New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-05-29
BETRAYAL OF TRUST.
President Douglas of Produce Er-
change accuses EN- ployes.

Ex-Congressman w. II. Douglas, president OF
the New York Produce Exchange, in an address
30 the members following the reading of his
report at the annual meeting yesterday. said
that all was not as If should be in the conduct
of the exchange, that there had been betrayal
of trust by some of those connected with the
institution and that certain employees were not
giving days work for days pay. He said:
believe there are soma things in regard 10 tho
mana cement OF this exchange that ought 20 be
changed. / have no hesitation in saying that
for years a system has been in practice which
has enabled men in whom you had trust TO be-
tray the same, and there is no question that
It has been betrayed l believe that those in
the service of this institution should give eff
I cent servitude and a days work for a days
pay. 1 believe you should have men of energy
and determination at the head OF the different
departments of the exchange, who will that
rust does not fall upon those under them and
that they DO their duty, and who will not allow
things 10 creep in that while not exactly GRIM
inal are next 10 IL.
The president went on to say that the pres
ent administration Of the exchange had not
been able TO get TO the kernel of the troubles
that existed when II came into power, and that
there were many questions regarding the
policy TO be pursued as there had been year
ago. He ended by saying that he believed in
the exchange standing up for its rights. This
was thought by to be a warning to the
Stock Exchange not TO attempt to interfere with
the security department of the Produce Ex-
change.
His report showed that the total income for
the fiscal year ended May last s319.S9s 81;
the total expenditures, s256,791 "a and the sur
plus $50. 106 49, compared with q surplus of s46,-
3ls 81 in the previous year. The expenditures
for the building account were s1S67I4 3D. a net
decrease of s13,475 40 from the preceding year,
while the exchange account showed total ex-
penditures of s7O,O77 II, as compared wits s7s.-
5e2 IS the year before There was total de-
crease in operating expenses. building and ex-
change account of s22 961 o..
The report said that 4ss memberships had been
purchased and cancelled up 10 last year. and that
the present administration had cancelled sixty
three additional, making a total of SAG the loss
In annual dues being s13.e25 on this account
The highest price paid for a seat was $500. and
the lowest s175. The value of memberships on
the Exchange was shown to have Increased con-
sieerably in the last twelve months they now
selling at $3.50 10 $780, against $3.50 TO 5000 in
May. 1906.
Speaking Of the new security department of
the Exchange, the president said: AZ should like
10 oe able TO report definitely the proba bic ult-
mate result or trading in securities but II is far
Too early TO determine whether the venture will
enc IN success failure. Success Is undoubt
eoly possible. and determined efforts should he
made TO attract 10 Exchange this enoruoIa
and rernuneratiye business"
In ending his report the president said that
tne gratufty system in vogue on the Exchan ge
haa PAID out 10 those entitled TO benefit from i,
under the bylaws the sum Of S53s 77037
The annual election of officers will take nlacs
early IN June. There are two tickets in ths 'Sel6
a,ic warm contest Is expected