Provident Trust Co. v. Lukens Steel Co.

Opinion by

Mr. Justice Linn,

This is a suit to determine the ownership of 10,000 shares of the common stock of Lukens Steel Company issued in the name of A. F. Huston, Trustee.

In 1917 Lukens Iron and Steel Company (hereafter called Iron Company) was a Pennsylvania corporation with 5,000 shares of common stock, having a hook value of about $2,000 per share. All the stock was owned by 16 shareholders, most of them members of a family named Huston. As there was no ready market for the stock, appellants’ brief states that bankers “were consulted with a view to making the capitalization more liquid.”