The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-03-22
CAR COMPANY
FILES
DEED OF TRUST
Found its Burden Cf Debt too
Great to Bear.
PROPERTY TO BE SOLD
II. G.. SMITH. AND G. III. BELVIN
ARE TRUSTEES.
THE COMPANY OWED ONE BANK Sl8. $50
Confessed Judgment on This Then Filed the
Deed Of Trust. Two Other Judgments
Obtained During the Day.
Execution Issued.


The North Carolina Car Company has
failed.
In accordance with resolution pass
ed by the board of directors, the Presi-
dent of the company Mr.. Julius Lewis.
and the secretarytreasurer, Mr.. John
Ward, yesterday confessed Judgment be-
fore the clerk of court III the sum of
SIS, 5S0.23, money borrowed from the
National Bank of Raleigh.
Immediately thereafter deed OF
trust. naming Messrs. Ed. Chambers
Smith and Charles III. Belvin as trustees,
was executed by the company, through
its officers and filed in the office of the
register of Deeds upon all and every
personal property of the company to Sc
cure the Indebtedness of the company.
The conveyance includes all the lumber
and product of the company whether
manufactured or in process of manufac-
ture, horse and wagon, all claims due
the company and all fixtures acquired
since April LIST, 1897
This was shortly after IL O'Clock. AT
2:30 another Judgment was obtained by
the Cary Lumber Company to the
amount of $90.36. Two hours later Mr..
III. M. Farnsworth, a painter, secured a
Judgment for S14S.
Execution issued on the Bank S1S,-
5So.25 judgment and on Farnsworth's
S14S Judgment and the sheriff imme-
diately took charge of the property.
Another note for S155.55 dated March
18th, 1899 with Julius Lewis as surety.
Another note for $155.55 dated March
18th, 1892 with Gen. X. L. Hoke as
surety.
Another note for S155.55 dated March
18th. 1890 with n. w. West as surety.
Another note for S523.05, dated Aug
ust 24th 1898. with f. C. Smith. Julius
Lewis and John Ward as sureties.
For the security of these claims the
clerk of court is authorized to enter
Judgment in favor of the National Bank
of Raleigh against the North Carolina
Car Company for the sum of SIS, .jS0.2J.
The confession of Judgment is to Sc
cure to the National Bank ~of Raleigh
the following promissory notes:
One for $1,000. dated August 9th.
1898. and payable six months after date.
with interest after maturity, payable
semi-annnally, executed by the North
Carolina Car Company as principal and
Julius Lewis, John Ward, Mm. Il.
Ashley, f.. c. Smith and W. II. Tucker
as sureties.
Another note for $1,000. dated Aug
INST 9th, payable six months after date.
with interest after maturity, payable
semi-annuaIly, executed by the North
Carolina Car Company as principal and
Julius Lewis. John Ward, VIM. T.. Ash
ley and Il. G. Smith as sureties.
Another note for 5000. payable six
months after date, with interest payable
semi-annually after maturity, with Ju-
lius Lewis as surety.
Another note for 81 900, dated Aug
ust 9th, with julius Lewis as surety.
Another note for 81 ,235, dated August
oath, 1898, with julius Lewis and John
Ward as sureties.
The deed of trust sets out that where
as the North Carolina Car Company is
indebted to the Raleigh National Bank
of Raleigh and others, the directors Of
the company have duly authorized its
president and secretary to issue a deed
of trust to Ed Chambers Smith aud
Charles III. Belyin upon all and every
personal property of said company 10
secure the said indebtedness with priofi-
ties in respect thereto as hereinafter SET
forth.
Upon this special trust, however. thar
the said parties of the second part shall
proceed to sell and dispose OF said per
sonal property in such manner as they
shall deem expedient either at public OF
private sale and to collect all claims and
demands and chooses in action due said
company and out of the proceeds shall
pay:
Il. The costs and expenses of this
trust, including counsel fees and com
missions of per cent to said trustees.
50. All taxes due and owing by the
Car Company.
..All amounts due and owing by the