Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1902-08-07

oUSTED FROM BOARD.
Two Chicago Traders Expelled
Oats Corner Transaction.

4
Oats Corner Transaction.
| Chicago, Aug. 6.-Charles Waite and
Robert H. Thorburn, composing the
firm of Waite, Thorburn &; Co. We're
yesterday suspended indefinitely from
membership in the board of trade.
The cause was charges of uncommer-
eial conduct preferred by Harris, Gates
& Co., based on a claim of $4,000 al
! legged to be due the latter firm as Il re-
suit of the corner in July oats.
The case came before the directors
at the regular weekly session. Mr..
Thorburn, with III. c. Avery as his at
torney, was before the directors a few
minutes. but he did not remain long
after announcing that he was not
ready to proceed and would not be as
long as his other cases were pending
in court.
This practical refusal on the part of
Waite horburn TO go to trial before
the directors did not affect the Harris
Gates end of it. This firm was repre-
scented by S. c. Scotch and Rudolph des
Jardins. The former presented the
case, made formal claim on Waite.
Thorburn & Co. for 1000 and asked
for the suspension of the members of
the firm until such time as the claim
was settled.
The entire proceedings did not con-
sumo much more than half an hour
which would indicate little of a fight
in the directory over the proposition to
suspend.
Informed of the action of the direct
ors. MIR. Thorburn made the following
Statements:
The action of the directors in sus-
pending Mr.. Waite and myself indeti-
nitely cause us no surprise. 1t has
been evident to us for some days past
that there has been a bitter feeling
against us on the board generally, in
consequence of our action in going in
to the courts to test the legality of the
corner in July oats.
I'VE dispute the claim of Harris,
Gates s. Co, on which we We're sus-
pended, but, owing to the pressure of
matters in connection with the litiga-
ton we are engaged in, it was mpossi-
Ele for us to put in our defense this
afternoon. We asked for weeks post
ponement, which is something that in
the past the directors almost invariably
however, they seemed determined to
embrace this opportunity of getting ac-
ton against us and insisted on the case
proceeding. AS we We're not ready with
our defense we retired after making d
protest.
This action by the directors today
will make no difference in our fight in
the courts to prove the illegality of COR
ners, which fight we intend to go on
with. We believe the result of our ac
1ion will be that there will never be an
other corner attempted on change in
Chicago, as it will be found that ac-
cording to the law of this state such
cons piracies are illegal and criminal
and those attempting them unable to
collect damages except such as are act
TALLY incurred, and on a basis of the
legitimate value of the property.
We are not alone in this fight as
has been generally supposed. Yesterday
and today two other firms have come
out on our side and procured injunc-
lions. and there are others who have
been hesitating who may do So now. !
We have the moral support of the ma
jorty of the firms engaged in the cash
grain business on change here and in
New York, Baltimore and other east
ern cities. as Well as the country grain
dealers thruout the west, who have
been so fearfully vctimized by the re- |
cent July corners in corn and oats.
These corners have been vicious
hold-ups just as criminal in their i'm
tenton and effects as are attempted in |
tention and effects as are attempted on
street corners. The common law and |
the statutes of the state are clearly |
prohibitive of such holdups, and we
propose to find out whether or not the |
law can be enforced against such prae-
tees"
The process of reinstatement. should |
Mr. Thorburn desire 10 return to the
BOARD of trade. involves paying all I
claims against him and being posted" /
fifteen days under the rules.
Mr. Waite is a Brooklyn man The
irm has been in existence between I
.hree and four years, tho Mr.. Thorburn
las been identified with the cash grain
5rade since 1884.
LINDEN Evans attorney for the sus-
pended men, said that so far as Mr.
Waite was concerned the action of the
directors was an especial injustice. in
,smllch as Mr. Waite had been out of
own and personally knew nothing of
he matter.
King Edwards Trained Nurse.