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Sign up freeThe Indianapolis Journal
Indianapolis, Marion County, Indiana
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A massive 1,600-page transcript for Margaret McCaffrey's fraud lawsuit against Dorsey Machine Company was filed in the Supreme Court. She alleged the company's 1881 stock increase was a scheme to defraud investors while insolvent, recovering $7,468 in lower court.
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One of the largest transcripts that ever reached the Supreme Court was brought to the Clerk's office yesterday by the clerk of Wayne county. It consists of about 1,600 closely-written pages, and contains not less than 52,500 words, the copy being made by a type-writer, and all the evidence being included in the transcript. The case is that of Margaret McCaffrey against the Dorsey Machine Company, of Milton, Wayne county, and several weeks were consumed in the trial in the lower court.
The plaintiff charged that the Dorsey company was organized in 1879, with a capital stock of $60,000, and in 1881 the stock was increased to $125,000, the object being to defraud those taking the increase. She charged that the company had not prospered, but was in debt at the time of the increase of capital, and she, having just attained her majority, and not being versed in business matters, was induced to take some of the stock at the time of the increase. This money, she says, was used for paying off the debts of the firm, which was really insolvent at the time she was induced to invest in the stock. She recovered a judgment for $7,468, and from this the Dorsey company has appealed.
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Wayne County
Event Date
1879 1881
Story Details
Margaret McCaffrey sued the Dorsey Machine Company of Milton, Wayne county, alleging fraud in the 1881 capital stock increase from $60,000 to $125,000 while the company was insolvent. She was induced to buy stock upon attaining majority and recovered $7,468 judgment, from which the company appealed to the Supreme Court with a 1,600-page transcript.