Young v. Southern Pac. Co.

MANTON, Circuit Judge.

These appellees belong to the class of stockholders who sought to intervene in a stockholders’ action and who are referred to in Southern Pacific Co. v. Bogert, 250 U. S. 483, 39 S. Ct. 533, 63 L. Ed. 1099, and Bogart v. Southern Pacific Co. (C. C. A.) 290 F. 727, certiorari denied 263 U. S. 708, 44 S. Ct. 36, 68 L. Ed. 517.

In 1888, the Houston & Texas Central Railroad Company was organized and new securities issued. The appellees, seeking to impress a trust upon a portion of the stock issued by the new Houston & Texas Central Railway Company which reached the hands of…