Scranton Axle & Spring Co. v. Scranton Board of Trade
Supreme Court of Pennsylvania
Appeal, No. 240, Jan. T., 1920, by plaintiff, from judgment of C. P. Lackawanna Co., Jan. T., 1919, No. 829, on pleadings, for defendant, in case of Scranton Axle & Spring Co. to use of S. S. Spruks et al. v. Scranton Board of Trade. Assumpsit on agreement of defendant to purchase stock from plaintiff. Defendant filed an affidavit of defense raising questions of law. The opinion of the Supreme Court states the facts. Judgment for defendant. Plaintiff appealed.
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Appeal, No. 240, Jan. T., 1920, by plaintiff, from judgment of C. P. Lackawanna Co., Jan. T., 1919, No. 829, on pleadings, for defendant, in case of Scranton Axle & Spring Co. to use of S. S. Spruks et al. v. Scranton Board of Trade. Assumpsit on agreement of defendant to purchase stock from plaintiff. Defendant filed an affidavit of defense raising questions of law. The opinion of the Supreme Court states the facts. Judgment for defendant. Plaintiff appealed. Error assigned¡, inter alia, was judgment, quoting it.
1Opinion of the Court
Opinion by
Mr. Justice Walling,
The parties hereto are Pennsylvania corporations, and, on January 16, 1915, the defendant, the Scranton Board of Trade, by resolution, offered to purchase of plaintiff $10,000 worth of its seven per cent preferred stock, at par, in four annual installments of $2,500 each. At a meeting of plaintiff’s board of directors, held four days later, it was unanimously resolved: “That in compliance with the resolution of the board of trade herewith presented, the proper officers of this company be authorized to take the necessary steps to legally issue $10,000 worth of…
2Cited by18 opinions
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- Klauder v. CregarSupreme Court of Pennsylvania · 1937
- Suraci v. BallSuperior Court of Pennsylvania · 1946
- Bovaird v. Barrett & SonSuperior Court of Pennsylvania · 1921
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