Oliver Wendell Holmes, Jr.

“ The bankrupts were under an agreement with the bank, of the usual sort, giving the bank a general lien on all securities in its hands for all liabilities of the firm, and a right to require additional approved securities to be lodged with it, etc. But a general promise to give security on demand puts the creditor in no better position than an agreement to pay money. ”

“ This suit is for the proceeds of the securities (which were sold by the bank) , and for the sum deposited as we have stated. In view of our decision in the other case, only one or two matters need mention. It is somewhat more pressed that the bank had not reasonable ground to believe that the brokers' property at a fair valuation would be insufficient to pay their debts, and therefore had not ground to believe that the brokers were insolvent within the meaning of the bankruptcy act, § 1 (15) . ”

“ He then went to the brokers' office, saw Mr. Sherwood, a member of the firm, at about 12, and after getting an evasive answer to an inquiry as to the rumor, said that the firm had made no deposits on that day, and was told that one was on its way. ($54,048.08 were in fact paid in after the cashier's order to stop payment.) He then told Mr. Sherwood that he had better give him some securities, that he ought to give additional securities on the bank's loans, and after consultation Mr. Sherwood did so, and the cashier returned to the bank. ”