Iback v. Elevator Supplies Co., Inc.

This is a suit to compel the defendant to repurchase certain shares of its own capital stock now owned by complainant.

In the spring of 1927, defendant decided to endeavor to persuade its employes to become stockholders. Mr. Crowell, then president of defendant, told the plan to Mr. Iback, complainant's husband and defendant's works manager. Iback consulted his wife, the complainant, and they decided to purchase twenty shares jointly and so notified the company's assistant secretary, and in due course they paid the company par, $2,000 for the stock. Some time after complainant and her husband…