58 N.Y.S. 842 | N.Y. Sup. Ct. | 1899
The defendants Hadley and Toomey were copartners and members of the New York Produce • Exchange. The plaintiffs were copartners in business, but were not members of ■ tlm Produce Exchange, nor was either of 'them a member of said exchange. The plaintiffs, however, had been dealing on the said exchange' through said firm of Hadley & Toomey, as their brokers. Prior to November 15, 1898, the plaintiffs and said firm of brokers had a dispute as to the account between them. In order to settle this dispute, the plaintiffs and said firm of brokers agreed to submit the matter in controversy to the arbitration committee of the New York Produce Exchange. There does not appear to have been any compulsion exercised upon the plaintiffs to induce them to so- submit the matter to arbitration, or to agree upon said committee as the arbiter; and it must be held that they voluntarily, chose, or consented to, this method of settling the dispute in question. The said - arbitration committee decided in favor of the brokers. The plaintiffs, however, complained that the award was irregular and unjust, and refused to abide by it; whereupon the said brokers brought an action in this court for judgment on said award, which action is still pending. On or about January 11, 1898, the said firm of brokers filed a complaint with the said exchange, in compliance with the by-laws of said exchange; and proceedings were had, under and in pursuance of the said by-laws, which resulted in the passage by the hoard of managers of the said exchange of a resolution declaring the plaintiffs guilty of the charges brought against them by the said brokers, "and prohibiting the plaintiffs from representation on"the floor of the exchange, and prohibiting all members' of the exchange from representing or doing business for the plaintiffs on the exchange, after the posting of notice of such prohibition on the bulletin of the exchange. A copy of' said resolution was duly posted on the bulletin board upon the floor of the exchange from about April 7, 1898, to about July 23, 1898, when it was removed by reason of ■■an ex parte temporary injunction. The plaintiffs brought this action for an injunction, restraining the Produce Exchange from posting this resolution, and from prohibiting the members of the ■exchange from representing plaintiffs on the exchange, and acting for them on the floor of said exchange. It is the claim of the plaintiffs that this action of the board of' managers was unfair and irregular. The board, however, appear to have acted in accordance with the by-laws of the exchange. Whether they ar
Complaint dismissed, with costs.-