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LAWFUL OBLIGATIONS. Judge Wallace Renders a Decision that Will Interest Banks and Bank Officials. YORK, Aug. 14.-Judge Wallace, handed of the NEW States Circuit Court, yesterday aside United decision denying the motion to set suit of down verdict a and grant a rehearing in the bank of the J. Anderson, receiver of the Co., Henry N. Y., against Kissam, Whitney & Albion, The Judge lays down some principles the brokers. will interest bank officers, brokers and presipublic generally. that Albert J. Warner, the of the bank of Albion, defaulted in August, misapdent and it was discovered that he had the bank's 1884, propriated over $300,000 worth of stocks, He had been speculating in as funds. Kissam, Whitney & Co.'s predecessors to their using and drawing the bank's checks this city. agents, the Third National Bank of account order which on the bank of Albion kept an placed with brokers collected the checks and The The Warner's credit on their books. them to the trial, awarded the receiver $147,729, interest. jury, the amount on of the transactions, with Judge Wallace, in his decision, says: respects this is a hard case they for are the "In some If the verdict stands, large sum defendants. made responsible to pay over their a very bands to be inof money which came to another person in convested and handled small for commission, which they they resideration of a the person from whom suppose that paid back and to there is no reason to purpose when celved had it, any active or defined time to defraud the they they received it, or way. at any It is altogether had likely been complainant 10 any have shown, if they number of that they could by the testimony brokers, of any that it is permitted. respectable bankers and street for those in every-day practice business in to Wall buy and sell stocks speculat- for their line of and cashiers who are negotiable bank presidents accept drafts and officers made ing there. of the and corporations to of those of the margins or by paper them officially in It payment is not improbable credible that purchase moner. produced plenty of are so to show that street that they witnesses might have common such in Wall transactions usually they frequent and special notice. and de not are irregudo not a attract passing suspicion this that view they of the case it excite lar or be improper. that the defendants In doers, are but not as to victims be remay intentional wrong environment Law, garded unfortunate and fatal testing the intention of an deals with acts, of conduct. and however, by the necessary them consequences fraudulent of irrespective the offender. of the or moral pronounces moral degree turpitude of turpitude whatever, Consequently, whenever although they any contravene its may rules. have been morally may have innocent, been the and defendants although their uniform conduct and universal custom is sanctioned Wall street, by the the question, or nevertheless, honest for them of whether it was legally in right question in payment officer who of to take the checks obligations of the bank common and a made the personal them. No usage, be however invoked to justify negowell recognized, or anyone can else in taking of an money agent's or debt tiable banker paper in payment to his principal. the or known trustee's to known belong to to a belong trust estate, shield to bankers satisfy who facts willfully and personal their debt eyes or and to shut impart their ears notice to that money the close circumstances which is misappropriatingerefore, the if agent or property or trustee significance intrusted to in the him. negotiable fact that paper a bank of his there president corporation is any or in payment cashier made offers of by his himself personal use. it in matters his debt, official or not to If character that raise bankers money the for generally transaction his personal do not as equivalent appreciate with money it. to one in hand, in they which regard they an ignore individual its what real comes purports character. to his title In own, that and having case he the comes possession with When which be implies comes which with is the the money the right obligation to use. corporation of a corporation, only because is he very had withoutauthority, who takes such an contract made it of the Every person the peril transaction that the agent obathis and ligation must it was authorized contract has who bas that itappears use and different moment made ascertain agent's own that the to do benefit, so, No the been made for his the authority is impeached better settled than that principle moment that of no the person law a contract can of agency act for as the himself. is cashier agent for There- has an- no other in making bank president corporation or to ne- it fore implied it is authority that a made to bind for his his own that use; and it is pay- if gotiate paper upon the face who of the bas paper made it in an and offi- no ctal purchaser can enforce able appears capacity, to the individual the obligation it. is nugatory
