The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1876-01-19

i
the city Of Richmond In all parts OF the coun
try will be glad to hear that proceeding
| taken in the Chancery Court of Richmond ir
relation to the Tredegar Works have resulted
| favorably, and that operations will be ut once
resumed, and the hearts Of hundreds of me.
chanics and laborers thereby be made glad
| Yesterday morning Messrs. A. 7. Stokes &
| Co. and others filed bill of complaint before
Judge Edward 81. Fitzhugb, OF the Chancery
Court. After giving history of the corpo.
ration Of the Tredegar Company, and setting
forth the business done by it, they say Iu
addition to the business of manufacturing,
which has been chiefly carried on in Rich.
mond, the company owns and has operated
| two furnaces in the county Of Boietourt, Va.
| The company owns urge amount of per-
sonal property, consisting of materials pur-
| chased for use in manufacturing, mules,
| horses, wagons, and other articles used in
connection with its business. The said
TREDEGAR COMPANY
| is largely indebted. On the 7th day Of Octo.
Der, 1873, it executed to Isaac Davenport.
Jr., as trustee, deed conveying all of its
| real estate and some of its personal property,
| 10 trust, to secure the bonds of said company,
| amounting to Sl,200,000. OF the bonds Sc.
| cured by said deed S1,000,000 have been
issued aud are now outstanding. 1t was the
purpose of the said deed to provide for the
| then existing Indebtedness OF the company.
and also to furnish capital whereTith its ope.
| rations could be conducted, and it was hoped
| by those who managed its affairs that the
property would eXtriclte the company from
| its embarrassment. This hope has not been
| fulfilled. The general depression in all
| branches of trade which has continued TO
this time has had its effect 10 curtailiug its
business and in bringing loss from its opera
tious instead of profit. 1t has lost very
heavily by the insolvency of debtors. While
the amount Of the present Indebtedness OF
the company cannot be stated with accuracy
by the petitioners, they can and do charge
that its Indebtedness is not less that 81 ,300,-
600; that the company is wholly and
UTTERLY ISsoLvEET;
that the property conveyed by said deed iii
1873 Is not sufficient in value to pay the deb.
secured by the deed. If it were now sold
by auction it would probably not bring more
than oLe third, and certainly not more than
one balf, of the amount of debt secured by
said deed; that the property and estate of
said company other than that conveyed by
| said deed will not be Sufficient to pay the
| debt contracted since the execution of said
deed-the amount of said estate, the COM
| plaiuants charge, cannot eX Iced the sum OF
100000; that the operations of the past
year have not been profitable, and that the
debt of the company has increased.
1t is further charged that it will be greatly
| and manfesty to the interest of all the Gre
ditors Of said company that the assets of the
company shall be placed under the charge of
receiver appointed by this court, and that
| the same shall be administered by this court
according to the respective rights of all OF
said creditors; that the stockholders of the
company are in no manner interested in said
administration; that such administration Of
! the assets by the court will be the most eco
nomica and the most expeditions, and will
Sayea
MULTIPLICITY OF SUITS.
The CONF Elainants declare that if the court
shall take charge of the assets of the COM
pany it can by its receiver utilize the large
stock Of material to the best advantage OF all
the creditors, and prevent the sacrifice which
is otherwise inevitable; that much of the
personal estate belonging to the company has
been deposited in warehouses, and ware.
house certificates issued therefor, and that
loans have been effected on the deposit of
these warehouse certificates as security for
LUp lOdu = SuCu EhSSCO StO,OVos
The following are the different firms
named among the complainants in this bill {:
A. Y. Stokes & Co., said firm is creditor by
note and open account to the amount of
$4,000; Purcell, Ladd & Co., $500; Daven.
port & Morris, $4,000; 2. S. Derbyshire,
81, 400.
DECREE OF COURT.
Judge Fitzbueh having considered the pc.
ttion, and being fully satisfied that the COM
pany Is insolvent, ordered that "Joseph K.
Anderson be and he is hereby appointed
receiver of this ,urt, and as such receiver
! he is to take possession of all and singular the
property and estate of the Tredegar Com
| pany. But before proceeding to act as such
| re eiver he shall execute bond with
good security in the sum of $4,000. He
| shall, so soon as the same eau be prepared :,
| file with the clerk of this court, to be de-
pcsited with the papers in this cause, a tull
and correct inventory OF the property of the
said company, real and personal, in which
| he shall state liens claimed on each item of
property, if such there be. He shall also in
| like manner file list Of sll debts due to the
said company, in which he shall state the Sc
curlty held for their pay ment and his opinion
| as to their solVency or insolvency. He shall
| PROCEED TO COLLECT
call balances due to said company, and may
| institute such suits as may be necessary to
| enable him to do so, and may employ counsel
for that purpose. He is authorized 10 en-
| ploy the necessary officers, woIkmen, and
laborers. He shall use material now on
hand and shall purchase such new material
as may be necessary, sc. He may continue
the store now carried on at the works, make
| contracts for work execute existing coz
| tracts, SCI
"He shall proceed to pay out Of bis. re-
| ceipts the wages in arrears to the employ E:
| Of the company, but not to 40 extent greater
than the sum of $4,000 before reporting
to the court. He shall pay the amount
| necessary to keep the property fully and
reasonably insured. He may borrow money
! and may, as receiver, execute notes therefor
| but not to an amount exceeding $2O, 600
He shall report once in every three months
| to the court"
| THE PARTIES TO THE SUIT
are Messrs. A. Y. Stokes IL Co., Purcell
Ladd & Co., Davenport & Morris Us. The
| Tredegar Company, and Isaac Davenport,
Jr., trustee. The plaintiffs attorneys art
Messrs. James II. Dooley and OuId u Car
rington.
General Anderson qualified as receiver ir
the sum Of $4,000, and gave his brother
Judge Frapcis T. Anderson, of the Suprent
Court of Appeals, as surety.
WORK TO BE AT ONCE RESUMED.
| We have the assurance Of General Ander
son that operations will be at once resumed
under more favorable circumstances thar
have existed in the company's history within
! twelve months.