In re Shapiro Bros.

LEARNED HAND, District Judge.

The bankrupts -were stockbrokers, without seats on any exchange. The claimant gave them an order to buy for her ICO shares of stock and a bond. This they executed by giving orders to purchase to a Consolidated Exchange broker, who executed the order for the stocL and transmitted the order for the bond to a Stock Exchange broker, who executed it. The bankrupts then gave to the claimant “confirmations” and asked for the purchase price. She sent them a check, which was twice dishonored, but eventually certified by the drawee, and deposited to their credit in their…