The Saint Paul globe., 1897-12-05

and issued on divers terms and condi-
tions, to wit:
Contributing Stock-The owners and
holders of which are TO pay for the
same in monthly installments of 60
cents per share, until the aggregate of
such payments, together with the divi-
dends thereon, shall amount to $1OO.
Paid Up Stock-The owners and hold
ers of which are to pay $50 per share
on the issuing of the certificate and
thereupOn become entitled to the pay
nent of per cent annual dividends
upon the sum so paid, and thereafter
become entitled to the payment of s10O
Ter share when the aggregate of divi-
deEds in excess of per cent, together
with said initial payment of $50 per
share, amounts to $100.
Fully Paid Up Stock-The owners and
holders of which pay 500 per share on
the issuing of the certificate, and there
upon become entitled to receive 6 per
cent annual dividends thereon, and to
receive the principal thereof on de-
mand, after three years from the date
Of the certificate. The holders of all
classes of stock will reserve the right
to withdraw from said defendant COM
pany, such sums as they had paid in
with interest, on giving notice of their
desire to that effect, providing that
said stock had been outstanding for a
prescribed period.
The plaintiff Gilbert asserts that he
is the owner of three shares of said
fully paid up stock of said company
the certificate of which became pay
able on demand after July s, 1896, and
the plaintiff, Johnson. declares that
since Oct. 81, 1888 he has b en- the own
er of ten shares of contributing st ock,'
class A Mr.. Gilbert alleges that he
has duly demanded payment Of his
stock, but that no part of it has been
paid, and Mr.. Johnson says that he has
duly given notice of his desire to with
draw the moneys paid in for said stock,
but nothing has been paid him on &C
count of his stock.
The plaintiffs then proceed after the
company in this fashion. They declare
that it's assets do not exceed $25, 900,
that it's obligations to others than it's
stockholders are very small, and that
it has but one creditor outside of its
stockholders, which creditor possesses
ample security for the debt due him,
while the outstanding stock aggregates
more than three times the value of the
assets of the company
On or about Sept. 27, 1897, the defen-
dant company, 1t is alleged, reported to
the public examiner of the state of
Minnesota it's condition for the six
months ending June 30 1897, which re-
port contained substantially the follow
ing statement of resources and liabili-
ties:
Resources Mortgage loans, $3.50;
loans on stock of the association, 81, ,145;
fines, $9S1.25; Office safe, $50; real es-
tate, SIS, ,175; cash, $633. 95.
The complaint alleges that the foregoing
statement is not true, in that the real estate
instead Of being worth S75175, is of no great
er value than the of 500 Geo. that said
item of fines is wholly worthless, and that
the said item of a loan on stock of the
association" is not worth more than $780,
Altogether, the entire assets of the company
do not, SO the plaintiffs aliege, exceed S25. COO
The report to the company's liabilities
was as follows: Amount due the stockhold-
ers on account of cash paid in for stock de-
nominated as 'class A." $73S27.50; bills pay
able, $500; contingent fund s609.75 paid up
stock. class b. $1750; paid up stock, class
c." $3.50.
Then followed numerous allegations of mis-
management and Misrepresentation of the af-
fairs of the company on the part of the presi-
dent Charles E. Hamilton, and its secre-
tary, w. T. Kirke, to whom the actual and
active management of the affairs of the COM
pany was entrusted. The plaintiffs allege
that the company is, and for several years