Court of Appeals for the Second Circuit November 30, 1942, No. 20 (Buffalo Slag Co. v. Commissioner of Internal Revenue)

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 *626the notes of other corporations.