BAY CITY FUEL CO. v. UNITED STATES

No. L-214.

8 F.Supp. 857 (1934)

BAY CITY FUEL CO. v. UNITED STATES.

Court of Claims.

November 5, 1934.


Attorney(s) appearing for the Case

George E. H. Goodner, of Washington, D. C., for plaintiff.

J. W. Blalock, of Washington, D. C., and Frank J. Wideman, Asst. Atty. Gen., for the United States.

Before BOOTH, Chief Justice, and GREEN, LITTLETON, WILLIAMS, and WHALEY, Judges.


WHALEY, Judge.

The Bay City Fuel Company was organized February 1, 1919, by R. J. Milling and Noah Schwarz with an authorized capital stock of $100,000. When the company was organized Milling transferred to it two barges at a valuation of $65,000 and received stock of the company to that amount. The only assets which the company had to represent its invested capital were these barges. Milling then sold to Schwarz 100 shares of his stock for $10,000. The company borrowed...

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