Salem Terminal Traction Co. v. McGraw

Brannon, Judge:

The declaration states that on the 37th day of May, 1903, John T. McGraw made a subscription of one thousand dollars to the capital stock of the Salem Terminal Traction Company, a corporation. He paid one hundred dollars on his subscription. On the 13th day of August, 1903, the board of directors of said corporation passed an order that all stock subscriptions were due and requiring their payment in full. Of this Mc-Graw was notified. He not paying, the corporation brought an action of assumpsit against him in the circuit court of Harrison county. McGraw appeared and pleaded…