New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-08-05

sne. Jan l..sl2s a3Cl29 s6'g22s so sl75 7s{o2o
Tho following review of case recently decided
N the United States Circuit Court, California, will
he fonrd interesting to Stock Exchange members
here as well as to the public.
Judgs SAWYER had decided question Of vital import
ance 10 members ~ Stock Exchange Boards relative TO
WAS brought ia the United states Circuit Court by
Henry 9. Hyde, assignee IN bankruptcy OF Ihomas '"
rru 10 recover from Woods X FreebOrn the proceeds
OF he saie OF the of Feun in the San francisco
Stock aud Exchange Board which were received ~ De
PENDANTS within four months before the nhy OF me
pstItion "a bankruptcy. The petition IN bankruptcy
AGAINST Fonn was filed by creditor sept 20 ls,2 ana
he was aiiuisai bankrupt therein OCT l. lei1 ine
brief of W II. L. Barnes. attorney for tho Board, FUR
nishes the folio aing facts in the case:
Thomas ". Fenn became member OF the Board Oct
d. lo7i SUBJECT TO the constitution and bylaws adopted
ana tlsy were BE- elected by ballot. Tue priSleses
granted 10 4 member were not assgnaO" OF rdhstera-
rio ryocpt provided In the constitution and bylaws
It as also provided that ANY member VINO fails TO
clmuly wit his contracts or becomes insoyeht sna oe
suspende. until he has eitled WIN ms crecltors ana
further Of the suspension of any member oy
failure to ful1lI hs contracts or by insolvency tle
10 ,rd vi exercise generous discretion, guided ~ The
crcunsGnces Of each case 10 dsposng OF the seat or
tne benefit ~ rhe party suspended Again; In sales
Of seats Tor account OF Delinquent memhef- the pro
crcd4 shall be app"d % the oeheht OF Tue III hoeis ~
TIE B,nrd exclusive ~ outside creditors uHess there
shall b5 "A balance after payment OF the claims OF m IN
on m, pa Of August 1874? Fenm became delinquent In
tho Il ard by faltur- o. fun his contracts made WIN
20 members hrreof For tho purpose of securing MS
neDt IA writing; a, ,e-a
rsrsby ss7n ug Francisco Exchange
aud 70 Nor Who Authorized 10 sell tre
aur 70 ypv the proe'e = sale 70 The pay
r.t - ~ from lhe members u ssh BoenL
". Ilou1ugG elected as rihoers OF ne
pr n the seat vrltei Foan transferred 10 them by Woods
smprr Pm Board before the aSsnee 10 bankruptcy
clIlurneri nfo,,rlinfA
OF
ier reviewing the cs u r case above set h Jaczr sawyer
saf:
H'h'r' rgbiti upon
sts long there roshmg Duer
pablo rn eo1raEet Of the ~ Of Ihr land
81 % terls AID gd'pcl v, under Obligation
h-eorn- nas b. d sod when he did snd
rarcub- al byss thereby accepting sud
The con sion prescribed be acquired ad sleh ngbt With
hiton strr ae articles Of association provided
fuI 10 tI articles, eoiiiutioa AID bylaws OF his
eann cortrsvru'ni 81 the NJ the laod The rights
qlTc With the nsnt " toe other
clearly Ihe these ac.es trier their PROVISIONS
nrhs absolute nninttei rgh II dep tJ1 Of his
grygss of me ncr,h Bach mrurr h, rs en and
pny sc p-esc bel rights Of
lcci0n si 'hr 10 hs he IA ~ 10
s,fia t- 4.ruaaT his follow members, by the
shir' red csu1ot b. abcgti ~ 1iei
,ufs,s-lt BIZ dispose Of his rS OF
meGher1 tr0h-r. I-Otti0n shh ere,i var oli 10
he m"ie ih' prescribed " b" hIs 70
h's ',i,u arci In tie course u iae
boarl be ID slspehird anu us
ottuon, met restored within the line pre-
suei bis privilege menbe become the properly OF
sni ps 0r the bcntit oi his credIos IN voc
tgs r ohe lie himself ~ any set u
d,oo l. Ills p@nersi - j'c'f e. oh
taa ,.Sss - e!@ sxRs u gse.I .A- sxs. s<