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, secured series A bonds due September 1, 1952. The bank had purchased all of these bonds upon the open market at slightly less than par, and owned them on June 7, 1933. For many years prior to June 7,…