H. B. Rice & Co. v. Miners' Elkhorn Coal Co.

Opinion of the Court by

Judge Bees

Affirming.

The appellee Miners ’ Elkhorn Coal Company owned a coal mining lease on the farm of George B. Bice in Johnson county. The lease provided, among other things, that the landowner, George B. Bice, should be paid a minimum royalty of $2,400 a year in monthly installments of $200 each, and a lien was retained on all the property of the company to secure the payment of the royalty. The company began operations during the year 1920. Its capital stock consisted of 300 shares of the par value of $100 each, the majority of which was owned by the appellee, F.…