New-York tribune., 1872-02-27
dealing with and Incrrrinp linhiiIti.. D. a.,

dealing with and incurring linbil,t,o, -,
Souht were 70 look only to each one Of the na,.s
IN that respect should have been cIearIu a5hS
tnctiy expressed. YOnng nowhere gtatss In ,hoist oist
ever entered into such an arDpeuent and AZ c.a na
80 far as he is concerned the labiltv sastt
IL established. IL is fully proved tfst he adu.Ioi Ioi
on more than one occasion, that al he Ioemha..ed
the poo were jointly liable for is ,osses and ~
though these aomls5Oas are u DO lespect e,;dai" % az"
as against his associate they i0ugt be SIehe9
conclusive upon himself susd AZ
woodward claims that tho agreement in ou.
ton was made ~ passage-,yay leading 10 and ts+
the Office Of his broker Marvin. wien Hoa,hn hngg
states, asked him for margin IL Is trne tbs, ~
witness Swears very positively 10 the understabdins
already mentioned, twice stating that il was betE
and subsequently that IL was made sfter the aoeIts
commenced. AL that Woodward, however can n1
itiyey swear to in this respect ia that in convsys
ton with Heath, within two weeks after tbe ~
count had been opened, when the latter reon;,sS
margin, he told him to send bis share of the stdI ~
his broker, Marvin, and that be would carry his ~.
of the stock, and that YOung wogd carry Ma ha.
Upon this testimony alone, cannot find, as mattn
OF fact, that tho agreement cOntended for + m,1
ont especially when the making Of it is denied hasS
by Heath and Quincy, members Of the irm Of VII
liam Heath q Co.
"The fact that on the 18th July William Heath.
& Co. were willing to cunpl, with the request oi
that each might take and ply for his portion Il q
also claimed, establishes the agreement in Question
But itYas the right Of al the pares to the pool ID
close the account at any tne Hq ever thelr inter.
Heath & Co. cOui4 make no ODJetuOn tO this trans
fer providing it accompanied ~ full and fnaF
settlement Of all their cla uYoh me stock against
the parties to the pool 1his was undoubtedly ths
understanding at tine time, f0S>u the di1culties
which afterward arose were caused D. the inability
of Young to make good lis share Oi the ci3a whcp
William Heath & Co. bad nIOD the stock rhlcn
they were carrying on account Of the pool
1t will be borne in mind that h.s pretended suLs.
tuition, or rather 2acriHce, OF W lAam Heath Il Co..,
&c in +l. ~f,olf ts,I,o
morning Of the 18th of July and that the pool there.
after would have been Woodward, v Nbite and Heath.
and yet ON the evening Of the Same day White, iE
hg OtSn hdn9p,iGng, draws paper to which be OBJ
tained the sgoatue Of Mr. Young, in which be three
times calls the account truly what il was Joint
account" of Woodward Young, AID White Of wbico
the following is copy:
WILLIAM HEATH d Co.
"GENTLEMEN: Please credit The joint account a
Woodward, Young q WLi,o with ql,c0Ol eleveb
thousand shares Of Reading railroad stock at lO2.,
as of the day on which the same was debted to said
Joint account that amount OF stock having beeI
short on my account and never having been, in fact,
delivered TO said joint account.
"(Sgnedl F. YOCSC.
July d. '70.'
Writing ha. always been found TO be more rehablS
than nuIiafI testimony. III order To bolster up tbs
pretended agreement o1 Saciih1e OF W IMAM IieatI
x Co.. White and y OOGw.id attempted on me trlal
to prove alleged statements made by me az Marylns
office after that time and 1t IS ~ respect To thesd
statements at Marvins Office the pretended charge OF
feree's decision settle that Question.
