Court of Appeals for the Eighth Circuit July 27, 1936, No. 10343 (Iowa-Des Moines Nat. Bank & Trust Co. v. Lowden)

SANBORN, Circuit Judge.

On June 19, 1933, and for several years prior thereto, the Iowa-Des Moines National Bank & Trust Company owned and held as investments $50,000 face value of the bonds of the Chicago, Rock Island & Pacific Railway Company, $25,000 face value of which were first and refunding gold bonds payable to bearer, due April 1, 1934, and $25,000 face value of which were 4% per cent,