Security Holding Co. v. Johnson

This action arises out of the artful operations of the now moribund or defunct Midland Packing Company of Sioux City, Iowa. In August, 1918, the cashier of Security State Bank introduced William Colby, an agent for the sale of the stock of Midland Packing Company, to defendants, who were farm*164ers in the vicinity of Beresford, with the result that defendants each subscribed' for fifty shares of stock in the company of the par value of $100 a share, for which defendants paid in cash $15,000. On August, 6, 1919, Colby and another agent named Barker were in the vicinity trying to push, further…