New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-06-10
END OF PAINE, SCHUYLER C co.
| STOCK EXCHANGE ORDERS DISSOLUTION
| OF THE PARTNERSHIP

Officials Of the Stock Exchange yesterday con-
frmed the report that the Governing Committee
had warned Paine, Schuyler & Co.. of NO. " all
St. that they must dissolve partnership within the
next thirty days. The demand will be complied
with. The firm is composed of j. Overton Paine
Sidney S. Schuyler and Thomas B. Paine brother
of the senior member J. Overton Paine was until
recently member of the Consolidat led Exchange,
where he operated extensively, generally on the
bear side. and reported to have made great deal
OF money in a short time. He severed his connec-
ton with the Consolidated Exchange few weeks
ago. a preliminary step to entering into business
relations with Mr.. Schuyler. who is member OF
the Stock Exchange.
No specific charges have been formulated against
Paine. Schuyler & Co. but the right of the Ex-
change to order the dissolution of a firm and the
significance of the order to Paine. Schuyler & co.
set forth in Section 6, Article 81, Of the con-
stitution of the Exchange, which says:
mites ha member Of the Exchange has formed
theEsn9p WHEREBY me lbs rln nav
after Investigating the facts of the case require
Il he snail fail do within such time as may be
reasonable to the committee he may be suspended
ut the pleasure OF the committee.
President Keppler of the Stock Exchange out
of town yesterday but it learned from other
that the action concerning Paine, Schuyler
& Co. taken by the Governing Committee at
its meeting on Wednesday.
J. Overton Paine yesterday issued the following
statement:
Since l made my first successful deal OF mpor-
IN Wall Street last spring, on the pear size
of Brooklyn pd Transit, there haze been con-
epicuous and continuous effort to hlackmal me and
:njure my credit and standing IN the Street 1t
would require much time at present TO give
idea OF the various methods resorted TO in
order 70 these ends. I am accountable to
the New York Stock Exchange for any statement
Stock Exchange house. and therefore my lips are
practically sealed until | withdraw from the firm
we a:e given until July 6 to dissolve our partner
shin. but make II a rule in business 10 keep my
affairs in such shape that meet any emereen-
cy IN IA moment. and notice OF our dissolution is
already prepared and Will be handed to the secre-
tary or the Exchange n 10 o'clock Monday morn
ing Were It not a half holiday 81 would be done
to-day. The moment il IS announced on the Ex-
change I Will give full statement of the entire
matter. which VIII place matters In their true light
based upon facts, and ! am confident that when
both sides of this controversy heard the fnan-
Cial world Will decide In my favor. | regard the
entire Affair net Of jealousy. outcome OF
ny bear raid the stock market IN December last
end Immediately in the recent failure OF n
certain Stock Exchange house which was unable to
its obligation 70 me. However. on Monday
my statement will include all features of the case
l never knew until to-day how many true friends
had IN Wall Street.
II is my intention 10 continue my operations In
the Stock Exchange chiefly on the bear side and
expose every effort OF the bull clique to place
of too conhding public Mr.. Schuyler. I under
stand. viii form a firm at once In his present
offices and l shall start banking house n WaIl-st