Elderton

Action to recover money alleged to have been procured by fraudulent practices. The pleadings develop, without controversy, a contract between plaintiff and defendant for the joint purchase of 1,000 shares of corporate stock in a corporation of which defendant was president and plaintiff a stockholder; it being represented by defendant to plaintiff that the stock was for sale at $2 per share, and that defendant knew where 1,000 shares of such stock could be purchased at such price. The parties agreed to such purchase at the rate of $2 per share and defendant was delegated the authority to enter into negotiations for its acquirement. Pursuant to such authority, defendant procured the assignment of a subscriber’s rights to acquire 1,000 shares at $1 per share, the subscription price for which had not been paid, which assignment defendant procured without consideration. Defendant exercising the rights of such subscriber paid to the corporation $1 per share and caused two certificates, each for 500 shares, to be issued one to plaintiff and one to himself. Defendant thereupon presented to plaintiff the certificate for 500 shares and plaintiff paid to defendant $1,000 or $2 per share,…