Appellate Division of the Supreme Court of the State of New York December 5, 1919 (Presser v. Central Trust & Savings Co.)

Kelly, J.:

In 1913-1914 the Brooks Company was in need of money to carry on its business, and to my mind its needs were pressing, otherwise it would not have been obliged to resort to the method of raising funds disclosed in the case at bar. Apparently this method was recognized in business circles, and was adopted by other mercantile houses.