SUMMIT DRILLING CORP. v. COMMISSIONER OF INTERNAL REV.

No. 3391.

160 F.2d 703 (1947)

SUMMIT DRILLING CORPORATION v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Tenth Circuit.

March 10, 1947.


Attorney(s) appearing for the Case

John M. Winters, Jr., of Tulsa Okl. (Roger S. Randolph and Conner, Winters, Lee, & Randolph, all of Tulsa, Okl., on the brief), for petitioner.

Newton K. Fox, Sp. Asst. to Atty. Gen. (Sewall Key, Acting Asst. Atty. Gen., and A. F. Prescott, Sp. Asst. to Atty. Gen., on the brief), for respondent.

Before BRATTON, HUXMAN and MURRAH, Circuit Judges.


BRATTON, Circuit Judge.

Exchange National Bank of Tulsa, Oklahoma, hereinafter referred to as Exchange, was engaged in the banking business from 1910 to 1933. It was closed for a period of approximately two weeks in March, 1933, first on account of a moratorium declared by the State of Oklahoma and then on account of the national bank holiday. On March 14th, it reopened without restrictions upon its regular banking activities. The National Bank of Tulsa, hereinafter...

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