Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1893-04-30
A RECEIVER NAMED.
Mr.. PHILIP HAxALL TO MANAGE THE
HAXACl-CReNSHAW MILLS.
pany yesterday-Thc Defendants
Admits Insolvency.

Tho Haxall .Crenshaw Company has gone
into the hands OF a receiver. For the past
two ar three weeks rumors have been afioat
that this mammoth Touring concern was
financially embarrassed. and for some two
months 1t had been IN open secret That
efforts were making 10 consolidate the COM
pgny with the CALICO Mills. Under the new
organization that was proposed tho unse-
cured creditors Of the Haxail-C rcnshaw
COMPANY were 10 take stock IN the con-
soltdated concern for their dcO~. IL -
understood that nan of the larger credit.
ora of the embarrassed company agreed
10 this proposition. However, some
a. tho other creditors would not
accept these terms. Ind yesterday
Judge Lamb. of tho Chancery Cont,
mon the petition Of Crenshaw md others
md the Planters National Bank placed
the affairs % the company IN the hands OF
a receiver. Captain Philip HaXal. presi-
dent OF tho company, was appointed re-
ce,ver. The other officers OF the company
are Barton HaXsll. Vce-presldent, and
Lewis ID. CrenshaW, secretary and urea
suTCr.
PARTIES TO q FIRST SUIT.
The parties 10 the first Of tho two suits
brought are A.. W, T.. Med, NJ. g., and
Abigail Crenshaw, Harriet II. wise. and
Iosnlie II. holland and G.. Powell Aoland,
her husband. who sue for themselves and
oil other creditors OF tho IiaXal-Crenshaw
COMPANY holding and owning bonds and
coupons for interest on bonds secured by
a certain decd of trust conveying 10 Isaac
Davenport, II. and William G. Crensha%,
j.. Of New York. the real estate. build
lncs, appurtcrances. hourlng-lniIs' NC,
OF the concern, who desire to como IN ana
make themselves parties to the c%ontro-
vcrsy. Crenetaw anu Others contend
that tbov hold an aggregate amount
OF @fS.JNO OF this cOuIpQNT9 % per
cent. bonds IN denominations OF
$1,000 and $500 each, the interest upon
which i PAYABLE s~eml-anuuallY upoh
January lst and JAY lst OF ea'h year ahl
that tho interest due January J, 1873,
amounting to &i.1jo, has not been pald.
Iaese coupons, the Dill states. were pre-,
s.uted a. the HaXall-C renshaw ONCE, ana
aettlonent was postponed. PAYMENT has
now been absolutely refused, the company
explaining It's inability TO 90 SO.
TIE DEED oY TRUST.
Tho decd OF trust referred to was gwen
july p. 1855. to secure the principal ana
Interest at the rate Of 6 per cent. per an-
mum upon 275 bonds Of the company, 90
q winch We're tor ~ $50 each and he re-.
NAMING fifty of which were for c0uO oach.
Tho principal upon those bonds VIII DO
Gu" july /, 1901.
The cOnplaInants aver that
"Ot tie sail bonds, II, hiding those hold and
Owned by your compIrinants there are OUT
standing ib tho hands az actual owners S1l"'-
90 ana tho remaining Sl3o.oOy have been
hvpu:hccgtot by sad company from uinc tOe
t.ro for money borrowed by s1id company upon
Il pledge % SAID bonds and inc sad company IS
Wholly unatl, 20 redeem them. by he
terms u sNd deed 4 tr.s. ' II viii be seen
th't ~ said company undertook ana covenant
eI Co p1y all taxes, 6 sessmcDts, ana at rents
Cr ether DR. sattIcIiuc - SAID property or any
Lart ut. TINS covenant Of the SAID company
has not been kept and performed. There IL
DOW duo aud unpaid. as your c0mpialnlnls arc
Informed and believe, between 600 anu Sl,Uuu,
the market yaiuo OF a ground rent for the year
1892, q 1000 bushels ci Indian corn, wni'h
ground rent Is a p!iu- lien upon q par OF iu'
%r-oufrty conveyed ia trust 20 so'ure said bonds.
