Capital journal. (Salem, Or.) 1893-1895, 1895-11-15
arArB iHauaAHor 90

w HHHNiH fHfHiNf ~
h2'''" loansd out " NE stale NJ Wasb
loSion ~ securities spbroysd w ibs
f1'suisf ~ state ciig snd farm fssl
s"H's' mofipaas hans, cpilslsfai loans
ao1 pfen'lun notes The feai estate ls
m ihs best ebsfaeief. Including ibslf
eofnef shd three story bfloh In lhla
ol'y aud IN ofdlnafy lines n prosper.
w would bu very ysluabie. Their
paper la ctoiee, but the ability ~ real.
We VI pf'sent upou sny secufitle, IL not
great
Tie necessity for ready funds and a
constant receipt ~ large smounls and q
good hank account viii he better feaI-
l1od when lhc expenditures u the
COMPANY are hnOwo, Fof the month
oi October the total sxuenses, lnclud.
log the Losses, footed ny gls, ,7l0. aud
the running expenses alone we're tiO,-
III. The capital stock Ia 100000 and
II IL all paid up.
Late In the evening a receiver was
asked In the circuit court, Judge Hew-
ltt then sitting, on petition OF ~. Il.
Jordan.
The full teAt of Mr. Jofdan's com.
plaInt IL given In the following. the
Introductory paragraph mentioning
tho fact that the defendant Ia an organ.
ICED corporation under the virtue Of
the laws Of Oregon for the purpose Of
doing general fire insurance business,
and as such corporation IL Is doing
business with Its principal Office To-
Gated at Salem:
That said corporation has paldup
capital stock Of one hundred thousand
dollars divided into one thousand
shares Of par value OF one hundred
dollars each.
That plaintiff Is a stockholder In said
corporation, owning twenty 1--WE shares
Of the capital stock fully paid up.
That the entire amount OF each
capital stock and all Of the assets Of the
defendant corporation are invested and
used in its business Of conducting a
general fire insurance business.
That the earnings of said corporation
haye been for some time past and still
are, insufficient to pay the obligations
of the corporation as they mature; and
the collections of money, notes and
accounts due the corporation for some
time past, have been very slow, leav-
ing the corporation with insufficient
money to meet It's ACQUIRING obliga-
tlons.
That the property Of. the defendant
consists of. real estate
OF the probable value of So, 900,
the greater part Of which consists of
the home office and building in the
city of Salem, which is encumbered by
a mortgage of $1,000. and notes secured
by mortgages to the probable amount
Of sos, 900; Of other notes and bills re-
ceiYable to the amount of $l75, 900;
about $50 900 Of which will not ma
ture until after the first day of January,
1885, the greater part Of which is not
yet due but which natures monthly;
Of school bonds TO the amount Of $780,
900. Loans secured by collateral Sc
curity $4,000, and premiums in process
Of collection to the amount of $4,000, or
That the liabilities Of the corporation
consists of Reinsurance reserve as re-
quired by the law of the state OF Ore
gon, $4,000.
Bills payable 81, ,525.45.
Leans, losses adjusted and unadjusted
which are due and about to become
due, $4,000.
Capital stock 100000.
That the assets of the defendant COR
poration oyer and above Reinsurance
reserve and capital stock, which could
not be impaired, will not exceed in
value the sum OF $4,000.
That there are fire losses which have
been adjusted and which are due and
for which payment has been demanded
to the amount of ten thousand dollars,
or thereabouts.
That there are judgments outstand-
H. dafandant oornOratiOu which