BINGHAM, Circuit Judge.
This is the same case that was previously before this court (254 F. 5, 165 C. C. A. 415) on a writ of error from a judgment in favor of the defendant sustaining a demurrer to the plaintiff's declaration.
We then held that the arrangement under which the $800,000 note was deposited by the managers through the Refugio Syndicate with the Guardian Trust Company for the issuance of participation certificates therein was an authorized method...
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