Bruce v. Swasey
District Court, D. Massachusetts
The libellants [A. C. Bruce and others], sixty in number, were a joint-stock company, called “The Shawmut Mining and Trading Association,” with a capital of $18,000, in sixty shares, of $300 each, for the purpose of mining and trading in California. They had appointed the respondents, Thomas H. Swasey & Co., their agents and treasurers, and had paid to them their subscriptions. The Messrs.
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The libellants [A. C. Bruce and others], sixty in number, were a joint-stock company, called “The Shawmut Mining and Trading Association,” with a capital of $18,000, in sixty shares, of $300 each, for the purpose of mining and trading in California. They had appointed the respondents, Thomas H. Swasey & Co., their agents and treasurers, and had paid to them their subscriptions. The Messrs. Swasey purchased the brig Ta-ranto with this money, and fitted her for sea, with stores for the use of the association, for eighteen months. Just as the association was about to sail, the Messrs. Swasey…
1Opinion of the Court
SPRAGUE, District Judge,
in delivering his opinion, said, in substance, that he was satisfied, upon the evidence, that the following was the true state of the facts: The Messrs. Swasey were the originators of this enterprise, for the purpose of being made agents, and for the commissions and' other profits of doing the business. They advertised for persons to join the company, prepared a constitution, which gave them the office of agent and treasurer, and fixed the capital stock at $13,000, in fifty shares of $300 each. They gave strong assurances to inquiries,that they had made careful…
2Cited by1 opinion
- The DaisyDistrict Court, D. Massachusetts · 1886