Hawthorne v. Smith

Lewis (Harry E.), J.

This is an action for an accounting.

In 1917 a corporation known as Street & Smith, Inc. was organized with an authorized capital of $4,000,000, consisting of 40,000 shares of the par value of $100 each. This corporation took over the assets of a partnership consisting of Ormond G. Smith, his brother and sister. The partnership had been engaged in an extensive publishing business, and its assets were transferred to the corporation in exchange for the latter’s capital stock. Ormond G. Smith and his brother, George C. Smith, each received 17,500 shares, and Cora A. Gould, the…