Canadian Improvement Co. v. Lea
New Jersey Court of Chancery
Heard on bill, answers, cross-bills and answers, with respective replications and proofs in open court. The bill in this case charges that the complainant Canadian Improvement Company is the the owner of fifty thousand shares of the capital stock of a corporation named Lake Superior Corporation; that the said complainant had pledged this stock with certain banks and bankers in the city of Philadelphia and elsewhere for loans made upon notes of the complainant company…
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Heard on bill, answers, cross-bills and answers, with respective replications and proofs in open court. The bill in this case charges that the complainant Canadian Improvement Company is the the owner of fifty thousand shares of the capital stock of a corporation named Lake Superior Corporation; that the said complainant had pledged this stock with certain banks and bankers in the city of Philadelphia and elsewhere for loans made upon notes of the complainant company aggregating $2,732,000; that the stock in question was issued in the names of Charles E. Orvis and John T. Terry, Jr., who held…
1Opinion of the Court
Garrison, V. C.
The Lake Superior Corporation is the successor of a previous corporation termed the Consolidated Lake Superior Company. It is the owner of a large plant at Sault Ste. Marie. The original corporation, the consolidated company, got into financial difficulties, and in 1904 was reorganized, and the present company succeeded to it. In the reorganization the Canadian Improvement Company, the complainant herein, was the underwriter. In the course of its underwriting it borrowed some five millions of dollars. For a portion of the money it procured a guaranty from *238tlie government of the…
2Cited by12 opinions
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- Borough of Kenilworth v. Board of Equalization of TaxesSupreme Court of New Jersey · 1909
- Schott v. Climax Molybdenum Co.Court of Chancery of Delaware · 1959
- DELAWARE BARREL & D. CO. v. Mayor, Etc., of WilmingtonSuperior Court of Delaware · 1961
- Guggenheim v. City of Long BranchSupreme Court of New Jersey · 1910
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