The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-12-29
do. ieyee SKIES 81 65j&, 10. do. eighta, 81 50;
Alabama fves. 62h; do. elghts 95 IA sS.

do. ieyee SKIES, 81 65I&, do. do. eighta 81 So;
Alabama lives. o21s; do. eghts. 95 n ss.
BROKERS' CUSTOMERS AND MaRGiSs.
The Court Of Appeals has just rendered decision
ofge interest aud Importance 10 Wall street. In the
case OF Markham against Jaudon. 1t decided that
broker cannot Sell out his customers stock, when
the margin IA exhausted without notice To the GUS
toner OF the time place OF such Intended SALE
Tie case IL an old one. The above decision had
been rendered in the lower court, but was reversed
at general term. and Is now finally reafllrlne1 IN
the Court OF Appeals. IL remains TO be seen what
action Will be taken by the brokers to secure them
selves against the operation OF this decision
1t IN very popular OF course, to cry down
the brokers. but they cannot be aay worse
than their customers who advance margins purely
for speculative purpose. broker mas no easy
life of 1t, ana earns his money just as hard as
many who labor more apparently. The effect o I
this decision il put him at the mercy OF any de-
fauter who may choose TO leave HIM IN the lunch at
u critical moment. 1t is noteworthy ract That tue
gains OF the broker arc small as compared vita his
bad debts" and 1t Is only the constant accumuia
ton OF commissions that makes his avocati0n remu-
nerative. The following resume OF decisions this
yexed question may not be embarrassing. Ii VIII
be noticed how conflicting they have been:
In the case of Brass vs.. Worth Supreme Court,
forty Barbour, the Court decided the stock was a
pledge and the broker could not legally sell wit bout
giving customer notice OF time aud place OF sale.
in the case OF William Is. Jauuon vs.. Butler,
Supreme Court Circuit IN June, 1866 Judge Grover
now OF the Court Of Appeals, decided that when the
customers mGIgln was exhausted the broker had
the right to sell without notice.
The next was that OF George W. Markham w.
William Is. Jaudon argued aL supreme Court General
Term III October 1867. Judges Leonard and Clerke
decided the broker owned the stock held by him on
margin Tor his customer, and had the right TO sell
without notice when that margin was exhaust ed,
This case Is the one IN which the Court OF Appeals
has just reversed The decision OF General Term.
The next case was that OF jacob Carpenter vs..
William Il. Jauoon. a, gued IN November 1867, IN
which it decided that the stock not pledge,
and the broker mad the right to sell when tue margin
was exhausted
The was that OF John M. Taylor vs.
Morris ketcnum, argued in the Superior Court Here
1t was decided that the Broker must give notice OF
time and place VI safe and tnat the stock was q
pledge.
The last case in the lower courts was that OF Pey-
ten JaudOn vs. Joseph Walton, argued November
III, 1865 before Judges Barnard lngraham and Car
dOzo, in which they departed from the former deci-
sion of the court in Markham Jaud0n, and ue-
cided that notice must DO given OF time and place Of
sale, and that the notice must be personal service.
WEEKLY sTArEMENr OF THK PHILADELPHIA BANKS.
The following shows the totals or the averages of
the leading items Of the Philadelphia banks for the