District Court, S.D. New York July 24, 1915 (In re J. F. Pierson, Jr., & Co.)

LEARNED HAND, District Judge.

[1] Gorman v. Littlefield, 229 U. S. 19, 33 Sup. Ct. 690, 57 L. Ed. 1047, held that, when a broker had enough stocks in his box to meet all his obligations, it would be presumed that he had purchased them to keep good those obligations.