Lisle

According to the petition or corn-plaint filed in the court helow, the following facts appear: Haden Securities Company, Inc., is a California corporation having 10,000 shares, of which petitioner is owner of 200 shares. E. S. Shipp is the owner of more than 5,000 shares, and is president of the corporation. His wife, E. H. Shipp, is the owner of 100 shares, and is the secretary and treasurer of the corporation. Shipp and his wife are two of the three directors, and are, therefore, in practical control of the business of the corporation.

Metropolitan Finance Corporation is a California corporation wherein Shipp is the owner of a majority of the issued capital stock, and is its president. Defendant Hemphill is the secretary of that corporation. It is alleged that Shipp, being general manager of the Haden company, sold some of its properties, and invested the proceeds thereof, with other money of the company, amounting in all to the sum of $69,600, by using it for the purchase of stock of the Metropolitan corporation.

The petition does not allege any facts showing misconduct or want of. good faith on the part of the officers of the Haden company in the above-mentioned…