“ Since it seems to us that neither the statutes nor the decisions go to the extent that is claimed for them by appellants, we may refer to the established custom as evidence of what has long been understood as the law ”

“ And if so, they as absolutely transfer the general property of the goods and chattels therein expressed as would a bill of sale. They are a kind of instrument extensively used by commercial men as the most convenient mode of transfer and constructive delivery of property, and facilitating the ready realization of the price of products by the producer remote from market. Public policy, as well as respect to good faith, requires that those, like other instruments of commerce, should be so regarded in courts as not to unjustly impair confidence in them elsewhere. ”

“ A copy of this instrument was served upon the bank, and it was notified to retain possession of the warehouse receipts pledged with it as collateral security for its claim against the pledgeor, and after it was duly paid, the balance of the receipts were to be turned over to the second pledgee. The transaction was sustained, the court remarking: 'Delivery of the property pledged is generally essential to a valid pledge, and it is equally true that to make a valid sale or transfer of any species or article of personal property, a delivery of the property sold or transferred is necessary. ”

“ It is the application of the familiar rule that the transfer is complete and delivery made when the owner has done all that he can do in the premises, and has given such possession to the pledgee or transferee as the nature of the property and its situation will permit. In this case Stothfang owned a valuable equity in the warehouse receipts held by the bank, as their sale afterwards made manifest, and it was such interest in them that could be made the subject of sale and transfer, and even pledge ”