Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1891-07-10
MONEYS OF THE DAVIS COMPANY.
Question of Where They Shall he De
posted Argued and Continued.

| Counsel spent several hours in the Chan
| Gerry Court yesterday arguing the question
as to whether certain funds arising from
| the conduct os the business Of the DAVIS
| Shoe Company, which recently assigned.
| should be deposited by the trustees IN q
! Richmond bank or in Massachusetts, as at.
| present.
There was no decision reached and
! further consideration was postponed IN
order that counsel representing different
interests may have time 10 confer with q
view of agreeing upon some course OF
action.
In the case of Deano Chase & Co. against
the Davis Company an order was recently
entered by the Court, by consent OF parties,
directing the trustees. B. +. Spinney aud
Moses Williams, Of Boston. to proceed with
the business at the Virginia pententiary.
TO sell goods on hand. get material and
manufacture other goods, and TO hll the
orders which had already been taken when
the company failed and to deposit the net
proceeds in the State Bank of Virginia to
tho credit of the cause.
WHAT TIE CREDITORS ASKED.
Under that order the trustees have spent
some $4,000 In running the business,
drawn from the trust fund at large or ad-
yauced out of their own pockets, and have
sold and delivered : 1901 worth OF manu-
factured goods.
Mr.. Willis B. Smith, representing the
Asiatic National Bank, and Messrs: Coke
and Pickrell, representing Deane, Chase *
Co.. and other attaching creditors. yester-
dav moved the Court agree to modify Its
previous order so as 20 embrace III the Vir-
giuia assets the debts due TO the company
upon its failure arising from the sale OF Its
Virginia products. and also to require bond
aud security of the trustees, who are non
to hat ell
make monthly statements of the business
and 10 keep their account as trustees Of
the Virginia business in some bank III Rich
III md, subject to the inspection OF counsel.
THE TRUSTEES SIDE.
On behalf of the trustees il was insisted
that the debts due previous TO the failure
were "A part of the general assets which
came to their hands and not the special
Virginia assets. They were entirely will
ing to make monthly statements Of their
business. and to give counsel access to their
bank account, but they insisted that in
payinc large number of small purchases
which they were obliged to make, they
living in Boston could not conveniently
pay the northern persons or firms with
whom they dealt with checks upon Rich
mond.
THE JUDGES SUGGESTION.
Inc Juuge SuRntSltu tDuL llt hlthtnlhs
creditors would be made safe if they
would deposit to their credit in Richmond
a weekly or semi-monthly balance which
might he in their hands. THIS they were
willing to do. but it did not seem to
satisfy the gentlemen who made. the mo-
ton, and who, while protesting full conf
denee in the integrity and competency of
the trustees, insisted that moneys kept
in Massachusetts, might be claimed and i'm
pounded there.
The trustees stated in open court that
they would be unwilling to attempt to
give Virginia security upon any bond
which might be required Of them by the
Court, and if such bond were required It
would result in their giving up the trust
and closing the business at once.
The court adjourned without counsel
coming to any agreement, and IN order
that an opportunity may be had to ar
range the matter its consideration was
postponed until next week.