BUFFALO SLAG CO. v. COMMISSIONER OF INTERNAL REVENUE

No. 20.

131 F.2d 625 (1942)

BUFFALO SLAG CO. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Second Circuit.

November 30, 1942.


Attorney(s) appearing for the Case

O'Brian, Hellings, Ulsh & Morey of Buffalo, N. Y. (J. Ralph Ulsh and T. Kayler Jenkins, both of Buffalo, N. Y., of counsel) for petitioner.

Samuel O. Clark, Jr., Asst. Atty. Gen. and Sewall Key, Gerald L. Wallace, and Warren F. Wattles, Sp. Assts. to the Atty. Gen., for respondent.

Before L. HAND, CHASE, and FRANK, Circuit Judges.


CHASE, Circuit Judge.

Petitioner is a New York corporation in the business of preparing and marketing blast furnace slag, sand and gravel. In 1932 the company was directly indebted to the M. & T. Trust Company, a bank, and it was indebted to the same organization in a considerable amount as the endorser of the notes of other corporations. In negotiating for the continuance of existing credit and the granting of a further...

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