Stone v. Young

On December 1, 1921, defendant subscribed for 100 shares of the preferred capital stock of the Syracuse Hotel Corporation, and agreed to pay therefor the sum of $10,000 in five equal installments, commencing January 1, 1922, and ending May 1,1923. Seven days later he made a similar subscription for another 100 shares. He has paid $13,000 in cash to apply on his subscriptions, leaving $7,000 unpaid. This action is brought to recover the latter sum.

When these subscriptions were made the hotel, which the company intended later to operate, was in the process of construction, and the corporation…