Butler Board of Commerce v. Butler County Trust Co.

BUFFINGTON, Circuit Judge.

This case turns on the construction and enforcement of a contract. The bankrupts, George Walter & Sons, were members of the Butler Board of Commerce, a corporation of Pennsylvania not for profit, and on February 1, 1923, joined with a number of fellow members in a contract, in form with the Board of Trade, but in reality with each other. The signatories, all of whom were shippers and receivers of freight, by such contract and to the extent of each signatory’s subscription, joined in financially underwriting and constituting the board their agent for general traffic…