New-York tribune., 1873-12-10
INTEREST ON BALANCES.

TEST SUIT TO RECOVER FIFTEEN THOUSAND DOL
LARS UsURIoUs INTEREST PAID ON BROKERS'
BALANCES.
There has been much discussion among per-
sons doing In Wall st. TO the legality OF the
interest charged by brokers on balances due them
from their clients from time TO tme on stock transac
tions. Messrs. Birdsal & Friend, attorneys at No.
Rroad-st have had large number OF claims placed in
their hands for the recovery Of interest on such balances
on the ground that 1t usur0us and therefore illegal
Eight or nine OF claims have been settled by the
brokers who charged and received the Interest," but
Drake Brothers, brokers of No. &c broadway nave de-
cned to settle claim made against them by Maurice
Cuyer for 1856 49, preferring to have the LEGALITY OF
the transaction tested in the courts Accordingly
Rirdsau a. Friend, counsel for Cuvillier, have
brought suit against Drake Brothers. the complaint IN
which was served yesterday. This is one OF the smallest
Of the numerous claims Of similar nature now IN their
hands and they mean TO make 1t ates case the ques
ton at issue is one OF small interest to brokers and
persons business through them Ihe foloW
ing is the complaint In full:
S,preme Court-Maurice Cuvillier plaintiff, agt. Al
bert A. Drake aud William T. Drake, defendants
The above-naned plaintiff, complaining agalnst Tue
defendants herein, respectfully shows 10 tns court
First: That the defendants are copaIthers III business
as bankers and brokers this city, under the rn name
Of Drake Brothers and as such they 10 tu
do purchase and sell stocks, bonds ana osner securities
for their customers both for cash ana upon margins de-
posted with them by such customers as security ior
such purchases or sales. 49,. ~,
date until May 4. 1873, this plantih, acting through
Francis Bond Edward Bond, composing the firm OF
Bond Brothers of Montreal, Canada who acted AS his
agents for his benefit and at MS rsk oa IN lne & OWL ~
NAME employed these defendants from time 10 tlne 10
purchase SELL and carry for their account as pIantns
agents various and different kinds of stocks then on the
for sale at the New YORK STOCK Excnange III th
dates did purchase carry sell such stocks
for said Bond Brothers, then acting as agents Tor tins
nIaiDtif as aforesaid, and that within the time and
dates Aforesaid these defendants did wrongfuily
and receive from this plaintiff through the ssd Bond
s1b 6 M az excessive and usurious interest over ana
above the rates Of interest allowed by the laws OF rev"
York that and usurous interest was so
exaced and ceiyed Of plaintiff by defendants through
plaintiffs agents aforesaid without the T
plaintiff sustained damages to the amount OF $1,000 To-
and that all Of such excessive a1s poo pant as
aforesaid, and the damages sustained Dy painsln
thereby within IL months next preceding Tue cohoe
And for further and separate OF action this
ErS That az plaintiff is Informed and believes. be;
tween Dec o. 1871, and May a.. 1873 FRANCIS Bonu anu
Edward BOND, pvaH .n1 tnase defendants to pur-
chase and carry margins various Kinds ana quan AZ
ndanis did purchase and carry such stocks upon the
orders OF said firm OF Bond Brothers ana that w.nh t
received OF said Bond Brothers for excessive ana su
riOus interest lover and above the rate OF lnteos
lowed by the laws OF the state OF NewYork amounting
~ ss fS i5 that such excessive and interest
was enacted and received by defendants rom saiu
Bond Brothers for and account OF the various pai
nces due the defendants from said Bond Brothers Tor
and on account stocks then being carried Dy
fendants for them, was all exacted anu receiveu
witbIn twelve months before the OF TINS
action and that by thereon SAID Bona
received injury and damages amounting 10 sio2oo To-
SsronJi TIaI on Nov 2s 1873, said Bond Brothers
Nv an instrument writing of tBat date lOi valuable
Consideration duly assigned said claim agans theso uo
,cndants 10 TINS plaintiff who the lawful owner
and holder thereof good fath, and these defendants
are now Justly indebted 10 plaintiff thereon In the sum o
| Si5 6f6 Ib with interest from May 4, 1873
| IG,rdfy: Tnat plaintiff had demanded OF defendants
, d sum OF S556G 10, and they have refused 10 pay
the same or any part thereof, and are now justly IN
sed ro him thereon In SAID sum and interest wherefore
Ioi. nnIutl demands Judgment hereon against these
pt. and each of s5,56G IS, witn Interest
tbereou from May 1873 together with the costs OF niS
n,ion W. BlKDsALL & FRIEND, Attys for plainth