BOOTH, Circuit Judge.
This is an appeal from a decree which adjudicated priorities between two mortgages as respects a certain derrick boat.
The facts are largely undisputed, and are substantially as follows: In 1923 the Thane Lumber Company was engaged in the manufacture and sale of lumber in Arkansas City, Ark. It purchased that year and put into use a steel barge costing about $8,500. In March, 1924, the barge was tied up near the mill, where high water...
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