New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-11-26

COMMITTEE or TiH EXCHANGE
Some interesting facts d. ;eoped yesterday
regarding the history Of the cases decided on
Wednesday by the Governing CorIatteo of the
stock Exchange which disciplined two members
for making fictitious sales Of stock u the East
Elevator COMPANY. OF Buffalo. Isaac B.
Newcombe being suspended for twelve months
the extreme penalty, and Edwin W Oryis OF
Oryis Bros. q Co.. for ore month. The
story is one Of shrewd and successful man'pula-
ton OF a stock. by reason of which certain we'll
known brokers OF this town apparently stand
to lose about 100000
The Eastern Elevator Company q 3uyalo
owns property with frontage Of 3O2 feet on
the Buffalo River on which property II has
a receiving and storage elevator. with a storage
capacity Of 110OO0c bushels. and n maximum
receiving capacity OK 5000 bushels an hour
The property is mortgagod for $4,000. These
facts stated IN the application FOR listing
on the New-York Stock Exc change. which bore
the name Of William p. Nortfrup. secretary and
treasurer and it was further Set forth in the
application that the company had been or
eanized under the laws II tlis state on June s.
1888 to do an elevator business in Buffalo;
that its capital stock was Sl.OvoD. and that
the Union Trust Company. OF this city. was -
register. the Central Vrut Company was In
transfer agent. the titles were guaranteed By
the Title Guarantee ard Trust Company and
the books had been examined by the Audit
Company.
The stock placed on the regular list OF the
Ncw-York stock Exchange or March . lSls.
''""' - - ' '''N '''"7 '''D ''''
mainly instrumental III securing us HSuhS.
soon aftervard buying orders on Eastern Ele-
vator stock began to be placed by certain men.
h 3, -, Gail mad. tb,ir beod,r,rtors n,
Ncwcombes office The most active ~ Tie
~.,,.. ,,..e a ,,,., .efl ia ,s from, phod. Ts',rd
- . 49,, .. ,i,.i,., o.. rho v-,tdor,
:.
Astoria. he would VISIT a brokers' Once u ~
said. anu establish his Git ~ sh wing that he
Ia ,.i.,i,,. ..h,. ... .,,,..,.ted win an i'm
""' '''"''' nj -.
p"I'ahl "Ns4'9" "'"9' '' ''.'' '' JIG" W
would OMEN an account with the brokerage firm.
and vouii leave an order to lay one hundred
or +,r., fr,ar.l shares Of Eastern Elevator
'.1.., ...,.r. ..'.,,,..,,, and also
four huud ea or five hundred snsres e some OF
,,. ,,.,r.. a,.ti.. and 5ctter-knoNn issues put
.'.. IA ,... o.,,t ,,,~.,', an the whole. In
ting up ~ per cent '''-'' '' '' -
a few days he would repeat i1e operation IN
hoth sto,ts actual sa.,s - E,storn Elevator
,.,,.., ,,.,,,, hill. t., made ~, III. Hcor 4 the
haNlhS mean" ''''' '''' "
Exchange AZ about 80 or -
Nv and by the brokers' E.th whom ~ ard the
others had placed their orders noticed that their
4UHI
new customers holdings o. -n' S'""'.'i" '''' -
had been unohrus'Neiy closed "At am i-"i "''y
.,, J,ostsrn Elevator stock was being carried on
.t,. v.ta t...,i,arq didn't ike
t-t !" p@' 'V-~ ' t, .t... .n.i.
the looks oi thine', anu N'u''"' 49,. ~
Gust, rneTs take NJ tAer -!e, at Ao'.'''o' -
latter. nowr. el. sought iD t'..F "''.-.'
the reasons put forth b3 rhsSl ne'"s, * 80, - "'
legged that o. hig consultation "'ti VIM o' .
make the stock eiiL-edS'" N'"' ',," . .i
through This stony was presence '' ''' 'N'
lowing form ,s....., t,,scs
1T f. proposed io iay l' iN, ".. ,. .,.'ve one
carrying Eastern elevator SON d" ~ ci,e.a
half cash when ia. corso.ft tt'N 80 .N.t1,,
and one-half iu sixty days ihr'e.'' - -,
v.ith ii bonus = - l'r cent o, Nt or
','',i, -. tho new consolidation. Tbs IS III IN
sid.rafion Of such assistance as me "Done 'e
houoes may d. able ID render IN elieott"s 81,
ronsolidation and for carving the S'''" A''
tr. laurtn ~ tiue stated ,o,od
Pm, tho brokers wanted iie ~ '''N' -.
,,t o,d v-oufd net os put II. Tnelr cus o''.'lS
5td ,,ot take up their Lerator STOCK "a No. No.
U', % ,tyen - them by some y their oroNers ,naS
on n certain day by Adrian H. Muer * ,,,,,e1 ,'',
.t,, "a f,il.i to take them up ne '''"''' '',
80 ,br.otered would declare mat 'l'' S,,oN
80 - ,a,.r c9re Of before the auctl9h Jay
"uu'u >-,.r1,,,he il is said would 80 ~ IN,
80 - enc when that day drew nTar' aNI
.tr