New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-05-07
THREE MORE explosions
ONE BROKER COLLAPSES.
consolidated Exchange to Rid Itself
h OF More Members.

Y Following the expulsion Thursday OF J. Frank
Hale. OF Longley. Hale & &C.. and T. H. Leary. of
y. IT. Lesry & Co. three moro explosions OF mem
A-rs Of the Consolidated stock and Petroleum Elk
rhange were announced yesterday morning from
Che rostru1n. The men expelled yesterday are NJ +.
Halley OF HALEY & Co.; A II. Page, OF A H. Page
e. Co. and W. Grant Hoage floor broker. who
ms executed orders for various firms, among them
Longley Hale & Co. The charge against the three
men was obvious fraud and false pretence." the
same charge or which Hale and Leary were ex-
PEELED. The firms OF which Page and HALEY were
members failed some time ago. and the usual sus-
pension from the exchange followed. Prior TO the
failures. President Randolph said yesterday there
had been charges against either of the men.
Since then. however. il said. they had been
doing business. although not reinstated, through
q provision which allowed them to do business
through another member of the exchange. The
charges against them of several months stand
ing. being for irregular transactions.
At Thursdays meeting of the board OF governors
rhs two men sent for but neither answered
the summons. There is provision of the articles
OF association OF the exchange by which either. II
ne desires. ask for and obtain a new Trial
within thirty days
The last address OF Haley & Co in the possession
Of the Consolidated Exchange is No. % Broad-st.
At that address it said that the last known
OF MI HALEY was when the Sheriff called some
time ago. having business with the broker.
A. H Page last known be No. a
F5road-st. He failed about four months ago, and
ttsdt the building at that time. Mr.. Page was
formerly a member OF the New-York Stock Ex-
change. being connected with Page Miller. He
sold his seat last year. and later became mem
hoer Of the Consolidated Exchange.
Brokers the floor OF the Consolidated Ex-
change yesterday told a story OF the breaking
down OF OF the expelled. This had
shown great self-contro during HIS examination
before the board of governors. and, evidently not
expecting that the decree OF the board 10 be
% severe. went to the exchange yesterday morning
s<.o was the floor when the announcement Of his
<zpuls!on was made When he heard his name
s~ad he collapsed. and went out of the building
lNseping.
Several other explosions likely before the
board Of governors will consider its task of Kidding
she exchange of undesirable members at an end
president Randolph said yesterday, when asked
tbout the series of explosions and the likelihood
sff further action being taken:
regret very much the unenviable publicity that
has come 10 the exchange in connection with the
Woodend failure. and the almost coincident eN-
sSulsion OF 1--WE members OF the exchange Tor 'ob-
s%ious fraud" / wish 10 say as emphatlcally as
possible that the Woodend disclosures had no con-
nection with the explosions Of yesterday and to-
the cases where action has been taken for months
This is fresh excess OF zeal on the part of the
governors and officers Of the exchange.
We have discovered sort OF round-rObin agree
lsnent system of intertrades that while I would
like to call II criminal, at least highly ir-
regular, and afforded opportunities 10 others Tor
Illicit trading and practices. Three of the expelled
men were engaged in this practice and there may
be others whose names We do not know yet
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