New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-12-21
EXPELLED FROM CHANGE
Action Taken Regarding John ".
Ritchie.

John W Richie of the firm OF Yates Richie,
was expelled yesterday from membership IN the
New-York Stock Exchange for unjust and IN
equitable principles Of trade and for fraud IN the
mana cement of his business Announcement OF
the expulsion which was ordered under Section
of Article XVII of the Stock Exchange constltu-
ton was made from the rostrum just after the
opening Of business by President Pomroy, who
said:
have very sad duty TO perform this morniagv
when ] read resolutions adopted by the govern.ing
committee in honor of William AlexanaeIT 9i1i.oI;
forced to announce the expulsion OF another mem
Der. no has stood in high honor on the eAciaHse'
Nj Pomroy then read the official resolution OF
EXPULSION. Section OF Article XVII reads:
member who shall be adjudged by a two
thirds Vote Of eli the existing members or me
governing committee 10 be gGty OF II4uo D ~ 81
Trar5IatIt acts shall be expelled, ana the pTeSl-
dent shall 50 declare: public announcement OF me
EXPULSION s'' Iii he fortbgth disposed Of by
committee on admissions
The seat of Mr. Richie VIII be sold by the gov
erning committee, and the amount received for 1t
Will be given TO him.
The Arm OF Yates Richie Pope was one OF
the eleven whose telephones summarily re-
moved from the Exchange floor last June by order
of the committee of arrangements. The partner
shin. which had been in existence since December
2 1901 was dissolved October 15 Of this year.
when Albert /. Pope retired, the new firm Of
Yates & Richie being formed by William J. Yates
and John ". Richie, the latter being the board
member Mr. Richie has been member of the
Exchange since November o. 1901. AT the office
OF Yates & Richie yesterday afternoon the fol-
lowing statement made:
The drastic action taken by the New-York Stock
Exchange in the matter Of Mr.. Richie S member
ship is entirely unwarranted by the facts: The
standing f our firm in the past mas been without
the slightest stigma. The transactions on winch
! the action Of the Exchange IS based were made
after careful inquiry. and were assured that
they not violations OF the rules These trans
! ri fDI II
| and their satisfaction, and ii was our belief
| that nothing Inconsistent with the rules OF the
| Exchange the business methods of Stock In
! change houses being done.
After the removal OF the telephone of Yates.
Richie l. Pope from the Exchange floor Mr.
Richie Instituted a messenger service between the
board room and his office. AT the Newest entrance
Of telephones used by customers and the general
public and "A boy stationed of them
Richie would come TO the door and give him the
orders. which would be telephOne0, Richie thereby
losing only fraction Of . minute He
PEELED to take his boy out " this hall
AS second attempt to get quick service on his
orders, Mr. Richie had telephone put in alongside
the public telephone booths in the hallway of No. %
Broad-st.. the Commercial Cable Building. Com
muncating with the latter building is room which
has been leased by the Stock Exchange for long
time. This provides side entrance TO the Stock
Exchange floor and has been used Longing
room for members and place where outsiders who
wished 20 members could congregate.
Mr.. Richie had a boy stationed at this telephone
and he would go the Stock Exchange entrance
door and signal through the glass doors to the boy.
who would do his bidding. A short time afterward
/ the rules for the admission OF strangers TO this
lounging room became very strict and ground glass
was substituted for the plate glass in the doors.
his orders by messenger service solely thus losing
much valuable time.