Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1885-11-29

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m reply distinct svowai that the con-
pany was unable TO do anything towards
paying the premiums now IN arrears
and thus maintaining the validity Of the
policies. which are withheld by the in-
surance companies for noD-payment OF
premiums, ortowards maintaining IN the
future any insurance on the property.
The petitioners declare that the CON-
pany is wholly without money. and
without any assets whatever outside OF
the property embraced in the deeds, which
II can convert into money or raise mo
ney upon, and is absolutely without
credit, and therefore unable to carry Oh
operations.
On tins account the petitioners pray
that the Galiego Mills Manufacturing
Company, and the said Isaac Dsven-
port, JT., surviving trustee of himself
and Francis Leland. deceased, and also
trustee along with Richard @. Pegram
under the deed OF trust Of October LIST,
1885, and also Richard G. Pegram
and Thomas Potts, the other trustees
under the lasi-nentioned deed, be made
parties defendants 10 this suit. and that
. receiver be appointed who shall take
possession and charge Of all property
belonging to the company and embraced
IN the deeds mentioned.
The petitioners further prayed that
the receiver should take proper care Of
the property, operate the mills, and
that the court, al the proper time, order
the sale Of the property, or 50 much Of
II n might he sufficient to satisfy the
claims Of al who are entitled TO claim
under the deed OF December 90, 1873.
Upon the affidavit OF a. Y. Stokes.
one Of the compliments, before T. p.
Turner, deputy clerk Of the Chancery
Court. made Yesterday, Judge a. L.
Holiday, Of the Chsncery Court, issued
the following order
Upon reading the bill OF the COM
plsinants the court, on their motion,
doth appoint Thomas Potts receiver OF
the court IL this cause. who shall. after
having first given bond, with security
TO he approved by this court. IL the
penalty Of $4,000 conditional for the
faithful performance Of ms duties a.
receiver herein, take possession OF all
the property conveyed II the deed OF
December %. 1879, IN the bill men
toned. and ali other property Of the
SAID company, and keep, care ior, and
preserve the same.
lie shall examine al once and see
what insurance against fire Is now IN
effect upon the property Of the company
embraced IL the deeds II the plaintiff
bill mentioned, and what Is necessary
70 secure and maintain al insurance on
safe property Of at least $3.50, 600, and
contract fOI and secure the same 50 FAY
as necessary, and as ne may he able 70
d. Oh the faith Of the property OF the
company, which Is hereby SO pledged
fo1 the payment Of any premiums
for winch said receiver may con
tract IL procuring said insurance,
and any advance Of money which
he may procure. as he IS hereby
I authorized 10 do from any person Toy
the payment Of said premiums, 50 that
the same shall be and constitute first
lien on the property prior II dignity 20
the lien OF the deeds IL the plaintiff s
bill mentioned. vii. and shall Toe pro
vIded for and Its payment effected by
the court hereafter, and as soon a. may
be done IL this suit. and he shall report
forthwith 70 the court what he sinai do
hereunder and shall also inquire and
report whether the insurance Oh SAID
property should be increased beyond
the sun Of 100000.
The policies 10 be made payable 70 the
receiver for the benefit Of the creditors
the company, secured by the deeds II
the bill mentioned IL the order Of their
prioritieB. FIRST for the creditors se-
cured by deed OF December % 1855.
After their payment then, and, second
". for the benefit OF the creditors Sc
cured by the deed Of October ], 1885.
And said receiver shall report to the
Court as soon as may be what can be
done, anC what may most ludlclously
bs done, 10 make tn. property Of which
he Is directed to take possession avails-
bic for income and profits during the
pendency Of the proceedings IL this
suit. lie Is also directed 70 take and
return 10 the court full inventory Of
SAID property, showing the character
and description Of the same and the
court will. from time 10 time, as r.
ports hereunder may come IL, make
such further OrdeT as the full proteo-
tion and ultimate security Of the inter-
est Of the SAID company and Of its
creditors may seem 10 II TO require.
And the said company IS hereby dr.
rected, IL pursuance Of this order, 10
put the SAID receiver IL possession OF
SAID property. and afford him such fscib-
ties foI performing all ms duties here
under as may be conveniently and res-
sonably IL Its power.
a. /. HOLLADAY.
The entire indebtedness OF the com
pany Is set down IL accounts filed al
cot. 400.