To pledge a thing without delivering the possession of it to thepledgee. “The master, when abroad, and in the absence of the owner, mayhypothecate the ship, freight, and cargo, to raise money requisite for the completion ofthe voyage.” 3 Kent, Comm. 171. See Spect v. Spect, 88 Cal. 437, 20 Pac. 203, 13 L. It.A. 137, 22 Am. St. Itep. 314; Ogden v. Lathrop, 31 N. Y. Super. Ct. 051.