American File Co. v. Garrett
Supreme Court of the United States
APPEALS PROM THE CIRCUIT COURT OF THE UNITED STATES FOE THE DISTRICT OF RHODE ISLAND. The American File Company was a manufacturing corpora-* tion created by a special act of the legislature of‘Rhode Island, passed in May, 1863, and carried on its business in the town of Lincoln, in that State.
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APPEALS PROM THE CIRCUIT COURT OF THE UNITED STATES FOE THE DISTRICT OF RHODE ISLAND. The American File Company was a manufacturing corpora-* tion created by a special act of the legislature of‘Rhode Island, passed in May, 1863, and carried on its business in the town of Lincoln, in that State. The company purchased a patent under which the manufacture of files had before been carried on in the city of Baltimore, and the persons, among them one Allen A. Chapman, who sold the patent, took nearly half the stock of ■ the company. The business of the company was carried on at a loss. About the…
1Opinion of the Court
Me.'Justice Woods
delivered the opinion of the court.
We shall consider the questions raised by-these appeals as presented by the record in the case of William F. Sayles and others v. Robert Garrett & Sons.
' The first contention of the appellants is that the bonds of the American File Company issued in 18T0 were taken by its stockholders in proportion substantially to the stock held by them respectively, on the agreement between themselves that the bonds should extinguish their individual liability, and the bondholders should look to the property mortgaged to secure the bonds and the other…
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