412 HIGH COURT OP CHANCERY

"that the corporation of the city of Baltimore is indebted to
Samuel Jones and Andrew D. Jones, trustees, in the sum of,"
&c.; but there was nothing there to show who was the cestui
que trust, or what the nature of the trust was; nor is there any
ground for believing that the officers of the corporation did
know in fact.

In the case of Harrison vs. Harrison, which was supposed
by the court in Davis vs. The Bank of England, to be best re-
ported in 2 Jitk., 121, the legal authority of the trustee to
transfer was conceded; though in doing so he might be guilty
of a breach of trust, and of course responsible to the cestui que
trust.

The judge, in Davis vs. The Bank of England, in remarking
upon this case, as reported in Atk., says—"In this report, it
appears that the stock was transferred by a trustee, and if so,
the question whether a transfer unauthorized by a stockholder
would alter the property in the stock, could not arise, the trustee
having a legal authority to transfer, although he might be guil-
ty of a breach of trust in exercising that authority."

The case of Stockdale vs. The South Sea Company, reported
in Bamardiston, 363, has been relied on as maintaining a con-
trary doctrine; but I do not so understand it. In that case,
speaking of the company, the Lord Chancellor says—"How-
ever, it is very certain, that these great companies are only to
consider the person in whose name the stock is standing, un-
less the trust of the stock is declared on their books." Now,
what is meant by a declaration of the trust ? Does it mean the
mere addition of the word "trustee" to the name of the person
who appears upon the books as the stockholder; or must there
not be something indicating the character of the trust, or the
party beneficially interested ?

There never could have been a question, I presume, of the
power of a person to transfer stock in whose name it stood,
simply, and without any addition; and when the courts speak
of the legal aathority of a trustee to transfer, they must be un-
derstood as meaning trustees, who are known to be such, either
by some entry upon the books of the corporation, or in some