Waring

Plaintiff, as assignee of J. E. Davenport, brought this action against numerous defendants to recover upon defendants’ alleged liability as stockholders in a corporation known as Monterey Motor Ship Company. The cause was otherwise disposed of as to all defendants save defendant Pitcher and proceeded to trial solely against said defendant before the court sitting without a jury. From a judgment in favor of plaintiff and against said defendant in the sum of $1,094.66 and interest, defendant appeals.

The corporation was organized in October, 1923, for the purpose of purchasing and operating a vessel to be known as the Monterey. It had an authorized capital stock of 100 shares of the par value of $500 per share. Defendant Pitcher subscribed for four of said shares. The vessel was purchased and was operated for about two years, during which time the voyages made by the vessel resulted in financial loss to the corporation. J. E. Davenport, plaintiff’s assignor, had been made president and general manager of the corporation and had advanced approximately $26,000 for and on behalf of the corporation in the operation of the vessel. Davenport assigned his creditor’s claim to plaintiff…