dropped out one was forced out and one
new one was elected One Of the three who
tired was the treasurer. The members do not
know where the concern stands financially. and
new treasurer has not been appointed to find
out. 1t Is moot question in fact, II there Is
much use FOR a treasurer at the present writing.
f. II. Williams. director got out ten days
ago, and Samuel II Drew was chosen in his
place. William A. Beers. another director, who
was treasurer and James H. E.err. also drec
tor. evacuated on Saturday last and their sue
cessors have not yet been named. The official
undoing OF George V Sims director occurred
yesterday amid mu,h turmoil.
Mr. Sims and Mr.. Beers are members Of the
firm Of Sims, Beers & co.. dt No. 29 Pine-st. This
firm practically created the Exchange. AT any
rate 1t was the promoter # the Exchange and
financed" 1t. It handled the money paid in for
Memberships and thereby hangs the Mining
Exchange tale OF woe.
For another thing. Sims. Beers & Co organized
the Manhattan Consolidated Mining and Deve-
opment Company, with a capital Of s1,OOO,OoO in
shares Of the par value of 81 each. The "hole
in the ground" owned by the company is In the
Cripple Creek region. which Is full of holes. some
good and more not good. Mr. Sims was made
~, Of ba Mip-
ing Exchange. and Manhattan was put on the
list but the listing fee Is said to be unpaid and
the stock may be stricken from the list When
the Exchange opened Manhattan was the most
active stock The first sales at 20 cents.
The price soon ran up to 35. and then took a dizzy
plunge 10 ! cent, where it stuck.
PUTS" PLENTIFULLY DISTRIBUTED.
Puts on the stock at 20 had been pentfully
distributed. bearing the guarantee Of Sims, Beers
e. Co. When the effort was made 10 deliver the
stock to Sims. Beers Co and collect 20 for IT,.
the firm would not receive IT, Three Wall Street
traders Of long experience. who had been enlisted
In the operation OF booming Manhattan. had got
around with their puts to Sims. Beers & Co =
Office ahead OF the Mining Exchange contingent.
and had not left enough cash to meet the de-
mands OF the others.
John Gray, the chairman Of the Exchange.
mounted the rostrum In the boardroom at No.
IS Broedw.5 at 2:25 o'clock yesterday after
noon. and whacked his desk with gavel to
command attention after which he offered for
sale two puts" on Manhattan signed iy Sims.
peers & Co Each was FOR 800 shares. One
was held by Colonel Robert A. Ammon. and
the other by c. " holma' Mr.. Gray. the
| chairman. said these puts" had been presented
10 Sims. Beers a &C. for redemption and had
been repudiaied. therefore they would be sold
under the rule Each put" which represented
stock OF IA par value OF $500. brought So 25 or
| Il. cents "A share.
! Mr. Slm1 was present and objected 10 the
..ie q, tho nuts" The action OF the FIX
] change" he said "A little later. "is Illegal This
is n fight between President Porter ana the
| Western members Il the Exchange against our
| firm II was instigatcd by President Porter
| Colonel Ammon and others with the object OF
putting US out. The president OF the LXchahse
| Is not "A legal stockhodrt lie has not pdiu io'
| his stock II was PAID for by Sims Beers x
| Co. II am expelled from the Board OF III
rectors as am told en- to be. | will have a
| receiver for the Exchange at 10 o'clock to-mor-
| row morning
| Colonel Ammon when asked for his slde Oh
the story. said Il bought the put on Manha'-
IA
Beers e. Co.'S office asking for the amount due
| an ,be nut | received this letter In reply:
New-York. March 7, 1895.
The Ammon Investment Company New ,nt 1ork ''9 of
| Gentlemen: We beg 10 acknowiedBe I.c.p, "a, a.
your favor OF the 7th inst. ana dealr. ~
this firm has never issIei any puts on tne & ~
| tan Consolidated Mining and DeVelopinent I'm, in
thcy are Illegal and no consideration whatever mas hss
been paid This nTm S5 and hS we make
demand on you for their return as evidence 10 pi,S
to have sold the same f0sTs SINS. BEERS co.
THE SAME KIND OF LETTER
"ur Holman" said Colonel Ammon. got the
| s,,o L,rd ., a letter from Sims Beers & Co.
| NJ s,rs wont on the floor of the Exchange
| while the regular call, beginning at 3Io p. m.'
| una In nrogress Colonel Ammon tackled MIN
without ado and asked. with lowering brow; DID
| vou sov I instigated an ,ttempt TO put you OH
| the Exchange?
Colonel Ammon was formerly clerk In law
| office In New-York but t. went out 10 the soiu
| dlgpinRs and acquired the ways OF mining camps
before he returned to Gotham to become oroAe'
on the new Mining Exchange lie got MS '''ie
Of colonel on the train coming East. Inc train
| en- route came through the southwest corner oi
| Kentucky
Mr. Sims glanced at Colonel Ammon's right
hand which was ensconced In his hip pocket
"No" snid Mr. Sims. whose face, ordinarily
pink. had lost It's color. Il said 1t was fresideh'
| Porter"
you're n llarv thundered Colonel Ammoh.
"You are n damned lar! You are horse,h'ei'
Bah, President Porter is thaAbest friend you eve'
lad. ana you don't know It,
Chairman Gray bawed out: i hne Co'ohe'
| Ammon ! fine Mr. Sims 49,
Mr. Sims moved away. saying the nrm uiu
not sign the puts. Mr.. Beers signed them
WONDER INDEED!
| co,o,o, Amman walked over to one OF the
women telegraph operators and said to her In