satisfaction of a judgment obtained, and the mode of subjection, are questions not now before the court.
Upon the second defence the court held that a portion of the items charged to profit and loss in 1869 was properly chargeable to expenses and losses incurred in operating the road during the period named, and should be deducted from the amount of apparent profits shown by their current reports, thus reducing the sum to $168,707.22, upon which the plaintiff was entitled to recover the tax of 5 per cent., amounting to $8,435.36. The remaining items charged to profit and loss in 1869, being the estimated depreciation of assets during the period in question, the court held not to be properly chargeable to expenses, and could not be deducted from profits earned during the period, and used in construction or carried to the credit of any fund.
Exceptions were taken by the defendant, and the case will be carried to the supreme court.
First National Bank of Cincinnati v. Bates.
(District Court, S. D. Ohio. March, 1880.)
Trover, by the assignee of certain warehouse receipts, to recover for the wrongful conversion of the property.
The petition in this case states substantially that on or about the twenty-third day of December, A. D. 1876, one James B. Grant, being then indebted to the plaintiff in a large sum of money, and anticipating that he might thereafter desire to borrow other large sums of money from time to time of the plaintiff, upon such collateral securities as the said Grant might from time to time be able to furnish, did then and there agree with the plaintiff that any and all property that was left with the said bank as collateral, of what-
