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1 In the Supreme Court, in and for the Eastern District of Pennsylvania. Between Joshua Spering, Assignee, and Drexel and Others. In Equity. The Separate Answer of Stephen Coulter 1868

handle is hein.trials/adka0001 and id is 1 raw text is: In the Supreme Court, in and for the Eastern District of Pennsylvania. BETWEEN JOSHUA SPERING, ASSIGNEE, I ANDEE IN EQUITY. DREXEL AND OTHERS. THE SEPARATE ANSWER OF STEPHEN COULTER. This defendant, reserving all exception, etc., answering, says: 1. I admit that the complainant is the assignee, as alleged, of the National Safety Insurance and Trust Company. 2. I admit that the securities mentioned in the second para- graph of the bill were at one time in my possession, and were pledged by me with Drexel & Co. 3. That I admit that I received the said securities from said Company. The Finance Committee of said Company was authorized by a resolution of the Board of Directors, adopted November 20th, 1867 (of which a copy is hereto annexed, marked Exhibit A.), to hypothecate or sell the securities of said Company, and they placed a large amount of stocks and other assets in my hands from time to time, as collateral to loans made by me to the Company, or negotiated by me for the Company. I was informed at the time of the passage of this resolution, and that this action had been ap- proved by the counsel of the Company, and I believed that it was entirely regular and proper. The securities thus re- ceived I was authorized to pledge or sell, and the money

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