OCTOBER TER,M? 1907, Opinlon of the Court, 209 U. 8. standing and agreement in consideration of Jacob ? & Co. executing such orders for the purchase or sale of s?ks, bonds, securities or cornmodifies as may be given to them in writing, orally, by telegraph or telephone; that the said Jacob Berry & Co. may repledge, rehypothecate or loan any or all of said stocks, bonds, securities or commodities held by them on account thereof as margin or otherwise. may substitute similar stocks, bonds, securities or commodities therefor, and that said Jacob Berry & Co. may, without notice upon the ap- proximate exhaustion of margin sell, or buy, as the case may be, any stocks, bonds, securities or commodities bought and sold or held by them as collateral, or margin, or otherwise, and that in case of contracts for future delivery that said Jacob Berry & Co. may close the same by purchase or sale as the case may be, without notice, provided however, that such purchases or sales may be made upon the Consolidated Stock and Petroleum Exchange of New York,. the New York Stock Exchange, the Chicago Board of Trade, or in any other ex- clumge in the City of New York where such stocks, bonds, securities or other commodities are dealt in. "No. A30563--33 Shs. "No. c15546--50 "' "G?o. M. DAv?s, M?'." Acrees the face of this receipt was written, in ink, the words "as collateral on account." The question is, Mrs. Taggatt not being indebted to the trustees, but having a balance due from the estate to her, did these shares of stock belong to the trus- tee in bankruptcy as part of the b?nkrupt's estate, or were they the property of the claimant, Mrs. Taggatt? The learned Court of Appeals construed the receipt as consisting of two parts--the first l?ragraph relating to the shares of steel stock especially deposited, and the second to the stocks, bonds and securities or cornrood'ties purchased upon her account by the brokers, concerning which they were given the right to ?- pledge, rehypothecate or loan, and the fight to subztitute therefor simii? stocks, bonds. and securities.
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