
    BEARDSLEY v. CITY OF LAMPASAS.
    (Circuit Court of Appeals, Fifth Circuit.
    November 23, 1903.)
    No. 1,261.
    1. Subrogation — Purchase op Bonds — Equities op Original Holders.
    A purchaser of municipal bonds in tlie open market is a volunteer, who is not subrogated to special equities which may have existed in favor of the original holders.
    Appeal from the Circuit Court of the United States for the Western District of Texas.
    Ben B. Cain and J. C. Chamberlain, for appellant.
    Robt. G. West, Thos. B. Cochran, and Walter Acker, for appellee.
    Before PARDEE, McCORMICK, and SHEEBY, Circuit Judges.
   PER CURIAM.

Whatever may have been the equity existing in favor of the original purchasers of the school bonds in question from the city of Eampasas, we are clear that the complainant in this case was a volunteer, and from his purchase in open market no-subrogation followed.

The decree of the Circuit Court is affirmed.  