Wright v. American Finance & Securities Co.

Backes, V. C.

This bill sets forth that the defendant company is insolvent and prays for an Injunction and the appointment of a receiver. A temporary receiver was appointed, and an order to show cause issued, upon the return of which the defendant filed an answer, with .affidavits annexed, denying insolvency, and on the hearing the witnesses on both sides were heard in open court.

The defendant was formed in 1903, chiefly for the purpose of promoting and financing other- corporations. It was organized with an authorized capital of $5,000,000, divided into fifty thousand shares of the par value…