The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1903-03-01
QUE VAL s1REsr LErrsa.
By W O. Niehoias

/ York stock Exchange is u01y DioN
TO the combination u traders and law
yegs engaged 10 the practice q hold
iug Up corporations and Obstructing
important financial plans. The sun
mary action d the governors of ne
Exchange has thrown the group into
panic and Eiil tend 70 hArshly dis
courage that kind q enterprise. The
purpose % the Exchange 10 discipline
one or more q its members for tax
ing part IN these reprehensible cam
palgns has been advertised fOr a good
While back IN the inner circles q Wall
street. bus .ae long delay In taking
the threatened action led 70 the be
lIef that the program had been ab2n-
soned. TIE Developments o. this
~eek have shown that The postpone
meui vas merely 20 get the machia-
ery o. the ~BogzrdBs kicker into
smooth working order 20 that there
could be no slip The result is thai
one q the chief sinners Ends himself
on the outside clsmOring fOr re-admis-
sion 70 the floor Of the Exchange and
a. the same time opening up a can
nouade of libel suits against every
bo,dy concerned.
To those unfamiliar with the or
zanization of the New YORK Stock EI-
change and the powers vested In It's
governing committee the action taken
In firing" Broker Weidenfeid may
seem harsh and without warrant The
victim and his attorneys are seeking
10 create the impression that be was
not given fair show and that be was
railroaded on the floor In an Illegal
and entirely uniustihabIe manner. II
Is explained. however. that the Stock
Exchange is an unincorporated insu-
tuition and Is in reality nothing more
nor less than a private club. In the
conduct Of It's own affairs IL Is Law
unto itself and has extraordinary pow
ers of discipline Members Of the
club voluntarily subject themselves to
its rules. piedging obedience thereto.
knowing the risks they take The
courts very generally uphOlds the
rights Of commercial. financial and
social organizations 20 enforce discip-
line upon members. even where they
are Incorporated This was shown a
number Of times in the Chicago Board
Of Trade which found II necessary to
suspend and eXpel a large number Of
members during the last few years for
uncommercial conduct. The Board
has been turned down occasionally.
but In the main it's powers are sustain
cd almost as fully as on the New
York Stock Exchange. although there
ia a difference which Is well under
stood By those who comprehend the
hne distinction between incorporated
and unincOfpOrated associations. The
greatest care is exercised In framing
the rules Of the Stock Exchange and
their endorsements gives members no
valid grounds for contest. II has nee
or been admitted. even remotely. that
a membership on the Exchange carries
with Il vested rights. The member
ship Is held 10 be nothing more than
admission TO the privileges OF the
floor" Consequently when member
Is disciplined he has no recourse and
Il Is the unwritten law OF the associa-
lion or club that any member who
kicks against the pricks invites furth.
er trouble and viii get H. Consequent
ly Mr.. weldenfeld is in line for supple
mental discipline II the governing com
mittee sees ht to administer H.
There is a mystery In the delay In
bringing the Borthern Securities case
to issue before the supreme court OF
he United States. The case has been
dragging along In the courts OF New
Jersey and the Northwestern states
and before referees. masters In chan
Gerry and all that sort of thing. for
fully a year and half and II is ap-
parently as far from lnality as over.
or course. the litigation is making
progress. but II is too slow for many
impatient people In Wall street The
case is recognized as involving points
OF supreme importance In the develop