Page:Federal Reporter, 1st Series, Volume 5.djvu/300

 28S FBDEBAIi REPORTES. �much embarrassed in his pecuniary eircumsfances. He had not the means oi paying his indebtedness as it matured, and struggled in vain to relieve himself from this pressure. Now, "whatever may be thought the value of his real estate and Personal property at this time, it was not available to give him any relief. On the first of August, 1873, Swan, Clark & Co., after having made inquiry, bought of Thomas J. Graves, the bankrupt, 20 shares of the Aid Loan Association, a build- ing association incorporated under the laws of the state of Delaware, estimated and agreed upon by ail parties to be ■worth at that time $2,126 in cash. This stock was paid for by an antecedent debt of about $1,388.04, $625 in cash, viz., complainants' checks for $425 and one Barlow's check for $200, and the further amount of $113 in goods sold and delivered to Graves. This stock formerly belonged to Will- iam Graves, the father of the bankrupt, and had been trans- ferred after his decease by his executer to the bankrupt, and after having been pledged by William Graves for the payment of some $4,000 theretofore borrowed on mortgage by Thomas J. Graves, the bankrupt, from the Aid Loan Association. The stock was pledged as collateral security for the payment of the said mortgage, and the transfer of the same as collateral security was made to the said Aid Loan Association on the twenty-second of April, 1868. �On the first day of August, 1873, the complainants bonght of the bankrupt the same 20 shares of stock thug pledged for the payment of the $4,000 borrowed by the bankrupt ; and on the same day retransferred the said shares to the said Aid Loan Association as collateral security for the payment of the said mortgage, which transfer was in the following words, viz. : "Know ail men by these presents, that we, Swan, Clark & Co., of the cities of Philadelphia and Chicago, in the states of Illinois and Pennsylvania, have hereby transferred, assigned, and set over to the Aid Loan Association ail our right, title, and interest in and to 20 shares, 1 S., of the stock of a cer- tain corporation of the state of Delaware, denominated the Aid Loan Association, located in the city of Wilmington, in ����