Lockhart Iron & Steel Co. v. O'Toole

SCHOONMAKER, District Judge.

Defendant has filed an affidavit of defense raising a question of law as to whether the plaintiff’s statement of claim sets forth a good cause of action.

The facts disclosed by the statement of claim are these:

The plaintiff, a Pennsylvania corporation, with a capital of $3,000,000, at a meeting of its directors held on March 2, 1923, adopted the following motion: “On motion of T. J. Gillespie, seconded by James II. Lockhart, a regular dividend of two (2%) per cent quarterly payable at the usual time was declared until further notice.”

From March, 1923, until and…