Commonwealth v. Reading Traction Co.
Supreme Court of Pennsylvania
Appeal, No. 11, May. T., 1902, by plaintiff, from decree of C. P. Dauphin Co., Commonwealth Docket, 1897, No. 78, dismissing bill in equity in case of Commonwealth ex rel., Henry C. McCormick, Attorney General, v. Reading 'Traction Company, C. A. Pearson, C. Ford Stevens, John A. Rigg, John P. Illsley, Richmond L. Jones and Edward Clark, Sabin W. Colton, Jr., Edward W. Clark, Jr., Milton Colton and Edward Howard Clark, Jr,, trading as E. W. Clark & Company.
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Appeal, No. 11, May. T., 1902, by plaintiff, from decree of C. P. Dauphin Co., Commonwealth Docket, 1897, No. 78, dismissing bill in equity in case of Commonwealth ex rel., Henry C. McCormick, Attorney General, v. Reading 'Traction Company, C. A. Pearson, C. Ford Stevens, John A. Rigg, John P. Illsley, Richmond L. Jones and Edward Clark, Sabin W. Colton, Jr., Edward W. Clark, Jr., Milton Colton and Edward Howard Clark, Jr,, trading as E. W. Clark & Company. Bill in equity to declare void a fictitious issue of capital stock of a corporation. Before Simonton, P. J. The opinion of the Supreme…
1Opinion of the Court
Per Curiam,
The learned judge below found the facts in detail and stated *152specifically his conclusion- that the increase of the capital stock of the traction company was not made for money or property actually received, but was practically without consideration and fictitious.
The transaction he finds, “ was in effect this: The defendants, E. W. Clark & Company, made an agreement with the president and certain of the directors and stockholders of the railway company that a corporation into which they, E. W. Clark & Company, would organize themselves, would lease the railway. They then organized…
2Cases cited1 opinion
- Cheetham v. McCormickSupreme Court of Pennsylvania · 1896
3Cited by8 opinions
- McCandless v. FurlaudSupreme Court of the United States · 1935
- Levin v. Pittsburgh United Corp.Supreme Court of Pennsylvania · 1938
- Bonini v. Family Theatre Corp.Supreme Court of Pennsylvania · 1937
- Graff v. Williamsport Water Co.Supreme Court of Pennsylvania · 1933
- In re Wyoming Valley Ice Co.District Court, M.D. Pennsylvania · 1907
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