Northern Lumber Co. v. White

The Northern Lumber Company, an Iowa Corporation, was organized in 1892 by James D. Spaulding and George A. Lyon. It was capitalized for $200,000 consisting of 2000 shares tof $100 par value stock. Except for a few shares the stock has continuously been held by the Spaulding and Lyon families with the Spauldings holding a substantial majority. Its Board of Directors, consisting of three members, has for many years been dominated by the Spaulding interests.

In 1932-33, the Lyon family held 318 shares. Susan S. White and Ella M. Baker, daughters of James- D. Spaulding, held 644 shares -and 680…