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Story
December 5, 1895
Capital Journal
Salem, Marion County, Oregon
What is this article about?
The Salem Consolidated Street Railway and Salem Light & Power Company were placed into receivership by Judge H. H. Hewitt due to unpaid debts of $17,425 to the First National Bank of Salem, stemming from promissory notes dated 1893 and 1895. F. R. Anson was appointed receiver to manage operations.
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ANOTHER RECEIVERSHIP.
Salem Consolidated Street Railway and the Salem Light & Power Company.
As Power Company.
The property of the Salem Consolidated Street Railway and the Salem Light & Power companies was placed in the hands of a receiver yesterday by order of Judge H. H. Hewitt, of department No. 2, Marion County circuit court, in answer to the petition and complaint of a suit for foreclosure instituted by E. P. McCornack, as trustee, against the first named company.
The allegations of the complaint show that these corporations are indebted to the First National bank of Salem, in the sum of $17,425, due on two promissory notes of $8,712.50 each, executed during 1895. The first note was signed by B. Z. Mitchell, O. F. Paxton, A. P. Fuller, J. L. Hartman, Geo. B. Markle, F. H. Page, D. T. Sherman, F. R. Anson and D. M. Tuthill, they being accommodation makers and not the principal debtors thereon.
The second note was made by the Salem Light & Power Co. at the instance of the defendant corporation, payable in three months following the 15th of July, 1893. On December 26th of that year, the two notes being still due, the defendant company gave the plaintiff a second mortgage on all its property situated in and around Salem, including the electric light and street railway franchises and contracts and the foreclosure of the same is now sought.
F. R. Anson, who has been manager of the corporation's business in this city, was named as the receiver. He is required to make an inventory of the property before the expiration of thirty days and to continue the operation of the lighting and power plants and the street railway.
The complaint is a voluminous document, covering over twenty-three type-written pages.
In regard to the claims against the company for cord wood, Mr. Anson states that the farmers have put their wood into the yard, and that it is theirs until the company requires it, when it will be paid for.
The pay roll will be met weekly as in the past. There are practically no unpaid local bills.
Salem Consolidated Street Railway and the Salem Light & Power Company.
As Power Company.
The property of the Salem Consolidated Street Railway and the Salem Light & Power companies was placed in the hands of a receiver yesterday by order of Judge H. H. Hewitt, of department No. 2, Marion County circuit court, in answer to the petition and complaint of a suit for foreclosure instituted by E. P. McCornack, as trustee, against the first named company.
The allegations of the complaint show that these corporations are indebted to the First National bank of Salem, in the sum of $17,425, due on two promissory notes of $8,712.50 each, executed during 1895. The first note was signed by B. Z. Mitchell, O. F. Paxton, A. P. Fuller, J. L. Hartman, Geo. B. Markle, F. H. Page, D. T. Sherman, F. R. Anson and D. M. Tuthill, they being accommodation makers and not the principal debtors thereon.
The second note was made by the Salem Light & Power Co. at the instance of the defendant corporation, payable in three months following the 15th of July, 1893. On December 26th of that year, the two notes being still due, the defendant company gave the plaintiff a second mortgage on all its property situated in and around Salem, including the electric light and street railway franchises and contracts and the foreclosure of the same is now sought.
F. R. Anson, who has been manager of the corporation's business in this city, was named as the receiver. He is required to make an inventory of the property before the expiration of thirty days and to continue the operation of the lighting and power plants and the street railway.
The complaint is a voluminous document, covering over twenty-three type-written pages.
In regard to the claims against the company for cord wood, Mr. Anson states that the farmers have put their wood into the yard, and that it is theirs until the company requires it, when it will be paid for.
The pay roll will be met weekly as in the past. There are practically no unpaid local bills.
What sub-type of article is it?
Historical Event
What themes does it cover?
Misfortune
Fortune Reversal
Justice
What keywords are associated?
Receivership
Foreclosure
Street Railway
Light Power Company
Promissory Notes
Salem Debt
What entities or persons were involved?
Judge H. H. Hewitt
E. P. Mccornack
F. R. Anson
B. Z. Mitchell
O. F. Paxton
A. P. Fuller
J. L. Hartman
Geo. B. Markle
F. H. Page
D. T. Sherman
D. M. Tuthill
Where did it happen?
Salem, Marion County
Story Details
Key Persons
Judge H. H. Hewitt
E. P. Mccornack
F. R. Anson
B. Z. Mitchell
O. F. Paxton
A. P. Fuller
J. L. Hartman
Geo. B. Markle
F. H. Page
D. T. Sherman
D. M. Tuthill
Location
Salem, Marion County
Event Date
1895
Story Details
Salem Consolidated Street Railway and Salem Light & Power Company face foreclosure due to $17,425 debt on 1893 and 1895 notes; receiver F. R. Anson appointed to manage operations and inventory property.