Alexander

On October 18,1923, respondents J. C. Walling and Anita I. Walling, his wife, were the owners of 1263% shares of the capital stock of the Valley Transit Company and on that date entered into an agreement in writing with appellant whereby they agreed to sell to appellant and appellant agreed to buy the 1263% shares of stock for $266,710.25. The authorized stock of the Valley Transit Company consisted of 2,500 shares, of which at the date of the contract 1263% shares were owned by respondents Walling and wife, 1083% shares by appellant Alexander, 113% shares by others, and the remaining 40 shares were in the treasury of the corporation. Of the 1263% shares owned by respondents 613% shares were owned by respondent J. C. Walling and 650 shares were owned by his wife, Anita I. Walling. The purchase price of the stock agreed to be paid was “$35,000 upon the execution of the agreement, the receipt whereof is acknowledged by the first parties (Wallings) and the balance of $231,140.25 payable as follows: $25,000.00 including interest at the rate herein mentioned on the 18th day of April, 1924, and $25,000.00 including interest semiannually thereafter until nine installments have been made,…