Liverpool & London & Globe Ins. Co. v. Lester

Plaintiff in error issued to J. E. Lester and Gohlman, Lester & Co., defendants in error, the owners of certain shares of the capital stock of the Standard Compress Company, of the par value of $43,-000, an insurance policy, insuring them in the sum of $10,750, against all direct loss or damage by Are on the profits derived from the dividends on said stock. The capital stock of said company was $100,000. The policy contained the following provisions:

“It is understood that for three years prior hereto that the said Standard Compress Company of Houston, Texas, has earned a dividend of 25 per…