Mahlon Pitney

“ At the same time it was held that the trial court, in apparently adopting as a measure of damages the four-sevenths interest in the property of the corporation, did not actually construe the reinvesting clause to extend to the property or the mines of the corporation, but that the instruction was tantamount to an instruction that plaintiffs were entitled to the value of four sevenths of the capital stock, which was the equivalent of, and was to be ascertained by determining from the evidence the value of, four sevenths of the net assets of the corporation. ”

“ It is said that the directors of the corporation were to fix the price of the treasury stock, and to use the money derived from its sale in the manner indicated; that Tevis and McKittrick were to be merely the agents of the board of directors (if that board should so determine) , without authority to fix the price of the stock, pay the judgment, or use the money to develop claims, or in any other way for the company's benefit; that if the directors should fail to hive such authority, Tevis and McKittrick could do nothing ”

“ That if so, the next question was whether plaintiffs ever demanded that they should be so reinvested; for if there was no demand, there was no liability on the part of defendants; but that if plaintiffs did make such demand within a reasonable time after the expiration of the two years, it was the duty of defendants to comply with it; that certain evidence introduced to show a written demand made at a time in the summer of 1906 should be rejected because such demand, if made, came too late ”