Michigan Southern & Northern Indiana Railroad v. Auditor General

Christiancy J.:

I concur in the opinion of my brother Campbell, with the single exception of the views he has intimated upon a question which, so far as regards the proof, is merely hypothetical.

Had it appeared in evidence, as alleged in the bill, that $300,000 of fictitious stock had been issued upon which nothing had in fact been paid, I should not be prepared to hold that it could be taxed under a charter which taxes *459only “capital stock paid in;” notwithstanding the company may have held it out to the world as full paid stock. I am not satisfied that the doctrine of estoppel has any…