Vance Lumber Co. v. Fraser, Goodwin & Colver

Plaintiff appeals from a judgment denying petition for return to it from the receiver of the defendant corporation of ten thousand dollars of Texas corporation bonds.

The respondent corporation, prior to the appointment of a receiver for it on October 29, 1929, was engaged in the business of buying and selling stocks and securities for its customers, both on margin and by outright purchase. The respondent broker made sales ánd purchases of stocks and bonds for its customers through its eastern correspondents (stock brokers) Salomon Brothers & Hutzler and E. A. Pierce Company.

When respondent…