Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1897-05-20
In RECEIVERS HANDS
COURT TAKES CHARGE OF FoUlls
QUREAN-PRIcE CO.'S AFFAIRS.
UNION BANK FILES TIE PETITIOE
This Action Taken to Prevent Exs
pensivc Litigation nnd TO Epforco
the Payment of Outstanding Debts.
Assets VIII Exceed the Liabilities


The Fourqurean-Price Company, whose
mammoth dry-goods house on Broad
street Is one OF the oldest and most wide.
Unknown in the South, was placed ~
the hands of receiver yesterday aftsr-I
noon.
The decree was entered by Judge Minor
in the Law and Equity Court upon the
application of the Union Bank OF Rich-
mond, creditors TO the amount OF sl05oOv
with whom are Joined the First National
Bank Of Richmond and the state Bank
| OF Virginia. The company consented to
the proceeding, which is designed both
to prevent expensive litigation and ia
enforce the collection OF money due the
concern. The liabilities OF the company
are placed at about 10000, while the as
sets are estimated TO be worth. at q
fair valuation. at least 10000. Mr..
Joseph NJ. Fourqurean. who is made re.
ceiver, is president OF the company and
| has been at the head OF this popuIap.
| house for many years. lie gave bond I'm
the sum of $4,000 with the Virginia Trust
| Company as surety.
WHAT THE PETITION SETS FORTH.
The petition for a receiver was fled
by the Union Bank OF Richmond. on be-
half Of itself and others who will come In.
| and sets forth
THAT the Fourqurean-Price Company
Is indebted to your complainant in tho
principal sum OF $10500. evidenced by
three notes held by complainant--one
dated February u. 1891, for $500. which
was due May Is. 1891. and unpaid, ex-
| cept ms TO $1,000 paid on day OF its ma.
| turity; another note dated February 18th.
which will be due and payable June 18th.
and the third for $4,000. payable June
| 6th-such Indebtedness being caused in
| the regular course of business. Your
| complainant also alleges that the said
| Fourqurean-Price Company has a large
aud valuable stock OF goods. THAI arc
very salable, being I'm large part suited
| 10 this season OF the year, and that
| there is due the said Fourqurean-Price
| Company q large amount OF money on
! open accounts and by bills receivable.
| as the result of retail sales in the
| regular course OF. business, and your
complainant alleges that the said chooses
In action can be collected by due dill
gence."
| ANf 'JbifidlteliAS iuilHtT dHtHc IHzl
| the Fourqurean-Price Company is em-
barrassed; that its credit has been
impaired by rumors on the streets that
the firm is in financial straits that al
| ready one of its largest creditors has
placed a claim in the hands of counsel
for suit. and that compalnants believe
that other claims against the company,
already due and unpaid. will be put in
litigation; that other claims are
running 70 maturity. and payment Of
the same will be pushed. and the COM
pany will be overwhelmed with litigation,
and the assets of the firm. which are
said to be valuable and salable upon
proper management, will be dssipated I'm
costs and ruinous expenditure If left
To the mercy OF contending creditors,
and that a grievous injury will be In
flicted upon the petitioner.
The complainants petition that the es-
tate shall be administered by the court.
and that all claims fully established
shall be paid out Of the proceeds OF the
sale of the assets and administered and
distributed according TO law
ANSWER OF THE COMPANY.
The answer to the bill of the COM
plainants. flied by the Fourqurean-
Price. Company, states that the firm Is
unable TO meet it's liabilities: that some
of respondents debts are now past duo
and unpaid. and respondent is unable to
realize upon its assets in time TO meet
| obligations that are maturing; that re-
spondent hereby consents 10 the ap-
pointment Of a receiver by this court 10
take control of and administer its said
assets, and II valves all objection 10 the
form Of these proceedings"
The answer is filed pursuant to a reso-
luton adopted at meeting OF the Board
Of Directors held at noon yesterday
| The decree after granting the petition
OF the State Bank OF Virginia and tho
First National Bank OF Richmond 20 be
made parties complainant in the cause.
! appoints Mr.. Joseph VI. FourqUrean to
be receiver OF all the property assets.
and effects Of every Kind whatsoever OF
the company. and directs him TO take
| possession Of all property and 70 manage
the same under the direction OF tho
court The receiver is instructed to pro-
ceed with all reasonable Dispatch TO sell
the goods and collect all debts. All per-
sons are enjolned and restrained from
interfering in any way with the possess
sion and management OF he property by
the receiver, who is also to give bond
in the sum Of $4,000.
VIII Pay Out and Continue business.
Mr.. j. N. Fourqurean, president OF tho
FOurqurean-Prlc company VINO - nano
| receiver said TO a Dispatch reporter last
night that the liabilities OF The firm were
fully 100000 Their assets. however were
worth 500, 900, at very conservative es-
innate, and unless forced 10 sacrifice the
goods. the company would pay dollar for
dollar. and would continue In business.
The main cause OF the failure. he said,
had been the extensive credit granted
by the firm. and the extreme diniculty
realized I'm collecting money due the irni.
The business viii be continued, as usual.
and all the present sta1 VIII be em-
ployed. s.
spring Races mt Norfolk, Wa, :