Page:United States Reports, Volume 209.djvu/396

 370 OCTOBER TERM 1907. 1 Dos Passce on Stockbrokers and Stock Exchno8 (2d ed.), pp. 179-200. The importance of the question is indicated by the fact, that the total number of shares dealt in on the New York Stock Exchange alone, during the psst eight years, has been 1,675,768,925, the great bulk of these transactions having been on s margin basis. The Maseachnsetts authorities considered and explained. Wood v. Hayes, 15 Gray, 375; Cove//v. Loud, 135 Maachnsette, 41; Weston v. Jordan, 168. Massachusetts, 401; Cbo v. Boston, 180 Massachusetts, 458; R{ce v. Wine/ow, 180 Massachusetts, 500; In rewifi, 112 Fed. Pep. 315. Even under the Massachusetts rule, Shaw & Company were entitled, under equitable principles, on payment of the unpaid purchase money, to require a delivery of the shares of stock which the bnkrupt was carrying for them, and which he had on hand when the amount owing by them was tendered and the delivery of the shares was demanded. Johnson v. Brooks, 93 N.Y. 337; Todd v. Ta]t, 7 Allen, 371; 3 Story's Eq. Jut., �8; 3 Porseroy's Eq. Jut., �02; $tullvesan v. Mayor, 11 Paige, 414; $torer v. Great Western R!t. Co., 2 Young & CoIl. 48 W{lso v. Fumes R!t. Co., L. R. 9 Eq. 28; Express Co. v. Railroad Co., 99 U.S. 200; Williams v. Montgomery, 148 N.Y. 527; But/er v. Wr/ght, 186 N.Y. 261; New Eng/and Trust Co. v. Abbott, 162 Massachusetts, 148. A trustee in bankruptcy has no better title to property cors- ing into his hands, or disposed of by the bankrupt before ad- judisation, than the .bankrupt. Loveland on Bankruptcy (3d ed.), 439; Yealrnan v. Savings Inst., 95 U.S. 764; Met- U. S 296; Thompm v. Fairbanks, 196 U.S. 516; Humphrey v. Tatman, 198 U. S. 91. The withdrawal by Shaw & Corspany of $5,000 on June 24, 1903, was not a preference, being a part of the transaction which was consnmmald on the closing of the account two days thereafter.

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