United States National Bank v. Evans

Opinion by

Mr. Justice Sadler,

A corporation, known as the Johnstown Terminal Warehouse Company, was formed, and a large number of individuals purchased stock; in many cases paying by notes. The corporation also placed upon the property a mortgage of |300,000. Many of the subscribers failed to comply with their obligations, and the funds received were insufficient to complete the construction of the proposed building. After efforts had been made to collect from those owing, it was found that a large part of the obligations given could not be realized upon, and that, at the most, the makers of…