The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1880-12-04
A BIG FAILURE.
Suspension or the Piedmont and Arr
iington Ltfe-IBsurancc Company.

AN ASSIGNMENT MADE BY THE COMPANY
| OF ALL OF lis PRO PERTY OF EVERY
KINO-MR. ANGUS r.. BLAKEY, OF CHAR
| Louisville, VA, THE TBUsTEE-sOME
l. VALUABLE PROPERTY CONVEYED IN vlR-
| GINA AND OTHER sTATEs-PERMISsION
! TO REORGASIZE TIE CoMPANY GRANTED
| IN THE DEED-wHY THE DEED WAS MADE,
! &C., &C.
When IL was announced early yesterday
morning that the Piedmont and Arlington
Life-InsUrance Company OF this citv had
/ failed, and bad made. an assignment OF all its
| property, no very great Surprise was eX-
pressed by our people, il having been gene
rally known that for some time the con-
pany bad been embarrassed and unable
/ promptly to meet claims against it a. they
matured; in fact, bad 10 ask indulgence
; from those having claims for death losses.
10 most cases time was given the COM
pany to pay in instalments these claims
out OF its current receipts. There were
some claimants, however, who resOrted TO
the courts, and were pressing their suits TO
! judgments. The number OF this class had
recently largely increased, owing 10 the
great mortality among policyholders du-
ring this year. lntimai0Ds bad been given,
! too ,>of a purpose on the part OF some per-
sous TO apply to the Courts for the appoint
ment of a receiver Of the company. Under
all these circumstances the company de-
cided that Justice TO claimants who bad eX-
tended il dulg9nce TO il and prOper re-
gard for the interests OF all its policy
holders required that decd should
be made Of all assets in trust for the
benefit of all its creditors. Accordingly
such n deed was executed on the Both
OF November, and\was recorded Yesterday
morning at 9 O'Clock In the clerks
Office Of the Cbancery Court OF this city.
IL will be noticed hat there are no preferred
creditors, except few persons who are
sureties for the company on apDeal-bonGs
in pending suits, aud their interest in the
deed IS contingent on having 10 pay as such
snreties. Angus r. BIakey, OF Charlottes.
vile is the trustee named in The deed. IL
recites that "wherPas 1t Is obvious that The
said company cannot successfully carry on
its operations as an insurance company un-
less re0rganized as hereinafter mentioned,
and that longer continuance of taking
risks and receiving new premiums, and IN
receiving premiums on policies already
taken out BY the p0hcy-hO'ders, must re.
suit in loss 10 the p0lcy-hOlderS,
the income OF the said company not being
enough TO pay of the policies maturing by
death. or in the case Of endowment policies
maturing by the expiration OF the peliodS
for which such endowment policies were
TO run, and to pay also the running eX-
penses Of the company; and whereas 1t was
resolved on the 30th day OF November, 1880,
by the proper authorities OF said company,
that the company should execute deed OF
trust with all the provisions hereinafter
contained; now, therefore, this deed wit
nesseth: That the said The Piedmont and
Arlington Life-Insurance Company, the
party Of the frst part, in consideration OF
the premises and Of the sum Of 50, do grant
and convey, set over, transfer, and assign
unto the said Angus X. Bakey, the said
party OF toe second part, the following pro-
| perty-tO witt"
The deed then proceeds to set forth in
detail the property OF the company, such as
all lhe bonds, notes, open accounts, rents,
chooses IN action, and evidences or debt oil
every kind and description; all the efflce-
| furniture IN its offices in the city OF Rich
mond, mortgages, deeds Of trust. se ecurties,
and all otner liens; all lands, tots, aud teuc-
ments, and parcels OF real property in Fir.
GINA, West Virginia, Tennessee, Arkansas,
|
| Among these are named lands and i'm
proyement in Slaunton; also, the land in
Amherst five miles from Lynchburg, con-
tanning 15l acres; also, the land and
improvements III Charlottesville, Bath
county 900 aercs), and Orange cOun-
Ity (37l acres); the lands and i'm
provements in Richmond, corner OF
n aud Twenty-eIgbth streets, 6OXl32
! feet; on Grace between Twenly.tirst and
Twenty->econd streets, 60Xl65 feet; on
! Thirtieih street, l19Xl34; nOIth side OF
| Main and Ninth streets, now occupied IN
pant as principal office OF the company; in
| Tennessee. , acres in shelby county: III
West Virginia, 5,040 acres in P0cahonas
county, formerly held by W. &. Darlington,
| and 2.jll acres additional in said county
| 2234 acres in the county Of Edgeheld, =.
c., and all lands apd improvements in
Barnwell cOuny, :. c., and at Summerhli,
ia Aiken county, :. c.; 476acres III Texas;
half OF a lot Of land in the town OF Gains
vile, Fla, and The AurIdapdO tract IN the
same State; also, the lands and improve
ments in Cross eoanty, Ark.
The trust deed provides for the sale OF all
the.above property, 10 pay of and discharge
all the Just and reasonable expenses mten1-
ing the suits. &c. to pay ofheers ana em'
ployes salaries up 10 the lst oil January.
| 1881 when salaries are to cease ; TO pay Oh
all demands on account OF suretyshipi 10
secure all the policy y-holders OF SAID COM
pany and bent hciares under policies lssued
by said company, the value OF the Interest
OF policy holders or beneticiariss TO De as
cerrained by Edward Il. Smith, OF Rieb.
mona, aci uary, and to be paid pro rata H
not enough TO pay the whole.
| 10 mi N
ing at once, 80 let and rent the property con-
yeyed.
From and after the date OF the deed sll
premiums on policies already issued or for
warded for new policies are TO be pheed
at once in one OF the banks OF Richmond
and keps separately from the other funds
OF the eompany. IL a new company /, or
0anizel before the execution OF the tInst,
the trustee is TO turn over 10 The new COM
pany all OF the assets transferred by this
deed. Ii is expressly provided, however,
that The pIesent Piedmont and Arlington
COMPANY shall not be dis solved by abe eX'
ecution OF this deed.
Authority is conferred upon the trustee
to borrow money 10 pay taxes aeU due OF
TO become due.
The deed is signed by B. &. HarisoOk
president; l.. 5. Edwards. secretary FOL
The company; and Angus Z. BIakey, trus'
tee.
Upon inquiry we learned THAI the trustee
Twill issue 10 few days eircDlar TO policy
holders giving them full and accurate in
formation as 10 tha condition OF the com
pany, and will soon thereafter convene
5ibem to decide whether they will proceed
10 z, organize the company or take steps tt
reIusure their risks ont ef the net asseh
which may be. realized under the deed
We learned, also, that the company owes
L "a, IL hoa The nnlp no