Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1903-01-07

smith ana IL. w.
Moore, Attys. for
defendants.
Gentlemen In this case, on an ex'
animation of the record have reached
the following conclusions
(l) The note of complainant fol
SIS, S47. 80 payable to the order OF G.
S. Hinchman, trustee, is the property Of
the Western Land Association.
~ The complainant claims that the
money should have been used to declare
dividends: to wit, from May 10, 1899, to
July 5, 1901, was, by consent of all
parties in interest, diverted temporarily,
to the extent of about S95, 100000 to
build extensions, and that if instead Of
being so diverted, the said $50, 900 had
been distributed in cash dividends, he
would have received as his proportion
about S14, 900.
Instead, however, of receiving the
said S14. 900 in cash dividends the COM
plainant invested it together with
the remainer of the $35, 900. 90 in ex-
tending the lines of the company,
40 of which he owns aud the
other stockholders Clio; thus instead of
receiving cash dividend he received
an undivided dividend in the extensions,
which he now OWLS.
However, complainant claims this
S35, 10000 was only temporarily
diverted. and he now wants it divided.
Suppose the court so DEGREES, what is
the sequel
O) There is no money in the treasury
of the company to respond to the
decree;
~ The complainant would be entitled
to 40 thereof, and would have to pay
40 thereof, and therefore the one
would offset or cancel the other, and
the status of the complainant would be
unchanged.
(5) The other stockholders would re-
ceiye Clio, and have to provide Clio, so
the one would Offset or cancel the
other. and their status be unchanged.
However. complainant contends that
he does not claim as stakeholder un-
der the contract Of May 10, 1899, but
as creditor. There are two replies to
this position
(a) The complainant does not claim ms
a creditor in his bill, but as a stock
holder
(b) Should complainant be considered
as a creditor and recover against the
whole property, the result would be the
same-the measure of his recovery
would be 40 OF the entire dividend
and he would have to pay 40 Of the
recovery as owner Of 40 of the stock.
Equity will not do a vain thing, and there
fore no settlement Of account between com
plainant and the defendant company on the
bills in this case will be ordered, because
whatever the accounting might show, IT IS
conceded complainant already has 40 inter
EST i'm the whole property, including extern
sions and i'm no event could more than this
he awarded him on the bills in this case.
(3) A decree will be entered dissolving the
Injunction and dismissing bills of complaint,
but without prejudice TO complainant 10 ME
new hill. If he shall be so advised, alleging
that since his removal or discharge on July .,
1901, the defendant company, through us
Board of Directors aud majority stockholders,
has frauduently and Improperly failed ana
refused to declare dividends on the capital
stock of said company by reason Of misappro-
priation of its funds or otherwise to the
wrong and injury of the eomplainants but as
TO the money expended by the complainant
himself as General Manager of sala Company,
in making extensions prior TO his discharge
ON July 5, 1901, think he is estopped to COM
plain of his own action.
90 The decree will be suspended for ninety
DAYS foy the purpose of allowing complainant
10 apDtv 70 the Supreme Court of Appeals Tor
an appcal on his, or some one for him, execut-
ing Bond WITH surety in the penalty Of three
hundred (s00) dollars, and with condition as
the law directs.
n II NTCOT,