The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-02-25
LEAF FROM WALL STREET.

Speculations in Stocks and a Ten Years.
Suit i'm Conscqucnce-The Suit by Liver
more, Clews 4 Co. VS.. Richard Bain-
bridge-Iiow Referee Reported and
How the Report Has Been Set Aside-Im.
pOrtant Decision by Judge Fancher.
The particulars OF the suit by Messrs. Livermore,
Clews Co. VS.. Richard cambridge, growing
out OF stock operations, have, in the continuation
of the litigation during the past ten years. been too
frequently given in the HERALD to require any
extended repetition OF the facts. Meantime, as is
well known, Mr.. cambridge died, and the suit was
continued against his estate. An unusual
feature in the case was report of the
referee, to whom, after going through various
phases in the courts, it was finally re,
ferred This report brought the prosecutors
in debt some 100000 to the defendant instead of
substantating their claim to large Indebtedness
by the latter to them. In view OF such result, mo-
ton was recently made before Judge Fancher at
supreme Court Chambers, to set aside this report
Judge Fancher yesterday gave his decision upon
the important issues involved, we give in iul the
opinion embracing the decision. The following is
OPINION OF JUDGE FANCHER.
The defendants tesator, Richard Bainbrdge in 1862
commenced dealing ss with the plaintiffs as brokers From
CURED out OF which this litiga,ion has arisen The
plaintiffs received from Bainbrdge deposit Tor
stocks goa and ,h United ted States aewand
agreement keep deposit With them ana margin
81 ten per s cent on The sa amount carried o
bridge an account Of all transactions to that date
S e the a to Sr s was
romfJanuary 1858 to May 1861 BY this account baI
i've hundred Items and Covered
ew the aeeon WSsh a there are
s1C5 ss to the balance due them rom cambridge Thsy
arbitration COMMITTEES o. the stock Exchange in respect
"a
on The 81 o November, 1863 this action was 6rousR by
rom Banbridge i action upon an account
and on ana ns summons ThS was for money de-
SoMpiant was served on the 18th February
in the 'S a e s eeSt ana amd
the second defence ayerred that the sales the stocks
the made to cover short sales invalid by
damage to large amount and eaua e ma ths
claimed IL the plaintiffs account on the 10th Noyem
more CIews Co, TO recover damages for the alleged
na sale ana OF his stocks gold and de-
thereof on the zh May 1888 and in that action
@ January G was MADE pRefn IN the at of On nf
by b the S sounse Tor The defendant Bainbs
GssrSs in his letter of March 1870 Mr. Hewitt the
(which , was received at the time have decided
On Bat IL $50 he affidavit made
Ceys& co. in which he deposed that the ACTION ts now
the issues contained in this action; that about the time
OF tne comnenecement OF this action this deponent
draw the second and separate defence therein;
That the question OF the right of defendant
10 withdraw said defence submitted TO said referee
and after due elaboration decided favor OF the
defendant in that action.n The
OF plaintiffs attorneys dated March $50 informed him
OF the withdrawal of the said defence IL appears
by the motion papers that the withdrawal of the con
nnuatcn or second defence thus referred TO was made
Tor the purpose OF some supposed beneft TO Bainbridge
IN nus action against Livermore, Clews Co., and the
TACT OF said withdrawal made prominent on motion
20 stay proceedings In that action which was decided on
the 7th OF March 1870 At time the reatter-but
when, the papers before do not disclosc--the
bseres h enefs,asd and granted motion made
answer so TO include an allegation of
damage TO defendant by of the unlawful acts of
the plaintiffs as set forth In the defence to the
amount Of sisOUO and demand of Judgment Tor that
amount with costs This motion was objected 10. with
out avail by The counsel for the plaintiff and the referee
on ha new defence has reported against the plaintiffs
ana ordered Judgment for $l2O00 and costs no actual
amendment was ~ the time maze by the drawing
or service OF such amended answer although the iudg
ment roll in tins action contains what purpor 10 he such
amended answer. When II was Hrst actually drawn is