The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-10-06

bck was purchased this day at the board of brokers' by
|r brokers' Messrs Phelan Seares, and is entered
Kindred shares purchased by brokers' Messrs
|raham, Rolln Graham, and is not entered OF. the
oks of the board and guarantee the said purchases
BooRMAN, JOHNSTON & co.
THE originals, in the hand writing of the firm still exist
tina, firm did not acknowledge the authority usages
the board why d they take SO much pains to bring
er transaction under the rules Of the board1 Clearly
lat in case Little Co. could meet the contract they
Pght enforce the rules against them. We will suppose
ease for the arbitration OF Messrs Lord aud Newbold
oppose an individual doing business in Richmond Va
ould fail and in settling his account with the Bank the
nix officers should careessly by connivance give him
edit for $4,000 than belonged TO him. That that IN
iduals should move New York and become the junior
rner in large house and continue to the money or
vera years until committee appointed by the bank 10
vesgate its affairs should discover the transaction, and
ty him that must paid and he should find to his
erest to go quietly and pay the money. Now would
ese gentlemen consider the advice Of that man IN mat
involving q point Of honor and moral rectitude, as
md and worthy to be followed1 Thus promising, we
on with the report as follows -
Report of the Committee of the Boston Stock and Ex
ange Board in reference to the contracts for Ken
ky Bank Stock, pending between Little Co. and
orman, Johnston Coz
COMMITTEE,
opinion OF this Board in the Of Jacob Little Co.
New York, against Boorman Johnston &Co, Of New
rk beg leaveto Report
That, had the case occurred IN Boston, for bargain
de at Brokers' Board, the sale would have stood
ecisely decided by the New York Board A sale on
be stands exactly as lift was loan by the seller Of the
cunt OF the purchase money upon collateral security
he stock sold.
The position assumed by Boorman, Johnston Co. viz:
hat the books being closed at the time the contract fell
annulled the contract! because Boorman, Johnston
Co. signifed then their willingness to take the Ken.
ky Bank Stock in the only way and at the only point
me when the closing ofthe books forbid the delive-
is radical error. Has II ever been said and can il
ly be said, that borrawer stock is discharged from
Ting his note, it happen that the day the
the books are closed and the lender is thereby
ga unable to transfer the stock, which forms the cola
of the motel
|f-ou owe man debt PAYABLE certain day and
pay on that day, and the lender is not in and has
obligation in his pocket and his clerk cannot give
up your obligation, and you go away without part
with your money,-t surely cannot be commended that
mere call and this desire to pay and this
ng ready to pay, discharges your obligation to pay
IS to the legal opinion given by George w. Strong
as without intending the slightest disrespect
this gentleman-let us suppose case in Boston of
of 900 boxes sugar made verbally land that the
having fallen in price, the Buyer refuses to take
le legal opinion would be that the buyer not le-
y bound because there was no written agreement |:
nd yet, surely Boorman, Johnston Co. would receive
sugar and pay for it, buyers in such case. and they
ild consider themselves fully much bound, they
he case of Jacob Little Co. against Boorman Johns
Co is so clearly in favor of Jacob Little Co. in
opinion Of your Committee that they cannot rom the
pect they entertain of the high standing of Boorman
nston Coz allow themselves to doubt that this house.
on reflection, take pride, in correcting momenta
,rror,-in reviewing their opinion-and in fulfilling
contract, even though not legally bound.
to the slur cast upon respected brethren of the
w York Brokers' Board lin some of the publications
tied by this controversy need only be stated: that
Jet Of men earth get larger amount of notes. bills
xchange, money and stocks placed in their hands and
heir power although not their property, with
tttns,t int vr,stk
p the members Of the New York Board.' The long
nued homage thus justly daily and voluntarily paid
the community to their integrity and accuracy,
AXIS for itself.
II which respectfully submitted
THOMAS J. LOBDELL, Majority of the
p. P. F. DEGRAND, ) Committee.