Baird v. Frankline

This is an appeal from a judgment dismissing the complaints of Mary Stevens Baird and The New York Yacht Club in actions brought against the New York Stock Exchange to hold the latter liable for the loss of plaintiffs’ securities through embezzlement by Richard Whitney. The actions were consolidated below for joint trial under Federal Rules of Civil Procedure, rule 42(a), 28 U.S.C.A. following section 723c, and have been consolidated for the purposes of appeal. The named defendant is the treasurer of the Exchange, who is sued as representing the Exchange pursuant to New York General…