The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1883-04-05
The National Express and Transpor'
fattOn Company.

The National Express and Transpor-
tation Company.
The Baltimore papers contain telcgraphlc
accounts from Annapolis OF the recent de-
cision OF the Court Of Appeals OF Mary
land in test suit brought by the trustee
i'm the deed OF trust made 10y this company
for the benefit OF its creditors against GER
tain Baltimore stockholders to recover an
OF 30 per cent. on their sub
scription TO the capital stock which was
authorized by decree Of the Chancery
Court Of the city OF Richmond. This
decree was rendered by Judge Fitzhugh
some two years ago, and we gave state
ment of the case and OF the decree at the
time. The following account from the
american i the fullest we have seen OF tEe
decision OF the Maryland Court:
"Judge Alvey delivered the opinion ofthc
court in the case OF John Glenn, trustee. rs.
John :. Williams and Herman Williams,
trading rs John :. Williams II Brother.
This was an action brought 10y the plaintlii,
as trustee. against the defendants to recover
OF them a certain per cent. Of the unpaid
subscriptions to the capital stock OF the
National Express and Transportation Com
many. The corporation was organized IN
1SG6. under a charter granted by the Legls-
lature OF Virginia, subject 10 the geneTai
laws Of that State relating TO corporations.
Among the provisions Of such general laws
uron The subject there is one which de-
clares that upon every subscription for
shares i'm any ioint-stock company there
shall be paid upon each Share = al the
time Of subscribing, and the residue
thereof ~ required by the president ana
directors: and if any money Which any
stOckholder has TO pay upon his share 1e
not paid as required 10y the president ana
directors, the same, with interest thereon,
may be recovered by warrant or action, ac-
cording TO amount, &c. The capital stock
of thiS company was Sj,000,000, with the
rrivilcge OF making il so, 0,000,0OO, and was
divided into share, Of 500 each. Oh the
capital stock 40.0H shares were subscribed
for. and the defendants became subscribers
for 100 shares. The company became
embarrassed after 20 per cent. OF the
stock had been called for. and the di-
rcctors made an assignment by deed
70 trustees. which deed has been pro-
nounced GOOD both bya court OF competent
Jurisdiction in Virginia and the Court ol
( Appeals OF Maryland. By creditors Diii
/ the appellant was appointed trustee, ana
authority was given him TO make an assess
ment Of 30 Der cent. Oh the capita! stock.
/ To collect this asses ,ment the present sum
was brought against the appellees. The
case is presented on dcmuTTcrs to pleadinSs
exclusively, with the object, the court says,
by an agreement OF counsel TO place all the
facts of the ease before the court 10 decide
tbe demnrrerS. The Court OF Appeals says
that a court of chancery was the proper
remedy Of the creditors, and the court haC
= right TO make the president and directors
do what they had neglected to do, anC
fhot the court was right in ordering th'
assessment Of 80 per cent. Judgment re
+ ycrsed and new tIial awarded"
The report OF the Baltimore Sun says:
a creditors bill was fled in TN
Cbauccrv Court OF the city OF Richmond
Va. praying that the trustees in the dee'
of assignment might be removed ant
others appointed; that an assessment oi
tbe unpaid capital stock be made. and tn
, dabts OF the corporation Gsccrtained an'
| mid \ decree was passed in accordanc
with the PRAYERS OF the bill, the orslna
= trustees were displaced, the phintlll ap
, nointed in their stead, an assessment Ol 8
, ner cont ordered on the unpaid subscril
} lions and the trustee authorized to procee
~ ,i,, collection of these assessments, AM
/ by virtue Of TINS authority ne brought tn
! present action.
The rirbt % Il court OF equity to orde
i assessments upon the unpaid subscription
: TO stock for the purpose OF paying the col
norate debts. the court says, has been Sc
r lied in most authentic way.
Il ain conclusion the court say;
c ".Upon the whole, we are OF opinlo
+ that all the pleas demurred TO are bad an IN
n form no defence to the action, and that IL
5 demurrers thereto should have been su
G tanned. We must therefore reverse IL
: Judgment and remand the case Tor ne
II II il stated that among the pleas thu
" held TO be bad and set aside the most N
Ie nortont were-frst, that the stockholde
lie We're not parties to the Richmond suit; an
:, secondly. that the right to recover the III
d paid subscriptions 10 the capital stock WI WI
le barred by the statute Of limitations. III
MARYLAND Supreme Court holds that Il
Is stockholders were not necessary parties
p tbe Richmond suit, and that the statute
IS limitations does not apply to the unpa
E. subscriptions.
- tIoyorlv'a Moctof,