Oler v. Lester Harding, Inc.

GOODRICH, Circuit Judge.

Receivers were appointed in a civil action in the court below to liquidate the affairs of Lester Harding, Inc., an insolvent dealer in securities. The appellant in this *964case1 was a customer of Harding. At the time of the appointment of the receivers he owed the Harding firm $2,000 and as security therefor had pledged previously share certificates of the Boston & Albany Railroad, Warren Railroad Company and Valley Mould & Iron Company. Harding had, prior to the receivership, pledged various securities, the majority of which belonged to its customers, with the City…