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IN RE SALMON WEED & CO.

No. 154.

53 F.2d 335 (1931)

In re SALMON WEED & CO., Inc. SCHEUER et al. v. SALMON WEED & CO., Inc., et al.

Circuit Court of Appeals, Second Circuit.

On Rehearing November 16, 1931.

Attorney(s) appearing for the Case

Garey & Garey and Garey, Crowley & Beatty, all of New York City (Edward K. Kennedy, of New York City, of counsel), for appellants.

Cravath, deGersdorff, Swaine & Wood, of New York City (Bruce Bromley, of New York City, of counsel), for appellee Irving Trust Co.

Before L. HAND, SWAN, and AUGUSTUS N. HAND, Circuit Judges.

AUGUSTUS N. HAND, Circuit Judge.

The alleged bankrupt, Salmon Weed & Co., was a corporation engaged in the business of dealing in securities, but was not a member of any stock exchange. A. L. Scheuer & Co. were stockbrokers and members of the New York Stock Exchange. They were instructed by the alleged bankrupt to clear for it certain transactions in sales of stock of the Chemical Bank & Trust Company, and accordingly purchased such stock for the account...

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