Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1896-08-07
4; BROKERS SUED.
NEW
To Recover d Funds Put rs Margins
by I. II. VIII amson Of BrattIeboro.

by Il H. VIII nmsOn OF brnttlehOro.
From the New York World, Aug. IL
The complaint has been served in a suit that
will greatly interest Wall street. those who specu.
late in IL and pretty well every else. The suit
is brought by Theodore c. English. a lawyer Of
Elizabeth, n. j.. and trustee under the will Of
former Vice Chancellor Benjamin Williamson Of
New Jersey Mr. English was substituted as
trustee for Of the sons Of the vice chancellor
The suit is brought against the firm Of Mcintyre
a Wardwell brokers OF the Produce Exchange
building
MIR English in his complaint alleges that the
former trustee the vice chancellor's son, brought
about $1,000 in gilt edged securities 10 this city
and put them up as margins with several broE
erage houses here. He says large part Of these
securities were put up with Mcintyre & Wardwel
who carried on speculative account IN wheat
sugar and other iuctuating securities for Mr.
Williamson.
Mr. English declares the securities that Mr.
Williamson used as margin stood In his name on
" as trustee. and were 50 entered In the books Of
the corporations that issued them. Mr.. William
sons speCuationB we're not successful. and his ac-
count with Mcintyre & Wardwell was closed out
When the brokers wished to realize on the securi-
ties they held as margin, they found difficulty in
having them transferred on the books Of the va
rious companies. Mr.. English sues 10 have the
securities stil in Mcintyre & Wardwell's hands
delivered back TO him and for an accounting as to
all dividends and profits accruing on them. The
firm of Mcintyre 4 Wardwell does tremendous
business, is wealthy and reputable.
Benjamin Williamson was one Of the widest
one of the ablest He was a vice-chancell.- in
New Jersey for many years and none Of his judi
cial decisions were reversed by the higher courts
His home was in Elizabeth. n j.. where he lived
nearly all his life. He died in December, 1892,
leaving an estate Of s., 600, most Of which was
personal property.
The vice chancellor left seven children. Benia-
min, Isaac, Halsted and Frederick who live at
Elizabeth; Mrs. David p Thomas, who also lived
at Elizabeth; Mrs. Rufus King, Mrs. James W.
Alexander wife Of the first vice president Of the
Equitable Assurance company. and Mrs. Arthur
PelL who lives at Goshen.
BY the terms Of his will each of the four daugh-
ters received go, 900. one son and two daughters
Of the vice-chancellor died before him. aud the
children OF each Of their families received $4,000
TO be divided among them. AL the rest Of the es-
tate was divided equally between the vice chan
cellor's three sons.
There was some talk Of contesting the will.
But one OF the Interested parties said then We'll
known as was the vce-chancellor It would be a
very hard thing to convince judge or jury that
ne didn I know exactly what he was doing and
that he didn do exactly what he meant to do
The reference in this article is to the
use of funds held by Isaac II. Will
hanson, now of this place, for the use and
support of his minor children. The will
of his father, Vice Chancellor Williamson,
after making certain special requests,
willed one-sixth of the residue of the es-
tate TO his son Isaac H., to be held by him
in trust for the maintenance of his family.
This portion amounted to large sum of
money. 1t is these funds which Mr.. Will
Hanson, as here alleged, used as margins
and stock speculations, and this suit is
brought to test the question whether the
brokers who accepted these trust funds in
this way, knowing them to be such, can
be held responsible for their return. Mr..
Williamson was removed from the trustee
ship last winter and Mr.. English appoint
ed in his place.