Schaefer

This case was tried by the court without a jury, the court denying appellant’s request for a jury. Judgment was rendered in favor of respondents and from the judgment appellant has appealed.

In substance the facts are as follows: In the spring of 1927, two corporations, the United Bank and Trust Company of California and the French-American Bank were merged under the name of United Bank and Trust Company. At the time of this merger it was agreed by the stockholders of the two corporations first named that upon the surrender to the United Bank and Trust Company of the stock of the United Bank and Trust Company of California the stockholders so surrendering their stock should receive from the new corporation 1.6 shares of its stock for each share of stock so surrendered with the additional right to purchase for $87.50 one share of the stock of the new corporation for each four shares of stock so surrendered, the right to make this purchase expiring on October 10, 1927. Appellant owned two blocks of the stock of the United Bank and Trust Company of California, one block being for 67% shares and the other being for 202% shares, the latter block not being involved in this litigation.…