Levin v. Pittsburgh United Corp.

Opinion by

Mr. Chief Justice Kephart,

The Oil Well Supply Company was incorporated in 1891 for the purpose of manufacturing and selling oil-well supplies and equipment. It had a capitalization of $1,500,000 consisting of common stock only. In 1925, with assets in excess of $23,000,000 the capital was increased to $22,000,000. The authorized capital stock was increased to 70,000 shares of 7% cumulative preferred and 600,000 shares of common stock with respective par values of $100 and $25 a share. The new common and preferred stock were distributed in exchange for the old common- stock, and at…