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JAMES BLACKSTONE MEM. LIB. ASS'N v. GULF, M. & O. R. CO.

No. 12430.

264 F.2d 445 (1959)

JAMES BLACKSTONE MEMORIAL LI BRARY ASSOCIATION et al., Plaintiffs-Appellants, v. GULF, MOBILE AND OHIO RAILROAD COMPANY, Defendant-Appellee.

United States Court of Appeals Seventh Circuit.

March 9, 1959.

Attorney(s) appearing for the Case

Watson Washburn, New York City, Alfred W. Craven, Jr., Chicago, Ill., for appellant. Washburn & Gray, New York City, Notz, Craven & Price, Chicago, Ill., of counsel.

Kenneth F. Burgess, D. Robert Thomas, Walter J. Cummings, Jr., Arthur R. Seder, Jr., Chicago, Ill., for appellee. Sidley, Austin, Burgess & Smith, Chicago, Ill., of counsel.

Before MAJOR, PARKINSON and KNOCH, Circuit Judges.

MAJOR, Circuit Judge.

This action was commenced November 4, 1953, by former minority stockholders of Joliet & Chicago Railroad Company (herein called Joliet) against the Gulf, Mobile & Ohio Railroad Company (herein called Gulf), to whose subsidiary (Gulf, Mobile & Ohio Land Company) plaintiffs, on or about February 14, 1950, sold 4,312 shares of stock of Joliet at a price of $240.00 per share. The stock was so-called guaranteed stock, all of the property...

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