Black Mountain Railroad v. Ocean Accident & Guarantee Corp.

Stripped of unnecessary details, tbe following are tbe facts: Tbe plaintiff railroad company was chartered in 1910 for tbe construction of a railroad from Boonford through Yancey County. Tbe promoter and organizer of tbe railroad company was Charles L. Ruffin. The six directors, each bolding one share of stock, contracted with said Ruffin to build said railroad, be receiving in payment tbe entire capital stock except said six shares. Ruffin subsequently contracted with Ruffin & Harris, a partnership composed of himself and his superintendent, J. H. Harris, to build a short branch line.' Said…