The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-02-27
a Gard fros william HEATH.

and the the State has not been
punished eight long months will perhaps be best
explained by the fact judgmen, entered the s
ulsmo for slsSi2s IS against Mr.. White Mr. Woodward
and Joseph Young. white has been compslsdto
give security for payment in case the appeal
that he has taken proves (as doubt Will unsuccessful
ask for suspension public opinion, as the public will
be able decide for upon the able and impartial
decision hereinafter quoted the referee in the
Henry Ncoll Esq., respectable
members OF the
Woodward. Young and White engaged q pool a
Reading stock of which William Heath Co. simply
the brokers, receiving commission of $a % on every
$4,000 pool bought sold by them panic took
place stock on July 1870 and at the then
price the pool was hundred and ten
thousand dollars
pretended by White Woodward, at time "
Young, that william Heath Co. look to each MEM
Der of pool the loss only and THAT
neither member of the pool was liable to william Heath &
Co. oss and If not that
William Co. on the morning the panic the ihlh
of July voluntarily agreed Youngs place (who
had aed In the yoo with actual loss of S7oooO starn<
Youngs share The absurdiy OF such IN ~.
rangemen by asaie broker having no interest
whatever in the pool sufficiently manifest upon it's face
The referee in his opinion says:--
"f the intention of the parties forming this pool bad been
should be operated upon agreement linn
tied liability is claimed would that the UNDER
standing should have OF the first things whian
provided From the hazardous nature
of the operation possibility certainly have
been contemplation parties who forming
the and had been intended that those dealing with
and mourning liabilities to look only
the parties separate share Of the loss
that respect should have been clearly and
distinctly expressed Young states that he an
tered into such an arrangement and least far he 10
concerned the liability contended established Il is
fully proved admitted, than OCCASION.
that all the jointly liable for its
losses and although these respect evi
against associates they must be regarded
conclusive upon himself.
"woodward claims that agreement in question was
made in passage-way leading the Office OF his
broker Marvin HEATH asked him for margin
true very positively to the I'M
derstanding already mentioned twice stating that H. wa:
Al positively
S IL wo as the en-
when the latter required he told Inn ssSd as s
carry the stock th1. Young would carry ~;
@ Sa 0p s % MADE o
%ssn as %1t s
9TH. fact tina. on the s.a of July wl,n Heath sa
that each %sht ta.s aud
%sn III qas: SSSa Ill
sO !, s. ss 1 sei a william
co make 1s no
s al !ssT Claim. the
Standing hs pSs the This e was All hs
rSo % :as ssussS ne
had upon the stock which they were carrying On account
be mini that Hs this % IS H. ses or
and the rTU Ge have
day White his handwrinng draws paper TO which
times s' calls what SION; aSosua'
of Woodward Young aud hite oil which me following
"%5.IAM HEATH Co .a,, III. ,o,0, ,e.,,, of WOOD.
ward Young Wh with ,ooa IA shares hare.
a1 .a%s asSed e. .sd
ofa shs' s
!J July Is. 1870"
writing has always been foundto reliable than
In GS 10 Y o..
attempted On the s 70 ,ss ovs asGsS sna
nfn' re snss % Ss these statements oss
ss s.1s. St ss s
further said that on r. .s. na SisAs0I e..
1 p4sseses 81 %os%.ssd
y
ss sosa re there
sy 6 S s,w sssn &c
W a with purpose q cbainns .s.tiemsnt
# sf sss
,s he y
ANY n.ssS op.n sfns Tor missa sS
% %
he s ses N n used tx
other matters that this interview be
sness s.%s Which mi:
Of the who Mss examined aa witness before
nasf fea % any made
T Yin. Which sas papS9tsd Contain
sn Marvin on The sh Of a
% e.. ws nosy q ss
subjected scrutiny and this without necessary In
par. Of the person who made i; ,.,
with soh s% lie
acquainted with their view Of this case ard must have
ii Tosers s1's ~a. wnss1sr liable
sss written !s the 'A pool tn paper
occurred which processes to be history During All
this interval presume considering the magnitude
Of the feelings of ths parties that
must have a Of conversation between Mr. Mar
win and his not therefore, to be wondered
at, sitting to give this account he should hav
yicl ed to a and been, unconsciously
perhaps to HIMSELF influenced by his relations with the
ties resisting the large claim tha was 10 ne mad
| upon them by Heath a Co. u
paper In ITSELF face, invites criticism The
first sde the processes to be statement of Al
that occurred 1t is dated the 18th OF July, aud
signed by Mr. Marvin, and in this statement there
not one word said that would sustain this charge
\ limited liability. The object OF Mr.. Heath, aceordin
10 the statement have been TO make inquiries
OF Reading stock, which were beln
held by Randolph Youngs account, and which wa
that the then state of the market he might se
as doing. he could out without loss Those matter
MIR. Marvin able upon examination, 10 recoect an.
mis- version OF them agrees substantially with the staemen
the paper In question: The concidenc
his present want OF all recollection that any
Heath this alleged interview as 70 tn
real matter In issue and the silence OF tbe hrst