Interstate Iron & Steel Co. v. Stratton

Appellant, the Interstate Iron and Steel Company, was incorporated under the laws of Illinois in 1905 with a capital stock of $400,000, divided into 4000 shares of the par value of $100 each. The stock was later increased and from time to time decreased, and on July 20, 1929, the authorized capital stock was $5,743,300. Of that stock 17,433 shares were of the par value of $100 each and were preferred stock, and 40,000 shares, of the par value of $100, were common stock. July 20, 1929, appellant’s articles of incorporation were amended. The amendment changed the par value and number of shares…