People's Trust Co. v. O'Meara

Kelby, J. (dissenting):

Additional facts not referred to in the prevailing opinion are as follows:

The parties own among them the entire capital stock of the corporate defendant, deriving their interest from Maurice E„ *272O’Meara. He established the business in 1855. It was incorporated in 1900 with a capital stock of $100,000, of which Mr. O’Meara sometime after gave about one-third to the individual defendants, his sons. They were associated with him, and it was the practice to distribute the earnings, as salaries, in the proportion of the stock interests. Mr. O’Meara, Sr., died in January,…