Evening journal., 1896-01-06

hoiders-Hs claims 70 Have Bousht
His Shares Believing Them Fully raid
Up and Non-assessibie.
In the United States Court this morr-
ing was fled the answer to the bill Of
complaint brought by william B.
Prickett, receiver OF the Wilmington OIL
and Leather Company, corporation Of
the state Of Delaware, sgalnst LAWS r.
Adair and others, siockholders Of that
company. The answer ls made ~
Joleph L Ocheltree, one Of the
defendants. and Ia voiuminons one.
Ia 10 be disclaims any accnrate knewl
edge concerning tho aggregate Indebted
ness on the company. hut does net
believe that the property, real aud
psrsoDal, OF tha pany has been
properly and legally taken in sxsoation
and sold by itn creditors, aud that It May
ee possible to recover possessioa Of
part Of 10 frem those who claim iitle by
reason Of judicial sales made uu
Ger cover OF Illegal proceedings
10 Is also deBlsd thai the only
rsmaining assets Of the company
avallHbls for the liquidation Of the dsbts
are those amounts due frsm sharekoldert,
but that the officers By tho issunnce sf
ths stsck have mads themselves ieintly
aud severally liable for the. dsbss con
tractsd while they we're stockholders and
officers aud the receiver ehouldflook -
them for these debts and ehould 10
compelled TO protect the innocsnt holders
OF stock
Dess Not Owe AnsthinE.
The defendant denies that be owes or
ever did owe the conpsny any money and
that n he Is charged With any indebtsd-
H. q l..
entries are false. aud unreliable aud that
the ohlof debtors are not made defend
ants In their proper capacity. Tke
answer satn forth the following
The Wilmington OH and Leather
Company organiz d undsr an aot Of
ohsr,cr, though Ice enicera issusd up.
wards ci 600 shares Of the par value
Of f25 ali OF which expressed on their
faos that the ahares OF the capital
stock represented By them were fully
paid and non asscssibla That up
vards Of 5000 Of theso shsres
were issued 10 certain p<rsonn
who we're promoting and organlzlng the
company, without any consideration aad
nothing was paid into the treasury On
them and that the balanos Of them we're
'only p srtially paid up sDd were Issued to
the holders on payments Of sums rang
i lNh ii9m - 20 t-o'
Bought IN Good Faith.
Mr. Ochsltree then states that be
purchased fftesn shares from r.
Jackson understanding at the time that
thsy wore fully paid no aHd that he wan
buying from ar Jaokson ard not from
| tho company That on February H.
1888. the company by cariain paper
written under the hand Of Ito preaidsnt
dent confessed Judgment 10 Daniel
W. Taylor truEteo, for e17. 400.
which judgment he belives was
to protect the sfIicars who
had endorsed osrtAin notes
OF the cor pany and was an attenpt fsr
the posHiblr preforment OF posiibls cred
tors, they bei1g oihcers, as aKainaf the
defendant. That Immediately On
oonfsraion Of this judgnsut. an sficsr Of
.he company acting as attorney OF record
for d. W. Taylor directed the hHue OF
writ OF fsri facias. on whieh a levy was
made by the sheriff and All the personal
property Of the conpany levied on and
Jsken In execution for @ larger rum than
IL WAS actually werth.
Not Conducted Lawfully.
The defendant claims that the buai-
ness OF tho com psny han not been con-
Quoted lawfully aud with q view Of pay
Ing Just debts. nor to tho interest Of tho
stockhoidsrs That he owes nothing, as
be boaght ais stock from an individual,
relying on statements contained in tho
certificates that the ahsres were paid-up
aud non aassosiblc and be suggests that
the most Inn portant defendants and tho
ones most culpable, nnd liable, the
officers OF the company, have been
omitted from the receivers bill. and
urges that they be Joined as defendants.
Chsress An Omcer with Fraud
Defendant o,heltgea then sets forth
that heis Uniformed and believes that one
Of the officers. 10 wit. Henry Conrad,
has fraudulently endeavarsd TO escape
bis personal liability 10 said cempany BY
transfer OF some or all of his
stock to some insolvent or financially
irresponsible person, with whom he
while an oiii ser Of said company, fraudu-
lently contrived or attempted = surren-
der Of such stock to said company, and
that this act aud any other sets Of liko
character should be brought 10 the
knowledge and within the Jurisdiction Of
this honorable court by an amendment Of
the bill filed IN his cause the books,
papers and accounts Of said company being
uow In the possession Of the recsivor
appointed by this honorable court TO the
end that justice and equity may be done
and deoreed with respect to the rights.
duties and liabilities OF all the parties
ard persons interested whether as
creditors OF debtors"
Prays for Decree In His Favor.
Ia concluding, the defendant prays
that the bill may be amended 80 As to
bring all delinquent and debtor eficers
Of the company into court for the pur
poso Of making them pay all sums for
which they are liable. that Innocent
persons may not be called on to respond
unnecessarily for their deiinquoncies and
legal and official misdeeds BE further
prays that after a decree In bis favor
for the sum due him IS a creditor and
payment Of same, he b dismissed with
his reasonable costs
The officers OF the Wilmington Oil aud
Leather Co were: President, z Jsmes
Belt: vlcs-preeident West.