Page:Federal Reporter, 1st Series, Volume 4.djvu/144

 130 FEDERAL REfORTER. ���Anderson, Eeoeiver, etc., v. The Philadelphu Warehoush �Company.* �{CweuitCourt, E. T). Pennsylvania, October 26, 1880.) �1. National Bank — Insolvbnot — Liabilitt of Shabe-Holder — Pledgeb of Stock — Tbansfbb to President of Cobporation, Pledgke. — A. borrowed money f rom a warehouse company upon cer- tain stocks as collateral, and it being suggested that the stocks ought net to remain in the name of A. transferred them to the president of the warehouse company. Bubsequently A., desiring an additional loan, eent some national bank stock as collateral transferred to the president of the warehouse company. The directors of the warehouse company objected to this transfer on the ground that the company might be- come liable as share-holders, and, at their requeat, the president transferred the stock to an irresponsible person in the employ of the warehouse company. The bank became insolvent. Eeld, that the warehouse company were not liable as share-holders unless they had authorized or ratified tJie transfer to their president as a transfer to them. Held,fuHher, that whether they had so authorized or ratifted the transfer was a question of fact for the jury. �Motions for new trial, and for judgment, non distante vere- dicto �Tl'is was an action of assumpsit brought by the receiver of the First National Bank of Allentown against the Phila- delphia Warehoase Company to recover an assassinent of $20, a share upon 450 shares of the stock of said bank, of which, it was alleged, defendant was the holder. The evidence disclosed the foUowing facts: In November, 1871, W. H. Blumer & Co. desired to borrow money from the Philadel- phia Warehouse Company upon a deposit of stocks as col- lateral. One of the firm was introduced by a director of the warehouse company to T. Charlton Henry, its president, and a loan was negotiated upon the seeurity of certain gas stocks. The director suggested that the stocks should be put in some other name than that of W. H. Blumer & Co., and proposed that they be put in the name of the president of the warehouse company, which was accordingly done. About a month later, desiring to elïect an additional loan, W. H. ����
 * Heported by Frank P. Prichard, Esq., of the Philudelphia bar.