Gutterson v. Pearson

Taylor, O.

Plaintiff is engaged in the business of buying and selling stocks, bonds and other securities and has a dealer’s license issued by the State Securities Commission. He had purchased outright and owned absolutely thirty thousand shares of the capital stock of the New England Cereal Company for which he paid the sum of $50,000 and was about to sell this stock in the usual course of business when the securities commission took steps to prevent him from doing so on the ground that the so-called Blue Sky Law prohibited him from selling it without first securing the approval of the…