Cope Estate

Opinion by

Mr. Justice Allen M. Stearns,

This appeal is from the refusal of the court below to impose a surcharge upon a trustee for exchanging common stock owned by the decedent for substitutionary shares in a new corporation formed by merger.

The decedent, Caleb Cope, who had been for many years president of the Philadelphia Saving Fund Society, died on May 12,1888. By the residuary clause of his will he created two trusts with remainders over. One trust' was for the benefit of his widow, who was to receive the income of the residuary estate, and for the benefit of his son, Porter F. Cope,…