McAdoo

This is an appeal from a judgment of the United States District Court for the Northern District of California, Southern Division, in favor of appellee.

Oregon City Manufacturing Company, appellee, is an Oregon corporation qualified and doing business in the state of California. On April 15, 1928, it entered into a trust agreement with the West Coast National Bank of Portland as trustee, pursuant to which appellee issued a half million dollars worth of serial gold notes, similar in form.

The appellant is the owner and holder of five of such notes, each one of which, omitting the serial number, is in words and figures as follows:

The portions of the trqst agreement, the construction of which'are involved and are decisive in this case, are as follows:

The notes issued under this agreement were divided into three groups with respect to the date of maturity. Those in the first-class came due on April 15, 3931, the next group April 15, 1832, and the others on April 15, 1933. The five notes held by appellant matured on April .15, 1932. The appellee paid the interest on these notes up to and including the interest payment due on said last date, but did not pay the principal sum or any…