But it is further SAID that on subsequent Oecas
sion n similar admission was nude BY Heath, n0i
only in the presence OF Woodward and White, but I'd
Taskar Marvin. one Of NOodWa1ps brokers' THIS
interview it is alleged took place In the Oce of the
latter the 10th day Of July Heath denies that ho
was at the office of Ealvin that day, OF that hd
was ever there in relation to the business OF tlls
pool until on the 2lst day Of July, when be states
that he called there to resent l0rhal account 10
Woodward with the purpose q obtaining settle
ment upon the basis f joint liabillty; that there
was an interview between Heath and WO0dwarCt
on that day, think may be Inferred from Wood
wards testimony. Woodward and Whlte have tes~
titled fully to what TOOK place at this alleged n+
terview on the 10th Of July White says nothing ~
TO any illusions being made on this occasion By
Heath to the alleged original a9Teement for limited
liability. Woodward IL IS tue, swears that thi
agreement was talked over and being asked by his
counsel what Heath said about II, and whether La
disputed it, replied, No. he acknowledged il : but
while giving the language thar used in respecs
to other matters that were discussed al this inter-
view, he confines himself on this impOTtan .
point to a general form Of expression which j.,
after all, but the conclusion or inference of
the witness as to what WIG said. TaSiar Marvin,
who was examined as witness before me. failed to-
remember that any such statements We're made
But the defendants produced paper, written by
9lr Marvin which puTported to contain tTus
statement of what had occurred at this interview.
This paper was written by blr Marvin on the 18th
day Of July, and at the request of Mr.. White. 10
was emphatlcally paper prepared post htem motGm.
Papers OF this kind are, under the wise policy of the
law, subjected to severe scrutiny, and this wth0ut
necessarily involving any imputatiOn of falsehooi
or unfarness the part of the person VINO made it.
MI Marvlns position at the time, one OF in-
timacy both with Woodward and White. He un-
doubtedly had been made acquainted with their
view OF this case, and must have fully understood
that the turning point Of the controversy was
whether these parties were liable IN sOtdO for the
losses Of this pool The paper not written until
twelve days after the events occurred of which ID
progresses to be history: During all this interval II
is fair 70 presume, considering the MAGNITUDE Of ths
transaction, and the feelings of the parties that il
must nave been a subject of conversation between
Mr. Marvin and his friends and il is not therefore,
to be wondered at that in sitting down Ro give ri.
account ne should nave yielded TO a common weak
ness, ana been unc0n6cl0uSly, perhaps, 10 himself
influenced by his relations with the parties who were
resisting the large claim that was TO be made unu,
them by Heath q Co.
THE paper in itself on its face invites criticisms
he hrst eide Oh the leaf processes to be statement
of all that occurred. 1t is dated on the 18th of Jnv
and is signed by Mr.. Marvin and in this statements
there Is not one word said that would sustain this
charge OF limited liability. The object of Mr.,
Heath, according to the statement, seems to have
been to make inquiries in regard TO certain shares Of
Reading stock, which were being held by Randolph,
on loung's account, and which it was feared that
in the then state OF the market he ght SELL as by
so doing he could get out without loss. Those matt
tiers Mr.. Marvin was able, upon his examination.
TO recOlect, and lis version of them
agrees substantially with the statement of
them contained IN the paper in question. The coins
cdence between his present want of all recollection
that any admissions were made by Heath at this al
legged interview as to the real matter in issue and
the silence OF the rst statement made and signed
by him the subject. mot without significance On
the other side of the leaf however there is addi
tiOnal memorandum, in which Mr. Marvin stated
that one incident occurred which he failed TO note;
that Mr. Woodward said: Iou will remember thad
in your office said: Mr.. Heath. in this account sacs
party only responsible for his share of the amoun
viz one-hird and that You so understood il at tha
time Mr.. Heath asseuted to this, and said yes ID
was so.'
Neither White nor Woodward have claimed that
Heath ever made any such admission The adnis0
sions which they claim as having been made, vera
as TO the liability of the parties, Woodward and
Young alone, but Mr.. Marvin states that on this
OCCASION Mr. Heath admitted this liability rs Of q