Your rpupiainents aver that the entire pro-
Ycrtv conveyed by s7ii trIst-teci u wholly IN
elr.aent 60 pas the debts scrGre1 ny SAID dead
ana due hereunder by slio company
WITHOUT MONEY OR CEFDiT. !
C~ontinuln- tho bill asserts that thel
Ccmpeuy j. entirely lusoIycnt, without
Guy means Whatever or assets, except 10
an insignificant amount. hardly worth
mentioning. outside of the property con
ycyeI IN tho deed referred 10, winch j.
can convert into money OF make available
IN rs present rXtremities. Inc complain
ants also Giiege taat the concern Is also.
without credit aGI therefore unable to
tur grain t. carr on Us milling business
The plaintiffs III TINS suit own bonds or
the COMPANY IA follows: The CrenshawS,
eighteen bonds OF -. 900 each and seven
bonds Of 500 cgcl-tOta!. ri. 80: Har-
ne. Il. Wise, ft;ccn bonds of ~ 900 each,
nni three bonds Of $500 eGch-tOtal,
$4,000: Resale III. holland. nine bonds or
Si.UJU each and three bonds Of $500 each
total, $4,000. Grand total, S4s,50O.
ILASrAEs' n4sT SUIT.
The aggregate sum sued tor by the
Planters National Bank Is S23.0s3.S.
"Of THIS indebtedness the bill r%eci:es,
":6,2S399is due Urcn demand i2ans made
from umo 20 time by .olr orator 10 said COM
pau5, io. which loans your orator has In its pos
fo,-IOD aud under ~ g nir0l nJur IA collateral
te-uritv. Tie loans so made boy your
frasCl fully elual. rs Your orator believes. tho
sum which tho said fOur Will bring. Al the
t.id Gemlui loans are past due aud unpaid,
ana Interest on them is due sluce January ],
1Ss.'. tne interest On thom having been PAID mp
t. tna' day. Three thousand dollars az the
Aforesaid indebtedness 20 your orator 10 evi-
cen'cd 10y The uCteo tho aNal-Crenshaw Com
Ialy. which il past due AMI unpaid, II having
fallen due Apru %. 1898, ana a. colia.era!
therefor your orator holds $4,000 Of
lie Aforesaid uortsago t9n1s Of The
hundred dollars Of the aid Indebtedness 10
your o.ato- ia evidenced by a note II the HaXall-
Ctenshaw Company, dated April >, 1872, which
g. payable on rmaud mud which f. past due aud
uapaid. and as collateral therefor yo1r orator
HOLDS $1,000 % Aaii mortgage bonds.
Elcn. thousand eight hunGred dollars Of 'he said
Indebtedness to your orator IS evidenced by tSo
noies OF the HaXsN-trenshaw Company. both
euIoTs q by phIip HaXaA, Lewis D. Cieashaw,
G2d Barton HaX1l.'
The till IN this cause sets forth practi-
Cally the same facts rs that OF Crcnshaw and
others, and both ask for the appointment
OF e receiver forthwith IN order that their
interests NAV be protected before other
suits are instituted by creditors.
ADMITS ITS INSOLVENCY.
The Haxall-CrenshGw Company. in its
answer TO these bulls. saws that the state
ments made II them are substantially true.
II admits us inability 10 pay Its debts, and
states that II owes largo sums OF unsecured
money not included IN the mortgaged in-
debteduess.
Judge Lamb. in making Mr.. Philip
Haxall receiver. authorizes him to take
charge of all the property. assets " every
kind aud description OF the company at
once, ana 10 take possession OF oil the real
and personal property, and to make and
return a. inventory of the personal pro-
perty. including the chooses in action, TO
tae court AS soon a. practicable. lie Is
also directed - take all proper and need
ful steps for tine preservation and safe
keeping OF all the property. The receiver
gave bond IN the penalty OF $1,000 with
tao Virginia safe Deposit and Fidelity
Company as 6eCurltv.
Messrs. IoakC 4 Carter are the attorneys
representing Cronshaw and others. while
nessrs. Christian u Christian are counsel
fOr the Planters National Bank.
Other orders will probably be entered in
this cause tomorrow.
Entertained Their little Friends.
NJ, NJ W.I11f rrl Nor.ox TI-,.l