WOODS, Circuit Judge.
The Spanish-American Cork Products Company was organized in October, 1921. The company rented the premises of the Baltimore Cork Company at 1920 North Gay street, Baltimore, and engaged in the manufacture of cork products. It operated at a loss from the beginning, and was adjudicated a bankrupt in December, 1923.
The Western National Bank of Baltimore claims a pledge of certain cork as security for loans made to the bankrupt between July...
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