by John Marshall Harlan

“ Soon after the execution of my note to J. W. Doane, he asked me if I wished to hold this note of King's, and dispose of my own stock, I having raised the money necessary to cover the amount of this subscription; if not, he would take the note, and assign to Thomas S. King one hundred shares of his stock. This was before the company had commenced operations, and it looked as if it would be a very profitable institution, and I told him that I did not care to dispose of any of my stock. ”

“ We are having large demand. Please sign and return at once.' King, as requested, executed an assignment, in blank, of the certificate, and returned it to Felt in a letter of April 24th, in which he said: 'Your favor of 19th, inclosing certificate No. 31 for 100 shares of the capital stock of the Pullman Iron & Steel Company in my name, is just received, and, as requested by you, I herewith return it, indorsed in blank, to be held by Mr. Doane until my note of January 5, 1884, for $6,666.66, due October 1, 1884, is paid, when said certificate is to be returned to me. ”

“ If King was induced by false or fraudulent statements of Felt, representing the company, to subscribe for stock, and to make the note for $6,666.66, he would not have been liable, as between himself and the company, either on the subscription or on the note. Nor would he have been liable to the company upon any note taken by it simply in renewal. ”