New-York tribune., 1922-03-24
ExclnangseI)rops 9
Two for Dealing. @.
= - S
I'm BucketsInops ps
N. Y. Stock Board Suspends
Archibald 3. Boyd and
Percy II. GocpeI for One
Near: Others Arc Warned
Inquiry To Be Continued
No Relations Between Mem
hers and Outside Brol<-
crs ARC TO BE Tolerated

Archibald B. Boyd, of Boyd, Halsted
& Co., 1913 Broadway, and Percy r.
Goepol & Co.. 20 Broad Street, were
suspended yesterday from the New
York Stock Exchange for a period Of
one year.
The suspension followed trial be
fore the governing committee of the
exchange at which the two seat holders
were found guilty of having violated
resolution prohibiting members
from doing business with any firm
making a practice of taking the side
of the market opposite that of Gus
toners. The names Of the alleged
bucketing concerns with which the
accused members were said to have
relations were not disclosed, but it
was understood they were firms that
have been mentioned in District At
torney Bantons bucketshop inquiry.
Cromwell Warns Members
In announcing the suspensions
Seymour Cromwell, president OF the
exchange speaking from the rostrum,
said that the decision of the governors
was a token of their determination
that there shall be no connection be-
tween Stock Exchange firms and out
side brokers making a practice of
selling their customers stocks. He
added that officials of the exchsr ge m
tended to continue the SCRUTINY and
warned members that it behooved
them to be on their guard
Mr.. Boyd, who was admitted to the
exchange in 1892, said he had no com
change. Mr.. Goepe could not be
reached yesterday. He became a mem
Der of the exchange December 18.
1919. His partner is Robert D. Mills.
The resolution on which the charges
were based was adopted by the govern
ing committee August -, 1921. 1t
follows:
THAT any member of this exchange
who is interested in, or associated in
business with, or whose office is con
nected, directly or indirectly, by pub
lie or private wire or other method Of
contrivance with, or who transacts any
business directly or indirectly with or
for, any organization, firm or indi-
vidual engaged in purchasing and sell
ing securities for customers and max
ing a practice Of taking the side of
the market opposite to customers in
transactions had for their account,
shall, on conviction thereof, be deemed
to have committed an act or acts
detrimental TO the interest and welfare
of this exchange"
Brokers Had Hearings
Continuing his announcement Of the
suspension of the two brokers, Mr.
Cromwell said:
"a charge and specification having
been preferred under Section 3 of
Article XVII of the constitution, COW
ering an act detrimental to the interest
and welfare Of the exchange, against
Archibald B. Boyd, member Of the
exchange, and a similar charge and
specification having been drawn against
Percy R. Goepel, a member of the ex-
change, said charges and specifications
were separately considered by the
governing committee at meeting held
on March %, 1922, at which hearings
the said members were respectively
present. and the governing committee
having separately determined that said
Archlbald b. BOYD and Percy II, cooper
were guilty of said charges and
specifications. said Archibald B. Boyd
and Percy R, Goepel were suspended
for one year.
"For many years there has been in
effect a resolution of the governing
committee providing that every mem
Der of the exchange is required to use
due diligence to learn the essential
facts relating to every account carried
in his Office
"The resolution of August "a, 1921,
on which these charges were lsed is
in no way ambiguous. 1t provides that
member Of the New York otock Ex-
change shall not do this business, and
it leaves the responsibility for finding
out the character of his client entirely
in his hands"