Smith v. Citizens Insurance & Mortgage Co.

Per Curiam,

Defendant, Citizens Insurance & Mortgage Company, a corporation, appeals from a judgment on a verdict in an action brought against it by McCurdy Smith, to recover the consideration paid by him on a conditional subscription for 200 shares of the corporation’s capital stock; the suit is based on a rescission of the contract because of defendant’s refusal to abide by its terms.

Plaintiff was a stockholder of defendant company, and, on October 12,1921, it wrote to him that an increase in the price of its shares, from $15 to $17.50 each, was warranted and would occur in the near future,…