The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-09-01
E. B. CUTHBERT & co. FAIL.
RECENTLY rBEIR STOCK EXCHANGE
MEMBER WAS EXPELJED.

The Firm mad FALLEN Under suspicion OF dos
inu = Bucket-shop Bustneas. and ne Was
Tried and Convicted Of Liabilities
SAID 20 ne In the Vicinity Of $500
Edward d. Cuthbert, doing = business in
stocks. cotton, and grain at 30 Broad street,
under the arm name Of X B. outhbert q CO.,
made an assignment TO Ernest Il. Ball yostor~
DAY afternoon. Preferences we're Piven of
cas-, 900 TO ophelia J. Cuthbert and Szs,oei to
william q Cuthbert The assignee at once
took charge Of the nrm'e handsome suite Of Of
Aces. (which OCCUPY the whole OF the fourth door
Of the johnson building.
The firm was organized on Oct. 25. 1894, and
vas composed then Of n. 3. Cuthbcrt, William
Euclid Young, William Euclid Young, Jr., and
James w, Fox. William Euclid Young was It's
board member. he was one OF the old men,
bers Of the Exchange, having Joined 10 In 1859.
The assignment lie tho sequel to one Of the few
scandals on the New York Stock Exchange that
have made It necessary to eApel q member.
Suspicion that the firm OF e. b. Cuthbert 8 Co.
was doing q buckot-shop business was aroused
last summer. Tho firm had then sixteen
branch offices In this city and other places.
Finally, specific charges were fled on Aug. %
with tie Governing Committee against wiz.
liam Euclid Young, who was the only member
of the trim who had q seat on the Exchange.
The accuser was r. d. Stewart, . customer Of
the firm. who charged that an order he had
given for the purchase Of 6fty shares Of Chicago,
huntington and Quincy stock mad been buck
eted' by means OF q fictitious transaction be
change, Jacob Kirkner. The Hrst result. of the
charge was the suspension OF kirkner for one
THE Governing Committee. proceeded moro
slowly In the In festigation Of Young's connec.
q don u Tiss the i Sis ssEtsnce. AG df.s sS; % H. H. bone SoS'
nection with the drm- and the announcement
check tie Investigation. however, or. as the re.
suit proved. help his case. At o meeting of the
sStSrs"sS ReS; was re read tdSp and upon It's dnd.
Ings u sentence of expulsion was unanimously
S sssS on asS am article All; nuns n thc on Inst ssassnc wh Mas
provides such punishment where q member ID
bound guilty Of fraud;
errors also decided that nc. other member Of
he Stock Exchange would be allowed to be.
thus from the privileges Of the Stock Exchange.
and compelled to pay full commissions for their
!Ss'I sra If thG sbs toq fPd brakes Bas ceH Til \ to to ss soiieis
has maintained offices for which the rental is
~" Mr.. " cSuit6bert refused to DO seen yesterday
after the assignment was announced. The
aiIfs'S quarters marked Law Department"
said that the step had been made necessary by
the The advance ID anse in t hm Ssis has su iSs , ksdniRs s Wsre
about 5000, 900. Edward B.. Cuthbert Is now
' the only member OF the firm.
The bucket shops and concerns that o1er to
do business in stocks without membership In
the Stock Exchange have had a hard time re-
Gently. The rise In prices has made them APP
prehensive that they may be called on to dis
gorge, money intrusted to them by conhding
They have also been made uneasy by tho raid on
the Mcmillan concern last week, and it Is re-
ported that some who pretend to keep books
have already sent them over to Jersey City to be
out of reach Of court orders to produce them.