MANAGERS SECURITIES CO. v. MALLERY

No. 5151.

77 F.2d 186 (1935)

MANAGERS SECURITIES CO. v. MALLERY.

Circuit Court of Appeals, Third Circuit.

March 26, 1935.


Attorney(s) appearing for the Case

Hugh M. Morris and Geo. Burton Pearson, Jr., both of Wilmington, Del., for appellant.

Beaumont, Smith & Harris, of Detroit, Mich., and Richards, Layton & Finger, of Wilmington, Del. (Hal H. Smith, of Detroit, Mich., and Aaron Finger and Robert H. Richards, both of Wilmington, Del., of counsel), for appellee.

Before WOOLLEY, DAVIS, and THOMPSON, Circuit Judges.


DAVIS, Circuit Judge.

This is an appeal from a decree of the District Court holding that the losses resulting from the sales of the common stock of the General Motors Corporation, hereinafter called General Motors, were chargeable against the Class A surplus account of the appellant company.

In order to stimulate and maintain the zeal and co-operation of the responsible executives of General Motors and to promote its general welfare by enabling them to acquire...

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