CHASE, Circuit Judge (after stating the facts as above).
The defendant insists that his agreement was in legal effect a subscription to $60,000 worth of the capital stock of the corporation, and for his failure to perform such an agreement the plaintiffs have no cause of action. He relies much on the case of Athol Music Hall Co. v. Carey, 116 Mass. 471. In that case the defendant, with others, signed a subscription agreement to take stock in a corporation to be organized...
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