Downs v. Jersey Central Power, C., Co.

The allegations of the bill, shortly stated, are that in December, 1931, the complainant purchased from one of the defendant's duly authorized agents thirty shares of its five and one-half per cent. preferred stock, at par, $100 per share, for $3,000, upon the false and fraudulent representation that the defendant would redeem the stock at par on demand; that such representation was made with the fraudulent intent to induce complainant to purchase the stock and relied upon by the complainant who had demanded that the defendant company redeem, which it has declined and refused to do.

In the…