Page:Statesman's Year-Book 1899 American Edition.djvu/212

CXC UNITED STATES States in the several States, the Supreme Court of the District of Columbia, the district courts of the several Territories, and the United States courts in the Indian Territory and the dis- trict of Alaska courts of bankruptcy. The law defines acts of bankruptcy as follows: Acts of bankruptcy by a person shall consist of his having (1) con- veyed, transferred, concealed, or removed, or permitted to be concealed or removed, any part of his property v^^ith intent to hinder, delay, or defraud his creditors, or any of them; or (2) transferred, while insolvent, any portion of his property to one or more of his creditors with intent to prefer such creditors over his other creditors; or (3) suffered or permitted, while insolvent, any creditor to obtain a preference through legal pro- ceedings, and not having at least five days before a sale or final disposi- tion of any property affected by such preference vacated or discharged such preference; or (4) made a general assignment for the benefit of his creditors; or (5) admitted in writing his inability to pay his debts and his willingness to be adjudged a bankrupt on that ground. The following-described persons may become bankrupts: Any person who owes debts, except a corporation, shall be entitled to the benefits of this Act as a voluntary bankrupt. Any natural person, except a wage-earner or a person engaged chiefly in farming or the tillage of the soil, any unincorporated company, and any corporation engaged principally in manufacturing, trading, printing, publishing, or mercantile pursuits, owing debts to the amount of one thousand dollars or over, may be adjudged an involuntary bankrupt upon default or an impartial trial, and shall be subject to the provisions and entitled to the benefits of this Act. Private bankers, but not national banks or banks incorporated under State or Territorial laws, may be adjudged involuntary bankrupts. The Act does not affect the allowance to bankrupts of the exemptions which are prescribed by State laws in force at the time of the filing of a petition in the State wherein they have had their domicile for six months or the greater portion thereof immediately preceding the filing of a petition. The law creates two offices — referees and trustees. The Act went into full force and effect upon its passage, that is, July 1, 1898, but no petition for voluntary bankruptcy could be filed within one month of that date, and no petition for involuntary bankruptcy within four months thereof. Pro- ceedings commenced under State insolvency laws before the passage of the Act were not affected by it. Fire Insurance The latest facts relative to fire insurance are drawn from the " Insurance Year Book " for 1898, and are shown in the follow- ing table: