Ham & Ham Lead & Zinc Investment Co. v. Catherine Lead Co.

158 S.W. 369, 251 Mo. 721, 1913 Mo. LEXIS 234
CourtSupreme Court of Missouri
DecidedJune 28, 1913
StatusPublished
Cited by12 cases

This text of 158 S.W. 369 (Ham & Ham Lead & Zinc Investment Co. v. Catherine Lead Co.) is published on Counsel Stack Legal Research, covering Supreme Court of Missouri primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Ham & Ham Lead & Zinc Investment Co. v. Catherine Lead Co., 158 S.W. 369, 251 Mo. 721, 1913 Mo. LEXIS 234 (Mo. 1913).

Opinion

FARIS, J.

Plaintiff snecl defendant in the St. Louis Circuit Court for certain commissions alleged to be due it, as the assignee of a consummated contract for- the sale of the mining properties of defendant. The jury returned a verdict in favor of plaintiff for $16,433.30, which verdict was set aside by the trial judge upon motion for a new trial -filed by defendant. From the action of the court in granting a new trial, plaintiff, after the usual procedure, has appealed.

The plaintiff went to trial on a petition having originally three counts: the first was bottomed upon the below contract; and the third upon a quantum meruit. (The second count was dismissed and its contents are not shown, nor are they pertinent.) The jury found for plaintiff on the first count, as stated, but on the third count, which was upon quantum meruit, the finding was for defendant. The answer of defendant to the first count was a general denial; to the third count a general denial, plus a plea of the Statute of Limitations. Reply, conventional and not here pertinent.

The reasons which moved the learned trial judge in sustaining the motion for a new trial are thus succinctly stated by him in the memoranda by him filed, to-wit:

“I have gone over again and again the contract of January 21, 1904, and I cannot make out of-it an authorization or direction of the defendant to the plaintiff to sell the real estate in question. I cannot give it the meaning necessary for the plaintiff to- recover in this case without wholly disregarding a large portion of that part of it which is in writing.
“.As to the point that the defendant offered instructions along similar lines to those offered by the plaintiff, it is sufficient to say that the defendant was forced into that position by the refusal of the court to give a peremptory instruction at the end of the plaintiff’s case.
[727]*727“I feel, therefore, obliged to grant the defendant a new trial in this ease for failure to give such instruction. ” ;

The facts necessary to an understanding of the legal questions involved are that at and before December 9, 1903, the defendant, a corporation, at the time owning certain extensive mining properties in Madison county, Missouri, had become financially involved to a pressing and acute degree and was desirous, of selling its holdings. S. H. Brickey, who died before this suit was tried below, was the president of defendant. At a special meeting of defendant’s board of directors, held on December 9, 1903, the below order was made:

SPECIAL MEETING.
The president was authorized to offer Mr. Beers a com-, mission of ten per cent should he effect a sale of the property within thirty days at a price of $300,000, it being understood that the commission would be paid only as cash payments on the property were made.

Defendant company was capitalized at the sum of $500,000, divided into shares of ten dollars each par» value.

Something over a month after the making of the' order above quoted, S. H. Brickey executed with plaintiffs’ assignors (who were then co-partners only, doing business as Ham & Plam, but who have since incorporated under the name and style here- shown in the caption), the following agreement:

WE DO NOT SELL STOCK.
Ham & Ham,
Zinc and Lead Investments,
10 Wall Street, New York.
Frisco Bldg., St. Louis, Mo.
We do the advertising.
We send purchasers direct to owners.
[728]*728Dated at -, Jan. 21, 1904.
. Ham & Ham,
St. Louis, Mo.
Gentlemen:
We have for sale the following described mining property (prospectus, etc., attached to this letter), situated in:
. Catherine Lead company stoch to the amount of at least (60%) sixty per cent, on a basis of 50,000 shares, par value ($10) ten dollars per share.
Total number of acres in fee about 1,560.
Total number of acres under lease - on which we pay-per cent royalty.
Machinery and improvements consist of:
Good mill, tram and other improvements valued at about $60,000 or more; also several tenant houses, 30 or more, and several hundred acres of fine farm land (see last report).
If you send us a customer, with or through whom we make a deal on the above described property, we agree to pay you 10% on the first $50,000, or any part thereof, and 5% on all over. $50,000, when property is conveyed.
We agree to telegraph you a price on the above property at any time you desire to introduce customers. The price and terms for the next 60 days will be as follows:
On a basis of six per share — par value $10 per share.
We agree that the price made to you will be as low as price made to anyone else. We sign the above contract with the understanding that the prospective purchaser will be introduced to us, and that we are to deal with him direct.
S. H. Bbicket.

(.This contract was on a printed form. We show in italics the words written thereon in pen and ink.)

On May 12, 1904, the minutes of the directors’ meeting show the following, among other things, to-wit:

Mr. Brickey also reported that the parties who had spoken to him about the property had sent an engineer down to examine it and would report May 13th. In order to give the first parties a chance for a hearing, and inasmuch as their letter was on the way and Mr. Carter’s proposition could, in all probability, be held" over for a day, it was resolved to adjourn the meeting until Friday, May 13th, at twelve noon, and postpone any action until then.
May 13, 1904. Adjotirned meeting. Mr. Carter renewed his offer made .May 12th, and tendered deposit of $1000 to secure option. Mr. Brickey stated that Hamm & Hamm, who [729]*729sent an engineer down to examine the property, telephoned him. that their Mr. Ross would report at this meeting as to what the report was and what they proposed doing. Mr. Ross was therefore invited hy phone to come to the meeting and report. Mr. Ross arrived and stated that the engineer, Mr. Hall, above referred to, had made report on the property, hut he, Mr. Ross, did not show any written statement other than his own relative to the result of the examination. He was informed that the Carter proposition was under consideration, and if he intended presenting a proposition it would have to he accompanied hy a cash payment greater than $1000 offered hy Mr. Carter. This requirement he was unable to meet and was excused from the meeting.

Prior to the transactions had at the directors’ meeting, the minutes of which we quote above, plaintiff wrote to Brickey the following letter:

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Bluebook (online)
158 S.W. 369, 251 Mo. 721, 1913 Mo. LEXIS 234, Counsel Stack Legal Research, https://law.counselstack.com/opinion/ham-ham-lead-zinc-investment-co-v-catherine-lead-co-mo-1913.