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FEDERAL RESERVE BANK v. OCEAN CITY, N. J.

No. 6011.

84 F.2d 657 (1936)

FEDERAL RESERVE BANK OF PHILADELPHIA v. OCEAN CITY, N. J.

Circuit Court of Appeals, Third Circuit.

June 12, 1936.

Attorney(s) appearing for the Case

Yale L. Schekter and MacCoy, Brittain, Evans & Lewis, all of Philadelphia, Pa., and Clarence Cole and Cole & Cole, all of Atlantic City, N. J., for appellant.

George A. Bourgeois, of Atlantic City, N. J., and John E. Boswell, City Sol., of Ocean City, N. J. (Bourgeois & Coulomb and William B. Hunter, Jr., all of Atlantic City, N. J., of counsel), for appellee.

Before BUFFINGTON, DAVIS, and THOMPSON, Circuit Judges.

BUFFINGTON, Circuit Judge.

In this case it appears that in October, 1931, the First National Bank of Ocean City closed its doors. The municipality of Ocean City had at that time on deposit some $255,000, which sum was, of course, tied up by the failure of the bank. The city was without means of paying its police, firemen, and providing for its other activities, so with the coming of the new tax year of 1932 it made efforts to sell anticipation tax notes. The legality...

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