Barry v. Merchants' Exchange Co.
New York Court of Chancery
The Merchants’ Exchange Company was incorporated by the legislature of this state, on the twenty-seventh day of January 1823. Its capital stock was not to exceed or be more than one million of dollars.- The preamble of the charter states that it has been represented to the legislature that great inconvenience was experienced by the merchants of the city of NewYovk, for the want of a public exchange, and the corporation thereby created was authorized to purchase, hold and…
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The Merchants’ Exchange Company was incorporated by the legislature of this state, on the twenty-seventh day of January 1823. Its capital stock was not to exceed or be more than one million of dollars.- The preamble of the charter states that it has been represented to the legislature that great inconvenience was experienced by the merchants of the city of NewYovk, for the want of a public exchange, and the corporation thereby created was authorized to purchase, hold and convey such and so much real estate, and to erect and build such edifice or buildings as the body corporate might deem…
1Opinion of the Court
The Assistant Vice-Chancellor.
Several of the numerous arguments which were urged against the validity of the mortgages in question, and in behalf of the complainant’s right to some part of the relief sought by his bill, might be passed by in silence, did not the great importance of the interests in controversy,- demand a full and explicit declaration of-the court upon all the questions raised.-
The first point made by the complainant is, that the Merchants’ Exchange Company were not by their charter invested with the power to raise' or borrow money and to give valid securities therefor, and no…
2Cases cited4 opinions
- Gordon v. PrestonSupreme Court of Pennsylvania · 1833
- Clark v. Farmers' Woollen Manufacturing Co.New York Supreme Court · 1836
- Kershaw v. SuppleeSupreme Court of Pennsylvania · 1829
- Jackson ex dem. People v. BrownNew York Supreme Court · 1830
3Cited by1 opinion
- City & County of San Francisco v. Spring Valley Water WorksCalifornia Supreme Court · 1883