Stone v. Young

Sears, J.:

The defendant, during the month of December, 1921, subscribed in writing for 200 shares of the eight per cent cumulative, non-assessable preferred stock of the Syracuse Hotel Corporation of the par value of $100 each, with which, according to the subscription agreement, he was to receive a bonus at the rate of one share of the common stock without par value with each two shares of preferred. The subscription agreement provided that the payment of the subscription price should be made in installments upon fixed dates and that the certificates for the shares purchased were not to be…