Stevens v. Adelphia Finance Service

Bill was filed to restrain defendants, under the Securities act ("Blue Sky law" — P.L. 1927 p. 138, as amended P.L. 1930 p.250); and order to show cause issued, and on the hearing affidavits filed by both sides were considered, and an examination had in open court of certain affiants who had signed conflicting affidavits.

It is quite clear from the entire proofs that the defendants' scheme is a stock-selling scheme, and nothing else. There is a slight attempt made to show that bona fide corporate operation was intended and had been commenced, but the paucity of proofs in this behalf is the…