Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1892-01-30


apoiis and a democratic convention in
Chicago
Mary A Liyermore i, the first and only
woman student at the Grocer Theological
seminary, at Upland, Pa, and she will
take the full three years course in order
to it herseIf for missionary work
A DECISION interesting to people gener-
ally has just been handed down by the
court Of appeals at Montreal 1t bears on
the contract which telegraph companies
have printed on the blanks which they
furnish The case was that Of Laurence
VS. The Great Northwestern company.
When Lionel Laurence was in New York
one of his employees sent him dispatch
saying Writing you tonight. y The
sentence was made TO read Waiting
you tonight" Consequently Mr. Laurence
made an unnecessary trip from New York
to Montreal, and sued the telegraph com
pany for 5000 damages The court in the
first instance awarded $50, the actual cost
IF the trip from New York The com
pany appealed from this decision.
The proof established the fact that
the error was due TO the negligence
of the employees of the company but the
appellant set up the plea that dispatches
were sent under contract which declared
that it would not be liable for damages
resulting from errors unless the dispatch
was repeated, and then only 10 the amount
Of fifty times the price paid for the mes
sage. Such a contract TIE court declared
to be contrary to public policy, and any
contract by which party sought to fix
the punishment for bis faults was illegal
The judgment was confirmed, which
means that like the contract on the back
Of railway pass exempting the company
from liability in case Of accident, the con
tract on the reverse side of q telegraph
blank Is Of no effect, The ruling in the
case Of the telegraph company, whore the
service is actually paid for is unquestion-
ably sound
STOCKHOLDERS LIABILITY.
The Minnesota supreme court has just
rendered decision Of momentous interest
not only {" corporations doing business in
that stat, Dut to individual creditors
thereof Virtually the court holds that
stockholders in a corporation are liable
for corporate debts to an amount equal to
their subscription, aud that in this respect
there is no distinction between unpaid
ana paid-up capital; between stock sub
scri, tions and any other assets Of the cor
poration
The court, however. ulkes distinc.
ton between bona 6de creditors, becom-
ing such in good faith during the sol,
vency of the corporation, and parties who
may purchase claims against an insolyent
incorporation, for the purposes of spacu,
lation. Here the court holds that whore
a creditor asks for relief against a stock
colder he must show his own
equities entitle him to such relief.
while it Is true that he may enforce a
valid claim against the full amount of the
chartered capitalization Of the corporation
sued, at the same time payment can never
be enforced in favor of one WHO became a
creditor after the corporation had become
iusolyent and its affairs placed in the
hands Of a receiver Thus it appears from
the decision just rendered that the stock
holders of a corporation capitalized for
81 600 600, with bu' S25 600 paid in, are
liable to the full amount OF $1,000 600,
provided the claim is held by one becom
ing a creditor in good faith before in.
solvency of the corporation, ald who had
ehed NJ on representations of the corpora,
ton that its capital was actually
1000 GOO
The decision viii have tendency 10
impeI a better general knowledge Of the
bona fdc ne. onrces of corporations.