Drexel v. Loomis

VAN VALKENBURGH, Circuit Judge.

September 30, 1923, M. E. Smith & Co., Inc., a Nebraska corporation, was doing a wholesale dry goods business in Omaha. It had been so engaged for more than 50 years. Its capital stock-outstanding consisted of the following:

First preferred ..............................$ 8S7,900 00

Second preferred .......................... 976,600 00

Common ................................... 1,500 000 00

As found by the referee in bankruptcy, there were on that date in existence the following allied corporations: The Burgess-Nash Company, engaged in the retail dry goods business…