Warfield v. Anglo & London Paris National Bank

This is an action brought by a taxpayer of the city and county of San Francisco, on behalf of said municipal corporation, to compel the defendants, other than the municipal corporation, to pay into the treasury of the municipality $2,888,537 because of their purchase from the city and county of San Francisco of certain bonds known as “water bonds,” of the par value of $21,826,000, for a purchase price of $18,937,463 at a public sale held on or about August 1, 1921. The contention of appellant is that the sale was illegally made, and that the defendants have converted the bonds and should be…