FRANK, Circuit Judge.
Appellees were two of five members of a banking group which, on June 14, 1916, made a written offering to the public, inviting participation in a loan to the Russian Imperial Government, then in the process of negotiation. The offering recited that the banking group was arranging a three-year, six-and-one-half-percent, credit of $50,000,000 in New York on behalf of the Imperial Government; and that the group, in addition, would have options to...
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