MATTER OF MERCHANTS' MFRS.' EXCH. OF N.Y

Oppenheimer, Kaufman, Haiblum Kupfer, of New York City (Edwin L. Garvin, Samuel H. Kaufman,

George G. Ernst, all of New York City, of counsel), for appellant

Ernst Gale, of New York City (Edwin L. Garvin, Samuel H. Kaufman,

George G. Ernst, all of New York City, of counsel), for appellant

Samuel J. Rosensohn, of New York City, for