Tenabo Mining & Smelting Co. v. Bates

The appellee instituted this suit in the court below, “in behalf of himself and all other stockholders of the defend *757 ant Tenabo Mining & Smelting Company similarly situated, who wish to join in this bill, bear their proportion of the expenses of this- suit, and become parties hereto.” Both bill and answer are very long, but a comparatively brief statement of some of their contents will, we think, be sufficient for the proper disposition of the appeal.

The bill shows that the appellant, defendant below, is a mining company incorporated under the laws of the state of Nevada, November 14, 1908, with a capital stock of $3,000,000, divided into 1,500,000 shares, of the par value of $2 each, 450,000 of which shares were issued to another mining corporation, styled Gem Consolidated Mining Company, for certain mining claims owned by it and situated in Nevada, called Little Gem, Ollie, Reno, and Winnemucca, upon which, the bill alleges, there was at the time a mortgage to one McCormick for the sum of $15,000 and accrued interest, and 300,-000 shares to another mining corporation then existing, styled Ten-abo Consolidated Mines Company, for certain mining claims and interests therein…