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POLICE JURY OF RICHLAND PARISH v. CALDWELL & CO.

No. 5134.

26 F.2d 74 (1928)

POLICE JURY OF RICHLAND PARISH v. CALDWELL & CO.

Circuit Court of Appeals, Fifth Circuit.

May 7, 1928.

Attorney(s) appearing for the Case

J. Fair Hardin, of Shreveport, La., and George Wesley Smith, of Rayville, La. (C. J. Ellis, of Rayville, La., on the brief), for appellant.

Benjamin F. Roberts, of Shreveport, La., W. E. Norvell, Jr., of Nashville, Tenn., for appellee.

Before WALKER, BRYAN, and FOSTER, Circuit Judges.

BRYAN, Circuit Judge.

In 1920 the police jury of Richland parish, Louisiana, advertised for sale district road bonds of that parish aggregating $975,000, to bear interest, payable semiannually, at 5 per cent. per annum. After two unsuccessful efforts to make a sale, the bonds were bid in at par and accrued interest by Caldwell & Co., under an agreement which provided that the entire issue should not be paid for in cash upon delivery, but, instead, that $50,000...

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