A. B. Leach & Co. v. Grant

MOORMAN, Circuit Judge.

This case is before us on the receiver’s claim for an accounting for the bonds which appellant received in exchange for 3,000 shares of the Struthers Company’s preferred stock. See (C. C. A.) 27 F.(2d) 201; 280 U. S. 351, 50 S. Ct. 107, 74 L. Ed. 470; 281 U. S. 689, 50 S. Ct. 236, 74 L. Ed. 1119. When the exchange was made, the outstanding stock of the company consisted of certain common stock and 12,500 shares of 7 per cent, cumulative preferred stock of the par value of $100 each. The appellant purchased the preferred stock when it was issued, and. sold it in part to…