BUFFINGTON, Circuit Judge.
This case turns on the construction and enforcement of a contract. The bankrupts, George Walter & Sons, were members of the Butler Board of Commerce, a corporation of Pennsylvania not for profit, and on February 1, 1923, joined with a number of fellow members in a contract, in form with the Board of Trade, but in reality with each other. The signatories, all of whom were shippers and receivers of freight, by such contract and to the...
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