Roberts, Thomas & Co. v. Allen

Appeal from judgment entered in favor of defendant Columbia Casualty Company, upon the sustaining of its general demurrer to plaintiff’s first amended complaint and refusal of plaintiff to further amend.

Two questions are presented: Was the demurrer properly sustained on the ground that the transaction involved was illegal and invalid, being in effect an agreement to manipulate and artificially maintain the market price of certain .stock? Was the transaction a “brokerage” transaction, within the meaning of the Corporate Securities Act (Stats. 1917, p. . 673, and acts supplementary and…