Woods v. Metropolitan National Bank

— The "White Shoe Company is a corporation, organized under the laws of the state of Washington. It was organized hy the respondent J. L. Hatfield and one C. A. White for the purpose of engaging in the retail shoe trade in the city of Seattle, each of such organizers subscribing for one-half of its capital stock. Upon its organization, the corporation began the business for which it was organized and continued therein until January 4, 1922. The business was under the direct management of White, and proved to be a losing one from the start. In November, 1921, its financial condition was made a…