DAVIDSON, District Judge.
This matter is before us on certificate of review by the Referee.
The question presented does not involve any serious conflict in the testimony but arises from the correct deduction that may be drawn therefrom.
The country club was organized and something like a year after its organization it issued bonds or debentures which it sold to its members for $1,000.00 each. The membership fee had been and still remained at $400.00...
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