Show SIMS SWAMPED FACTIONAL CONTROVERSY IX TH NEW YORK MINING EXCHANGE A Member Expelled and He Threatens Threat-ens to Put the Concern Into the Hands of a Receiver NEW YORK March 9The World tomorrow will publish the following The fact 1 controversy which has upset the mining exchange for two weeks culminated yesterday in the expulsion ex-pulsion from the board of directors of George Sims senior partner of the firm of Sims Beers Co who were very I active in founding the exchange I Sims wa swamped last week by a i call on Manhattan Gold Mining and Development company He failed to meet certain obligations and wa suspended sus-pended Colonel Ammon yesterday sold 1000 shares of the stock Men he says was a put bill which Sims has repudiated The men met on the floor and Ammon called Sims a liar At 4 p m a board meeting was called Colonel Ammon was made chairman and a resolution declaring Sims posItion posi-tion on the board of directors vacant was adopted unanimously Now Mr Sims said the chairman you are no longer a member of this directory nd you will please leave the room The broker put on his hat and coat and retired under protest Later he said This action Is an outrage and I intend to prove it illegal in the courts We will have a receiver in twentyfour hours The board of directors issued the following statement As i seemed to be necessary that Influential citizens of New York City should be made members of Che board it undertook t create < vacancies in order that this view could be carried out Several resignations have < been tendered and further there seemed to be a demand coming from members of the exchange who have purchased seats and paid for the time that especially pecially should George V Sims resign his seat upon the board of directors Mr Sis was approached and asked to tender his resignation This he declined de-clined to do In the meantime investigation inves-tigation was begun to determine the condition of his financial relations with the exchange and a statement was finally obtained from which In u opinion shows a very considerable indebtedness > in-debtedness from him to the exchange At a meeting called this afternoon they did by unanimous vote declare ate Mr Sims expelled from this directorate director-ate Colonel Ammon and C V Holmes said the exchange would be reorganized |