Gould v. Hiram Walker & Sons, Inc.

EVANS, Circuit Judge.

This controversy arose in this manner. A New York Company1 bought a large quantity of whiskey from the Hiram Walker Company, and possessed warehouse receipts for some of it, and a contract to purchase, the balance of this stock. The New York Company sold “interests” in the whiskey to hundreds of tavern keepers, received down payments therefor, and issued to them what it called “whiskey warehouse certificates” to evidence such sales and such purchasers’ interests. The New York Company became embarrassed financially and its assets were sold by the New York State Tax…