, 1873-02-06

for alch percentage Of tho unpaid capital yet Rta,
lent of ths COURT to iqudate thu known iaL!lities q
tic bankrupt. Ths petition was filed on tho Goth o
& raw an nsn or sere e
OF January why tie assessment asked for should lt
Wss | 5 5 s sss fs sSast ;ss rs
lany-and also Tint ,,oes should DO published In tic
return day q tliis r!,lo extension thereof was
given 10 the osth day of Jan,ary nnl tho day last
orne, and for
70 Tho making or e,c1 assessment, aud denied tho
sei t. st: es Sgn y s fS sseHnes :, Ms
IN Bankruptcy Of tls Court, to takc proof uron
ho following matters Of fact alleged III said pet!tuu
Second. What was the amount ot available asseta,
exclusive IT tho unpaid capital stoch7
And to report tho testimony talcn thereon to til.
Court on or before Saturday tho LIST day Of tho prcscn
The Register living returned into court the proof
taken By him in p,ltsnanee Of this order te matter
various questions raised by The pctor, answers and
Nroof.
said bankrupt Insurance Company WIS n duly ur-
ncorporation PASSED by Ie Legislature Of 1Ios, ns H.
approved 11arch 5 1867 lint t,e capal sock Of sai
nani,apt wa limited on!y BY ths discretion Of its
stock oo T Increased lis sasa, sano
= s5,ooooo6 ald uatAequenty ID 81 900 b at no
te in tho history Of tfle oona1y did a subscribed
hermS Of subscription, made In nceurla,lce will tho
CHARTER 20 cent of Enid capital stock to c pa
Ev per cont WAS lie assessed only III tho evont Of tho
90 per cont cash fund becoming impaired by losscs
Tho olartor also provides that Tho real and per-
Gonal property Ut each iuyiiual stockoldcr should
'bohed liable fur any md al iosses, and liabilities Of
she s ,a t. ths naonat Of s atoss
loss GXCcEGluU tho Gf thu
each stosahe1ef ae @ sai be aeG to tho amount Of tla
dls in tho City Of Chicago, the memorable
fire policies 1t had issod to tho amount Of about
ooo ana the saal, fund eyatlals for tho payment
the capital stock Of said bankrupt then outstanding was
H77s,too on which 20 ror cont had boen paid and so
per cent ren.aned unpaid and subject to call in pur-
euance OF the clurter and subscription contract above
grantpl.
On Tho oo.h Of November, 1871, The Executive Com
pon tlsr stoeI, which aolon o TIC Community I va s
satisfied and approved BY the Directors Of tasl COM
pauy vt tho5r annual meeting ell on the l7tl uf
hodsr sheu pay g Y tho 18th e March
fe aoo s Ss soGa until the
the 18th Of July, 1879, the Executive Committee made
absolute aud unconditional call and assessment Of
day OF August 1872. 1n pursuance Of this action OF
tAe Executive COMMITTEES and noard Of Directors,
many u tue b%Ocku0!atfe lafe pa1u various Guta
Their stock having puid ho full 80 pcr cent r..
manning unpaid nt tho time the first cali was ma,le
and that tho fnnds thns rntsed together with those o
Land Mt the time Of the fire., hayo been applied 10 the
payment Of the losses and expenses Of tie Company,
with tho exception Of about $50 600 nov on hand aid
tint thore are still unpaid losses to tho amount of
St5Q, 600, or more.
1talao appears from the proof that, after tho ossea
atoresad the Company suspended all husiness except
such pertaine1 to tho winding up of s aaasrs that
# adjusted the losHes sustained mud paid 26 per cont
rstes Of Indebtedness TOR tho balanco payable one
a n1 a as # A s ons @ " s s dy Of
1talso nppears that, Mt sorne timo soon after tho
great fire, and while tho policy Of tic Company as to
shs liquidation Of its liabilities waa yet unsettled
tent the amount OF hotr claims tor losses and gave
ieleaseB III full hut when tho Company afterwards
resolved 10 assess tho stock and pay in f thcso re-
certificates to tbs full amounts Of thoir ell losses
tlut soo Of eaockholders also hel policies GU wl,lc
directly 10 tho payment Of tAo call on tteir stock And
Y further spneara that by resolution Of te E1ec
ralia in certificates Of tndeb.ednesH issued BY tic Com
pnny on its osses tnoreby wholly retiring Inc cer-
sra marc IT. ona q, f nsna so M
thoir snbscrAions unavailable. It il entimate.
condition. There aao still outstanding policies is
sued BY the Company which It viii cost 1t least
tbs. Stockholders should 10 egiallzod. 1 10
TIT thsr tosa x.,a who ",,rd n,e paid than
bankrupt and expenses of administration should hnyo
ths rstsea hs hs Asagnes aso suggests
draw ntsrez utter ,natury til tl.o adjncaion ,Ao oi
bankruptcy and That provision shod be nude for thls
made In View Of tho facs thus shown, tho Assirnee
asks that callanl assessment Of 500 bo mne OH each
upon which call shall be credited to cach etockhuldor
such payments as lie has nude on his stock III excoss
scripison Tbs objections urged in behslr Of lie
stockholere who hase appeared 70 show ugaist
frs Ise may Geur Ge In. tGoMy
call and assessment nsked.
Second Some Of sala stockholders insist TINT sa,d
capital stock without tho consent OF all ita other stock
hollers, and they are thereby relieved; and osrs
sdeK aat a s Germany Meo they sueaerbea o
egek una otherwise changed is business and inancal
policy.
Third Tin. the neaeaanaen called for ,s unnecessarily
large TO meet The liabilities Of tic bankrupt; that as-
sssslnsnts can o'sly bo mado to pay loss1s anl no
es m DE- nas to pX premiums for
penacs ot administration and closing tho atiairs Of Lo
estate that e Court has no power to adjust equities
asseaksment to reimburse those who have mid mora
than their pro rata-soA being the peculiar provision
o. court of equity; nnd that tue Court shall hasess
As 70 the rat objection, It will be sufficient to any
tha thin Court II, BY tho bankrupt law. clothed with
Court Of Equity TO call In s unppid stock of a. In
sovent corporation for the purpose Of paying ia delta
gard no longer In doubt.
As tu the second point tlo claim thnt the Company
LIS frandueAtIy folrod portion Of It's stock, to tho
lrcjudce Of the Stockholders Ia basct ut.pn tLesp
[acss: Sometime in the latter part Of tbs year 1870
IT. business Agenciea from tho City OF New York. aud
hsEs some other points III tle Eastern stataa aud