FRY v. HELVERING

Nos. 91, 92.

128 F.2d 737 (1942)

FRY et al. v. HELVERING, Commissioner of Internal Revenue.

Circuit Court of Appeals, Second Circuit.

June 19, 1942.


Attorney(s) appearing for the Case

Henry Van Wyck, Herbert M. Teets, and Lewis C. Thompson, all of New York City, for petitioners.

Morton K. Rothschild, Sp. Asst. to Atty. Gen., Samuel O. Clark, Jr., Asst. Atty. Gen., and Sewall Key, Sp. Asst. to the Atty. Gen., for respondent.

Before L. HAND, AUGUSTUS N. HAND, and CHASE, Circuit Judges.


PER CURIAM.

The articles of incorporation of the Timken-Detroit Axle Company of 1909 provided that "preferred stock may be redeemed at not less than par at a time and price hereby fixed and to be also expressed in stock certificate thereof." On the reverse side of the preferred stock certificates which the company issued in pursuance of this power, it reserved the privilege to redeem the whole or any part of the preferred stock on the payment of 110%, the reservation...

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