Connolly v. Peoples State Bank

This bill was filed to recover from the defendant Peoples State Bank 4,000 shares of the common stock of the Briggs Manufacturing Company which is held by the bank as security for a loan to the brokerage house of Hamlin, Kay & Nathan, the title to which is in the plaintiff William P. Connolly.

The plaintiffs are husband and wife. Mrs. Connolly was a customer of Hamlin, Kay ,& Nathan. She bought stocks, many of them on margin. In 1925, she owed the brokers $290,027.75, and they held stocks collateral to her account the market value of which at that time was $322,450. By a decline in the market…