Mitchell, Receiver of the Liberty Clay Products Co.

Opinion by

Mr. Justice Walling,

The Liberty Clay Products Company, defendant, an Ohio corporation, was duly chartered in April, 1919, with principal office at Youngstown. In May, 1919, it purchased and took over all the property and assets of three several corporations, to-wit, the Youngstown Clay Products Company, the Carbon Brick Company and the Castle Clay Company; the two former being Ohio and the latter a Pennsylvania corporation. The consideration in each case being the payment of all the debts and liabilities of the respective company and six hundred shares of the common stock of the…