New-York tribune., 1902-08-23
TO DISCIPLINE BROKERS
EyCuA%cE AND DUMMY PLAINTIFF
PRACTICE.
PETER POWER FREED. AND HIS SUIT ANE
SIMILAR ONES MAY BE DROPPED

SIMILAR ONES MAY BE DttCt'fED
Tho connection of some members of the New
York Stock Exchange with the suit which George
Alfred Lamb brought against the directors OF ,
the Northern Pacific Railway Company in the
name of Peter Power is to he investigated by
the governing committee Of the Exchange Re-
cent revelations by Mr.. Lamb on the witness
stand have pointed to Camille Weidenfeid and
the Exchange members Of the firm Of II. Con
tent & Co. and Thomas & Post as persons in
terested in the suits designed to prevent the
merger Of the Northern Pacific and Great North
ern stock through the Northern Securities Com
pany. In Wall Street these litigations have
been called strike" suits The practice OF put
ting forward a dummy like Peter Power To
shield the real persons behind such litigation is
openly condemned by many members Of the
Stock Exchange. who say it is time to deal with
members euilty Of such practices and purge the
Stock Exchange in the public eye.
1t was learned on good authority yesterday
that no special meeting of the governing COM
mittee OF the Stock Exchange had been called
to begin an investigation. and that there had
been no formal complaint To- require such
meeting. II was said. however. that the lnveS-
tigation undoubtedly would be ta*en up at the
time of the regular meeting Of the committee in
September. It said yesterday that the COM
mittee might proceed on the ground that the
personal conduct of some of the members i'm the
Northern Pacific suit tended To affect the value
of securities and cause Injury To the shar"hold-
ers OF Northern Pacific and Great Northern
The constitution of the Exchange. it was said
provided that member found guilty Of an act
detrimental a. the interests of the Exchange
might be suspended for year. and that
member found guilty of wilful violation Of the
rules might he suspended or expelled. as the
governing committee determined
George Alfred Lamb said yesterday that he
had disclosed the identity OF the real clients in
the Peter Power suit. because they had for
saken him and wanted repudiate him in an
effort to save themselves. My instructions at
the outset ne said were not 70 let their IN
terest in the suit become public at any cost
When it became evident that they had made up
their minds to throw Power and myself over
board / looked the situation in the face and
came to the conclusion that when a lawyer was
forsaken by his clients and his whole future
imperilled imperative measures must be taken.
For the sake Of my wife and family. not TO
speak of my life and professional future. l made
rp nv mind throw all privilege 10 the WINDS.
answer the questions [ had refused to answer.
and divulge the truth that lay at the bottom
of the matter have done so. and ii will be
nv pleasure in the near future 20 so corrohorate
nv testimony that no doubt can remain in the
mind of anv one that | have exposed the schemes
of these men
II is understood now that the Power suit and
tho other suits brought to attack the legality of
| the Northern Securities Company VIII ne
dropped Before the Power suit Is disposed o.
however the counsel for the railway directors
intend to complete the exposure Oh tue SOHeS
behind the suit
Peter Power was discharged from the Ludlow
street Jan Yesterday In the afternoon he was
taken from the Jail to the Federal BulidihG 10
sign the testimony he had given on frlddS-
MI Lamb and Mr.. Kellogg were present III
Marshal HenkeTs office at the tlrhe ne tt, 70"
- raad over the transcript of testimony win
Power before he signed IL -, H.
,.Haye you any more questions 10 'SA INC
pialntiTt III. MI, lid tbev had nothing to
ask NIr Henkel then said ne nau IeCeleH I,toasa 49,
letter from Judge Lacombe ordeTlhS 'le te ';ra1I
Of the prisoner if his testimony was not
further. r5,,a, said IT have
rotbiTg more TO do with you
h09n.ns 9 me- nncompanied by Mr.. Lamb at once
left the building. He appeared TO pe ; at
| nI-ar his release and said that ne was sull5 @ a. -
oHeI @ ms 4 ~ rome In reply to inquiry as 10
| what he would do, Power SAID ne ala Hot ii h.i
| that he was glad that from ~ now Oh s5 me couid
not be bothered with process SCI
do and go as he pleased. .s a+ his law of
| e. ia this citv Yesterday, reiterated ms uet
| inrotior that he never had any interest III 'h1
| Peter Power suit. He said; ,, +a,dinq 70
| ,onl 49, had any connection with TINS sun,
| ar thar knew anything Whatever aoSun si y
| -, f,,,- utterly Nithout A'N4
uIitil i ioIi 'n+ explain why they were maze
but can imagine What do aaS imaslng pnat Inat
CdhHol ten' nd that's all | care to say
pr, pr1N5naS hsen reported that Mr.. Cochran VIII
be called as witness at hearing arr ,ors perore ine n
eA.iis .1 = - .ase said yesterday that IL need
'nt he axnected AZ that Mr.. Cochran would be
called merely for the hsa sd statemerts
| to contradict Mr.. Lamp
s----
| THE BUSY MANS TRAIN