Thom v. Baltimore Trust Co.

The inquiry in this case is whether the appellants, as stockholders of the Baltimore Trust Company, were entitled to exercise the right to purchase a due proportion of a supplemental issue of its capital stock. It was held by the lower court that such a pre-emptive right would exist if the new shares had been intended to he sold for cash, but that, as they were to he issued in payment for property, consisting of the stock of the Rational Union Bank of Maryland, the asserted right was not enforceable. The appeals are from an order and a decree effectuating that conclusion.

The case was heard on…