Trustees of Somerset Academy v. Picher

WILSON, Circuit Judge.

This is an appeal in equity from a decree of the District Court of Maine dismissing the pfaintiff’s bill.

The plaintiffs on August 3, 1931, were the owners of seven shares of the Ticonic National Bank located in Waterville, Me., hereinafter referred to as the Ticonic Bank. On said third day of August, the Ticonic Bank having certain loans that could not properly be realized upon, and having suffered depreciation in its bond and investment accounts to the extent that its surplus and undivided profits had been dissipated and its capita! impaired, the Treasury Department of…