Court of Appeals for the Fifth Circuit July 11, 1974, 73-3107 (Fed. Sec. L. Rep. P 94,712 Charles N. Bird v. William H. Ferry, Jr. v. The Robinson-Humphrey Company, Inc.)

GEE, Circuit Judge:

In 1959 William H. Ferry, a securities salesman, organized the Twenty-Ten Investment Club from citizens of Rockdale County, Georgia, near Atlanta. The club, an unincorporated association, -had as a major purpose familiarizing its members with securities transactions, and with the ways of the world of corporate stocks, markets, brokers, etc.