PUBLIC INDUSTRIALS CORPORATION v. READING HARDWARE CO.

No. 3835.

29 F.2d 975 (1929)

PUBLIC INDUSTRIALS CORPORATION v. READING HARDWARE CO.

Circuit Court of Appeals, Third Circuit.

January 4, 1929.


Attorney(s) appearing for the Case

Frederick H. Wood, of New York City, and William Clarke Mason, of Philadelphia, Pa. (Bruce Bromley, of New York City, and Colin C. Ives, of Louisville, Ky., of counsel), for appellant.

Cyrus G. Derr and H. F. Kantner, both of Reading, Pa., and Owen J. Roberts, of Philadelphia, Pa., for appellee.

Before BUFFINGTON and WOOLLEY, Circuit Judges, and THOMSON, District Judge.


THOMSON, District Judge.

In a contract for the sale of its property by the Reading Hardware Company to the Public Industrials Corporation, plaintiff below and appellant here, for the sum of $3,900,000, $300,000 was deposited by the plaintiff with the Penn Trust Company of Reading, Pa., to be forfeited to the defendant as liquidated damages in case of plaintiff's breach of the contract, or to be credited on the purchase price if the contract was consummated. This amount...

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