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Cases Decided in the Inferior Courts of Record of the State of New York Volume 65

Cases Decided in the Inferior Courts of Record of the State of New York Volume 65


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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1910 Excerpt: ...of the $133,000 as commissions, nor is it referred to as commissions in any of the books or documents which are in evidence. The journal entry referring to this payment of $133,000 records the payment to Fenn Supreme Court, December, 1909. Vol. 65. in bonds of the United States Independent Telephone Company, taken out of its treasury under the contract of December fourteenth (evidently an error in date which should be December ninth). The date of this transfer of bonds to Fenn, according to the books, was February 14, 1906; and on that day the syndicate treasurer's account shows a deposit of $132,250, which evidently is the counterpart of the transaction evidenced by the journal entry of the transfer to Fenn of the bonds for $133,000 of that date. Whether the $133,000 of bonds transferred to Fenn in fulfillment of the contract of December ninth were given to subscribers under the prospectus, and the cash therefor turned back to the syndicate, is not made clear. However that may be, the United States Independent Telephone Company had benefited by the sale of the bonds and by the turning back to it of the large amount of stock under the agreement of December ninth; and that consideration was sufficient to explain the return to the syndicate of the amount paid by it as commissions for the sale of the bonds, without changing the essential character of the original transaction. Lastly, in determining the question whether the syndicate was behind the prospectus as its efficient cause, it should be remembered that the stock offered to subscribers for the bonds in this prospectus, at its date, was the stock then owned or thereafter to be acquired by the syndicate. The United States Independent Telephone Company could not issue its stock for cash for any less than 1...


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Product Details
  • ISBN-13: 9781235939143
  • Publisher: Rarebooksclub.com
  • Publisher Imprint: Rarebooksclub.com
  • Height: 246 mm
  • No of Pages: 270
  • Spine Width: 14 mm
  • Width: 189 mm
  • ISBN-10: 1235939146
  • Publisher Date: 01 May 2012
  • Binding: Paperback
  • Language: English
  • Returnable: N
  • Weight: 485 gr


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