Reports of Cases Determined in the Appellate Courts of Illinois Volume 201

Reports of Cases Determined in the Appellate Courts of Illinois Volume 201

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1917 edition. Excerpt: property. McCormick, who was the president, treasurer and general manager of the appellant, testified that the property taken in payment of $19,900 of the stock consisted of 275 empty boxes, a typewriter, two or three boxes of soap, a barrel of metal polish, a wooden desk and $125 of Iowa accounts, the entire property being worth not to exceed $375. On June 8, 1913, as president of the corporation, he made a report in writing to R. G. Dunn & Company which showed that the corporation had assets amounting to $20,000, which consisted of merchandise $15,000, accounts at "realizable value $5,000" and cash $800, and that its total liabilities were $4,800; this report further stated that appellant carried $7,500 insurance and did an annual business of $40,000. Bernard Smith, a director and the secretary of appellant, testificd that in December, 1912, the assets of appellant were between $8,000 a11d $8,500 and its liabilities $3,800. The evidence shows that J. L. Murray was a partner in the firm of J. L. Murray & Company, dealers in automobiles; that J. L. Murray 8.: Company traded 'a new $1,000 automobile for 200 shares of the stock of appellant; that Bernard Smith had become the owner of 926 shares of the stock of appellant and was a director and the secretary of appellant and assisted McCormick, who was the president and treasurer, in the management of the business; that in December, 1912, l'l(.'('0l'l11iCk and Smith thought they could buy the capital stock held by J. L. Murray and J. 11. Murray & Company, and sell it at a profit, and did buy 400 shares in the name of the corporation and 100 in the name of lleCormiek. 'l'he_v paid for the stock taken to the corporation by giving two $.')0(') notes and two $ more

Product details

  • Paperback | 224 pages
  • 189 x 246 x 12mm | 408g
  • United States
  • English
  • black & white illustrations
  • 1236898206
  • 9781236898203