The western sentinel. [volume] (Winston-Salem, N.C.) 1887-1926, 1893-06-01
BIG TOBACCO HOUSE FAILS.
4. 4. Reynolds Assigns to ]. v Gan
non, Trustee.
LIABILITIES ABOUT 100000.
The Assets About $feo, o,Ooo-The Fail
ure the Result of the General Bus
mess Depression and Consequent
Inability to Dispose of Manufact-
ured Stock

mess depression and consequent
Inability to Dispose of ManuEact-
ured Stock
Fl. II. Reynolds, one of Winston's
largest tobacco manufacturers, has
assigned, naminguhis business mana
ger aad book-keeper, ]. w. Cannon,
trustee.
The liabilities will aggregate about
500, 600 and the assets about $780,
600. =
After reserving for himself the ex-
emptions allowed by law. Mr.. Rey-
nolds conveys his entire estate to his
creditors, consisting of a tobacco fac
tory. fixtures, manufactured and leaf
tobacco, real estate, etc.
In the deed of trust Mr.. REYNOLDS
places his creditors in the following
classes:
First, Turn over to said Reynolds
the homestead allowed by law.
Second, Pay to ]. L. Patterson $3.50;
Glenn s. Manly $3.50, due bynote. The
trustee, after paying all costs and eX
penses as may be necessary to dis
charge the trust, including his COM
missions, which shall be q per cent
on receipts and per cent on disburse-
ments, arising hereunder.
Third class, A. ID. Reynolds, $50;
PEOPLES National Bank. of Winston,
So, $50; to E. G. Butner, trustee for
factory employees 81, 800: r. n. Nc
Arthur, 81 ,S25, due by open account:
O. w. Kerner, 1925; also 81 ,653. 73 and
accrued interest; So, ,569.7S to G. 7.
Norwood & Co., of South Boston, Va:
e. a. Ray, $500; a. b. GorreH 4 Son,
$500. II: W. p. Watt, S3g7.1 Brown s.
Carter, S344 48; NJ. w. NorlIeet & Co,
s202. 48; Coles & Clark $100.37; Vaughn
& Co., $500; Hinshaw & Mededris
Co., S57.46; Ashcraft & Owens, $25;
Rosenbacher & Bro, SO; Frank Miller,
S60529.
Fourth class, Thompson, Moore s.
Co., Sc, ,47O.29 and 1928. so; j. W. Gan
non, $500; Davenport & Morris, 81 500;
A d. Reynolds, 81 500; Mrs. n. j.
Reynolds, 81 800; A. NJ. Lybrook, $500;
Rosser Thomas, 5000. G. @. Dula, of
Danville, Va, So, ,66l.04; Bait, Bonn
nell & Thompson, S32.70; Edwards s.
Broughton, ST; Bank of Henderson,
So, ,5S4.37; First National Bank, of
Winston, 19,050; j. A. Butner & CO.,
not exceeding ST, ,347.36.
Fifth, after paoment of above nam
ed classes, trustee shall pay all other
outstanding debts due.
A SENTINEL representative inter
viewed the president and cashier of
the Wachovia National Bank in re-
gard to the failure. They say;
1--WE are not fully posted sas to his
business as his account is not with us
and ne does not owe us dollar. The
stringency of money matters here
among our business men are no great
er than elsewhere. This sis the first
failure of any tobacco manufacturer
for ten or fifteen years in Winston.
Our manufacturers have a good busi-
ness, and notwithstanding fires and
one failure Winston still maintains
her position and will go forward"
Mr.. Montague, real estate and bank
ing broker, says
Il see no cause for immediat alarm.
True, there seems to be some strin-
gency in the money market, but these
crises occur periodically in spite of
the best ffnancering. The latest adj
vice from New York, Chicago, Boston
and other prominent citities indicate
nothing like a financial disturbance,
and the Associated Banks of New
York city make an excellent exhibit.
1t is not at all strange that collections
by our Winston manufacturers should
be poor when the Southern banks be-
come over conservative at the least
symptoms of stringency and begin to
hoard money. The City National
Bank of Selma, Ala, a copy of whose
latest reports [ have before me, ac-
cording to their sworn statement,
have on hand OF Immediately available
cash nearly $500, 900 and yet l am in
formed this morning by one of our
most prominent manufacturers that
town and section are clammoring for
extension on account of the fact that
they can get no accommodation in the
way of discounts. II we will all keep
cool and do our duty confidence will
soon be restored and the financial
equilibrium will be maintained as
usual"
President Blair, of the Peoples Bank,
thought the assignment was of not
| much moment, and Col. Alspaugh, Of
the First National, said that Harper
Reynolds was apparently solvent and
| that there was no cause for uneasi-
ness.