The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-05-17
Especial to The T,mes-Dispatch.)

Especial to The TlmeS-Dispatch.)
NEW YORK. May 1e-Every oction at
law brought by a member of We New
York Stock Exchange against the Ex-
change, and every action brought against
members by outsiders, touching on their
rights of membership. is OF nteres: and
Importance to members. 1t Is not one
OF idle curiosity. It is personal and It
Is deep-rooted. 1t does not take mind
specially endowed with the gift OF mag.
ination for one member to sec that the
perplexitieS which enmcsh brother
member may In duo season eTnbarrass
himself. The experience of Camille
Weidenfeld, so novel and SO peculiar has
been the talk OF nthe Street." and his ap-
with great interest. particularly since
no was suspended from tho Exchange
for his action In sustaining a suit
brought against the merger Of the North
ern Pacific Railway Company and tho
Great Northern Railway Company in the
Northern Securities Company, which has
since been declared illegal in United
States Circuit Court. In fact. brokers
who are naturally fair minded believe
that the United States Governments CON
tention was virtually Weidenfelds and
that Its victory was virtually a vindica-
| ton OF all charges alleged against him.
| The decision of Justice Nayis. OF tho
New York Supreme Court, denying the
application for q mandamus In no way
affected the merits of Mr.. Weidenfeld's
suit for reinstatement, The official rec
ord shows In Justice Davis order that the
motion was denied solely upont the ground
that, in the opinion OF that court, man
| damus Is not remedy which obtains
\ against an 3unincorporated institution. The
effect Of It merely means q delay OF q
! few months. rs an appeal from the do
| c.slon has been taken, From the papers
=, PiIal !, T,1pf loa naS an
that when the oase comes UP to BIO dis
posed Of, Mr.. Weidenfed will probably
| DO successful.
The Stock Exchange has RETAINED from
being Incorporated for the very purpose
OF removing Itself from the jurisdiction
!. when creditors of members have cndeav-
ored by process of law to attach a mem
ber's seat. AS no member hns moro
than a privilege to enter upon the floor
and to trade under the rules of tho EN-
CHANGE there is nothing attachablo. and
as this privilege belongs to only duly
7. elected members no seat" would have
any value to a would-be purchaser out
side or the Exchange, 1t has always
maintained that 1t makes It's own laws
4 In spite Of Its attitude It cannot enamel
pate Itself from the Jurisdiction OF the
courts, Many of the old and knowing
A ones beloved that Weidenfeld's applica-
ton for mandnmus would fail; but'they
do not believe he can be deprived OF his
rights OF membership In court OF equity
/ If 1t can he established that he was not
J treated fairly by the Board Of Governors.
They hold that at no time hos any mein-
Der consented to yacate his right to be
treated otherwise than with Justice and
equity.
4, One veteran of the Street said; "Ca-
mile Weindenfeld stepped on certain sa-
cred toes when he brought his suit
against the Morgan-Hll combination and
their merger But there was no clamor
In 1901 when Morgan on one side and
Hartman and schff OF Kuhn, Loeb g.
Co., on the other, ran Northern Pacific
sky high, Why is II that Morgan can
bull N, r. and Keene bear Metropoli-
/ tan with all the glittering APPENDICES of
lawsuits and police-court hearings with
out a complaint appearing before the au-
gust Board of Governors? 1t depends q
good deal on whose OK Is gored! The
days of pulls and 'star-chambers' are
rot over not even among the virtuous
gentlemen of Wall Street
August 'Belmont's experience with .
dishonest servant Is not surprising a