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The Indianapolis Journal
Indianapolis, Marion County, Indiana
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In 1878, burglars stole bonds and cash from Miss Ellen King's New York home. Two bonds surfaced in 1881 via London market and were bought in good faith by bankers Drexel, Morgan & Co. Court ruled on Dec. 23, 1881, that she could not recover their value.
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New York, Dec. 23.—Miss Ellen King's residence, in Vesey street, was burglarized on Aug. 3, 1878, when ten United States $1,000 bonds and $20,000 in money were stolen. On April 18, 1881, two of the bonds came into the possession of Drexel, Morgan & Co., bankers, in the regular course of business, after having been sold in the open market in London. Miss King brought suit against the firm to recover the value of the bonds. To-day Chief-Justice Sedgwick granted a decision in favor of the defendant, holding that as the firm had purchased the bonds bona fide, for value, the plaintiff could not recover.
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Location
New York, Vesey Street; London
Event Date
Aug. 3, 1878; April 18, 1881; Dec. 23
Story Details
Miss Ellen King's residence burglarized on Aug. 3, 1878, with ten $1,000 U.S. bonds and $20,000 stolen. Two bonds acquired by Drexel, Morgan & Co. on April 18, 1881, after sale in London. Miss King sued for recovery, but Chief-Justice Sedgwick ruled on Dec. 23 in favor of defendants due to bona fide purchase.