The morning call., 1893-08-01
is NOT A MEMBER.
Privileges of the Stock
Exchange.
The Supreme Court Decides That
Lowenberg Cannot Forcibly &C.
cupy Greenebaum's Seat.

The Supreme Court has protected the
rights of the San Francisco Stock Ex-
change by reversing the decision of the
Superior Court in the case of William
Lowenberg VS.. Jncob Grepneb um ct al.
In January, 1883, Simon KuIlDan ct al.
recovered money judgment for several
thousand dollars against Jacob Greene
baum, and on Septembe 90, 1889, an ord-
nay writ of execution was issued on the
judgment. The Sheriff undertook, under
the writ, to levy upon and sell as person al
property the seat OF jacob Greenebaum in
the San Francisco Stock and Exchange
Board. He endeavored to accomplish this
in the following manner: de delivered to
the president and secretary of the associa-
fion a copy OF the execution. together
with notice tina. all moneys, credits ana
eff cts of Jacob Grrenebaum in the
possession or under the control of
with the seat, interests and shares
of Jacob Greene baum In and 20 the San
Francisco Stock and Elk hange Board
were levied upon by virtue OF said writ"
The Sheriff then for period of six day
advertised the seat. etc., for safe, and on
October 16, 1889. he sold the same TO
William Lowenberg, he bel the highest
b dier. On the same day the Sheriff gave
10 iowenberg a cert ficate Of sale which,
after rec,ing he above facts, certified that
the Sheriff bad sold to Lowanberg ''all the
right, title and interest OF Jacob Greene
baum IN and 10 the San Francisco S Ock
and Exchange Board. and the sent. inter-
est and shares OF the said Jacob Greene
baum in he board"
On that day Lowenberg served a notice
upun the president of the Stock Exc hange,
in which, after reciting the facts OF the
SALE, no demanded to be admitted to the
enjoyment and participation of all the
rights, privileges and interests heretofore
enjoyed by jacob Greenebaum in the
Stock and Exchange Board and in the
properly thereof, and further demand
for an accounting. But. unfortunately,
the board refused to either obey this man
date or even take any notice of it wha'-
soever, and Greenebaum not only kept his
seat, but does so still.
Lowenberg thereupon brought suit in
the Superior Court to have his rights de-
termined. In this suit he made the stock
board and the company of associated
stockholders codefendants with Greene
b um. Judgment was gwen IN favor Of
Lpwenberg and Greenebaum appealed
from this decision and from an order deny
ing new trial.
The Supreme Court decided that Lowen-
berg never acquired any title TO the seat
or to its incidents or appurtenaEces
through he execution sale. L. was held
that seat in the Stock Exchange Board
was 40 more the subject Of seizure and
sale of execution than a pate right,
which the court had already decided was
not tangible property. A celebrated case
10 Pennsylvania was cited. where the
court held that seat in stock board was
a mere personal privilege and not subject
to execution in any form. The San Fran
else" Stock Exchange was a voluntary as
ISOLATION and Lowenb-rg was never
eIectrd member nor recognized as such.
Accordingly the sale OF seat IN the stock
board transferred no rights or privileges
without previous election 10 mem bershp.
On these grounds the Supreme Court
reversed the judgment of the court below.