Sturgis v. Roche

We think the evidence sustains a finding that the value of the coal mines at the date of the declaration of the stock dividend is fairly measured by the price paid therefor by the Glen Alden Coal Company, and is not to be augmented by a consideration of the price at which the shares of the latter company, when issued, were sold in the stock market.

We find no sufficient evidence, however, that the price so paid represents the value of the lands in March, 1911, and February, 1914, the dates of the creation of the trusts. We fix the value of the coal properties in March, 1911, at $40,625,000,…