Culp Bros. Piano Co. v. Moore

Wood, j.

On October 1, 1919, Oulp Bros. Piano Co., appellant, was a corporation -of Arkansas engaged in. the business of selling musical instruments, with its principal place of business at Fort Smith, Arkansas,ánd with a capital stock of $12,000, of which appellee owned one-fourth, $3,000, and Culp Bros, owned three-fourths, $9,000. The appellee was president of the company. In January, 1919, the stock of the company was authorized to be increased to the sum of $50,000, the increase representing what was supposed to be the profits of the business at that time. No additional money was paid in…