Blair v. Dustin's Estate

L. HAND, Circuit Judge.

The decedent, Dustin, was the wife of one Arehbold, who died, bequeathing to her certain personal property, on which his executors paid the estate tax, and among which were shares of stock, on which after his death the companies declared “rights”; that is to say, they allowed shareholders to subscribe for new shares upon the payment of less than their market value. Archbold’s executors, in the ease of some of these shares, paid the sub- ■ seriptions out of bis estate, charged the payments against the widow’s interest, and took up the, shares; in the case of other…