Shipler v. New Castle Paper Products Corp.

Opinion by

Mr. Justice Sadler,

The New Castle Paper Products Corporation, organized in 1925, purchased the manufacturing plant of an earlier concern, issuing its stock in exchange for that of its predecessor. Additional machinery was acquired, and arrangements made for the production of absorbent paper. In March of 1926 it contracted with the Hygienic Fibre Company to sell its output for thirty days, which arrangement, under slightly modified terms, was extended for like periods to October of the same year. By the contract it was provided that payment should be made by the buyer as invoices…