190 Pa. 124 | Pa. | 1899
Opinion by
The Lincoln Market Company was organized as a corporation to do business in Philadelphia, under a special act of the legislature of March 12, 1870, and supplement of April 4, following, with a capital stock of $100,000, divided into 2,000 shares of the par value of $50.00 each. It purchased land on corner of Broad street and Fairmount avenue, and put up buildings for market stalls on first floor, and halls and meeting rooms above, which it rented to tenants; the shares were paid up in full, but nevertheless a debt of $50,000 was contracted in addition, which was secured by mortgage. The business at first was profitable, and several dividends were paid, but for some years before 1898 the venture had become a losing one, and the stock had fallen in value one half. Several unsuccessful attempts were made to dispose of the property and finally, on November 16, 1892, a committee, James B. Doyle, William McDaniel, Samuel T. Fox, George W. Norris and John H. Miller, were specially authorized at a meeting of the stockholders to sell it at such price and on such terms as to them should be satisfactory. Afterwards, on April 4, 1893, at a special stockholders’ meeting, the committee was authorized to sell to the Lorraine Hotel Company, and to accept in payment therefor $100,000 in the stock of the hotel company, and further: “ That said committee be appointed trustees to effect a dissolution of the corporation, pay its debts and distribute the stock received in payment for said property among such of its stockholders as ' are willing to accept the same, in the amounts to which they may be severally entitled, and to sell and dispose of so much of said stock as may not be accepted by the stockholders, and divide the proceeds among them in the proportions to which they may severally be entitled.” The committee made sale accordingly except, instead of $100,000 stock of the Lorraine
Much evidence was heard by the auditor; some of it tending to show, that the Hotel Company stock had at first a speculative value, and that part of it might, probably, have been sold at a fair price. Whether an attempt to sell a part, would have
The decree of the court below is affirmed, and appeal dismissed at coste of appellant.