Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1838-02-12

Morris Buckman vsssus Richard H. Winslow.-This
was action TO recover the sum OF $500, being the
amount Of money paid by the plaintiff through his agent
Mr. Anstice Ia stock broker Mr.. Winslow. the de.
PENDANT also broker, payment Tor go shares OF
the capital stock Of the New Jersey Rail Read and
Transportation Company.
sirous Of making investment in stocks Of different
kinds and for that purpose he went to his broker Mr.
Ansce and told him purchase so shares ofthe New
Jersey Rail Road stock for him. and ne gave him. for
this purpose S400, as part payment Tor the same
II further appeared that Mr. Backman also, on or
about the time, gave into Mr. Anstces hands Ger.
tain other monies with which make certain other in
vesments Mr.. Anstce went TO the Board OF Brokers
on the 10th March last and purchased of Mr. Winslow
so shares of the above named stock, which was to be
deliverable in 60 days at the epten OF the buyer
term understood by brokers to mean that the buyer can
take the stock by paying the full amount for IT, at any
time within the GO days by giving one days notice to
the seller
After this stock thus bought and Sold BY these
brokers' $l05 l2 appears that before the 60 days
became DUE the stock fell considerably in value; and
at the time it fell DUE that Is the 9th OF May was
down as low a. Mr.. Buchanan, for some reason,
declined TO purchase or rather TO take the stock under
the contract made between Anstice and Winslow.
In order avoid taking il, he sent note 70 Mr. An
stice before the 60 days up telling him full
fiji the contract he (Buckman did not intend to uur-
chase. Mr. Anstice, however good reason that
he himself could urge for not fulfilling the
his part and did act according to the instructions
of this note because acting under Mr. BIS express or
ders in former Instance. he made positive bargain
with W;nslow and considered himself bound an hon
orabe broker fulfil the bargain thus made as far
he able.
In day or after the receipt Of the note from Mr..
Buchanan by Mr.. Anstice, Mr.. Wnsow called on the
latter and asked him what he to do about fulfill
ing the contract. Mr., A. showed the letter OF Mr.. Il.
to Winslow, and told Winslow that he, Austce could
take the stock himself
would pay him tWinslow,) the OF $500, he would
relieve Anstice of any farther liability in the business
Under these circumstances Anstce paid the $500 first
given him by Buchanan, and also paid over TO Win
slow the further OF 500, of some other monies
which he then had in his possession, belonging TO Mr.
Buchanan.
To resover back this $500, the present action was
brought and the ground upon which the plaintiff sought
sustain his that WIRsow had no stock of his
own-none standing in his name Of the particular stock
in question-at the time he made the sale Of the 80
shares to Mr. Anstice.
II therefore commended by the counsel for the
plaintiff that this transaction properly within the
Of this state enacted for the purpose Of prevent
ing gambling betting in stocks, any description OF
fraudulent dealings transactions in stocks stock
obbng And as this is Of considerable importance
the brokers particularly and the public generally
here give the clauses of the relating tc raadu
lent transactions in stock jebbDg:-
"A contracts written verbal, for the sale
fer Of any certificate other evidence Of debt due by
or from the United States any separate state or OF
share interest In the stock OF any bank or OF any
| company Incorporated under any law of the United
void unless the party contracting sell or transfer the
shall the time of making such contract be in the
actual of the certificate other evidence of
such debt share interest be otherwise entitled In
his right, be duly authorised by person so
entitled, sell transfer the said certificate or other
evidence of debt share interest contracted for
IAN wages concerning the price or prices present
future Of any part Of any debt due by from the
United States any separate state, of any share
interest in the stock of any bank other company is
rporaed under the laws Of the United States any
IL a sh.~~
Of any such debt par, of such debt Of any
share interest, shall be void.
Every person who shall pay deliver any money.
goods thing in action, by way OF premium differ
eHce in pursuance of any waeer in the
last sections declared void and his personal represen
ta,ives may such money, goods other thing
action Of and from the party receiving the and his
personal representatives.
Mr. Anstice was sworn the part Of the plaintiff.
The counsel for the defence objected Mr. Anstices
testimony. inasmuch IL the plaintiff lost his suit and
did compel by law Winslow to pay back the money
that then action would lie against Anstice, and he
would have pay i, back because Buchanan had dsa
vowed the before Anstice had paid the money
over.
The Judge decided that this could not be considered
case of interest as applicable Ansce 10 pre-
his giving testimony Ills evidence was therefore
admitted.
He testified tina, he did not know ha, Wnsow had
any Of the New Jersey Rail Road stock standing in his
al the time he (hnsce bought the 50 shares
Of him. He knew that wLsow bought of the
whether they were bought before or after his own
purchase.
Anstce also testified that Buckman gave him 10 per
20 pay for the stock when the contract became due
but before the 60 days expired he dsavowed it.
II will b. as well mention here that the stock IN
question sold On the 10Th al March for 1ol Ia cash for
sl06 on time for s9s the 9th of May, ard II is now
up To s9l.
Mr. A. aao dcposed his cressexamia ration, that he
bsught The stock IN his name, although he had a
principal that he always did do so; and that he felt
bound By the rules of the Board, To ful6ll the
tract
Judge Jones.-Never mind the rules Of The Board
here.
For the defence Mr.. Alfred Colve testified that he
authorised Winow u purchase 80 shares Of this stock
for cash. ION sceount Of his brother JOHN Ceville He
did not remember the time. nor the menih-it might
have been in March My brother bought IL to make
msney on il, by selling il out alta higher price.
Counsel-Then that can't be called an investment
Coville-The orders To buy for cash, and sell
time were gives to WiRslow together was at Anstices
office with Winslow get him to make settlement
That sell might have been given 90 days before
the settlement took place. II was agreed between
thai Anstice paid over $500 Winslow, he should be
relieved from any further liability. He paid the money
to paidt me in two or three days,
and paid il over TO my brother.
Mr. Ansce was recalled and stated that when sales
are made at the Board Of Brokers is the general rule
IL enter them on the Secrearys book in tie order they
are made but that sometimes sales were made there
quickly in offers made almost the
same noment-,hst the Secietarys eye and ear could