Silk Co. v. . Spinning Co.

Plaintiffs allege that they contracted to sell to the defendant, Kinston Spinning Company, what is known as a (423) "Throwing Machinery Plant," which is used in the manufacture of certain kinds of silk products, upon the understanding and agreement that the Spinning Company should increase its capital stock from the amount ($50,000) it was then represented to be, to $80,000, and that said capital stock, when so increased, should be divided into preferred stock to the amount of $30,000 and common stock to the amount of $50,000, the plaintiff, G. W. Graham Company, to receive, as its part of…