The defendant took stamps from a common, imperforate issue and perforated them to resemble exactly a perforate issue which because of its rarity had become very valuable, These were circulated among unscrupulous dealers who passed them off on the public as the genuine rare stamps at a much lower price than the genuine. This caused the value of the genuine stamps to fall and honest dealers to lose trade, The defendant did not try to deceive the dealers; he merely pointed the way for the deception of the public. The American Philatelic Society, an organization of some four thousand stamp collectors, most of them dealers for profit, and two others united to seek an injunction on behalf of the stamp dealers of America. Held, the conduct of the defendant amounts to the simulation by one party of the goods of another, which is the essence of unfair competition and is enjoinable. American Philatelic Society v. Claibourne, (Cal. 1935) 46 P. (2d) 135.