Virginian-pilot. (Norfolk, Va.) 1898-1911, 1900-09-08
TUNIS LUMBER co.
Confessed Judgment for $50, 753,
With Liabilities 100000.
Judge waddin Has Appointed Theophilus
Tunis, of Baltimore. and Capt. II. u.
Nichols, of Norfolk. Receivers for the
Great Lumber Firm.

Receivers have been appointed for
the Tunis Lumber Company. The APP
plication was filed by Mrs. Georgeanna
Wilson late Thursday afternoon in the
United States District Court, and,
Judge Waddill presiding, appointed
Theophilus Tunis. of Baltimore, and
Capt. II. b. Nichols. of Norfolk, re-
ceivers. Mrs. Wilson's claim is Il judg
ment, confessed by the Tunis company,
for S5S. 1858 in the United States Court
on Tuesday.
1t is stated elsewhere that the liza
b1l1ties of the company are $4,000 1t
is stated also that, having a plant in
Berkiey worth S150.U00 TO 5000. 900,
stock of lumber worth, say. $50 600.
and collectable accounts to a large
amount, and standing timber of inn
mense value, there ought to be enough
in the aggregate to pay the liabilities.
BILL OF COMPLAINT.
In her bill OF complaint, filed by At
torney NJ. NJ. Tunis, the plaintiff AYERS
that she is informed that during the
past year the defendant company made
large expenditures for the purchase of
timber lands, the deferred payments
OF which are still maturing and I'M
PAID that 1T has outstanding large
book accounts due to it, which are not
readily collectible by reason of the
falling and depressed condition in the
lumber market now. and for some
months past: that the defendant has
been unable for some months past. ow-
ing to the depressed lumber conditions,
TO advantageouSly market the product
OF It's mills, which during the last year
has greatly increased; and that by
reason of these facts it has been ne
cessary for the defendant to provide
It's business from sources other than
the ordinary revenues and resources of
the company, in the hope and expecta-
ton that a revival in the condition Of
tho lumber market would enable 1t to
pay Off these loans and other indebt-
edness from the ordinary business of
the company and to conduct its busi-
ness thereafter successfully. The
PLAINTIFF AYERS that these extraordinary
resources have been about exhausted,
and that the company is now embnr-
raised to meet large demands which
are constantly maturing against it.
The bill further says: Your oratrix
is informed and believes that though
the defendant company owns large and
valuable assets. its obligations are cor
respondingly large, and that the COM
pany is inSolvent. Certain 1t IS YOUR
oratriX believes, that If the assets of
the company were forced upon the
market at the instance of contending
creditors through the process of the
courts Of the various States, such sac
riflce In values would be necessarily
made, and such large expenditures in
the way Of litigation and otherwise in
Cured that In the result the assets of
the company would not be sufficient to
pay its Indebtedness and insolvency
would result. to the treat loss and
damage of all creditors, as we'll as TO
the company itself"
DEFENDANTS ANSWER.
IN It's answer to the PLAINTIFFS bill,
hled by Judge D. Tucker Brooke, coun-
sci. the Tunis Company denies that 1t
is insolvent. and states that it's aggre-
gate assets are considerably in excess
be fully discharged to the various cred
itors and leave a surplus for the COM
pany's stockholders. The company
says further: Your respondent adj
mits that If Its assets were either
wasted in litigation between conflict
ing creditors in their efforts to obtain
preference. the one over the other, or
sacrificed by being placed OH the mar
ket In large quantities. or at dsadvan-
tageous times, or as the result of
forced Styles. 1t is entirely probable that
such loss would be made: that owing
to such sacrifices and conduct of the
affairs OF your respondent the result
would be that the assets would not
turn out to be sufficient to pay your
respondents liabilities Your respon-
dent believes, therefore. that It is es-
sential to the interest of all he credi-
tors, as we'll as to the respondent and
its stockholders. that the assets of the
company should be carefully preserved
and judiciously administered. so as to
realize as nearly as possible fair
value therefor and to prevent one cred
itor obtaining preference over others
which your respondent believes can
not, owing to it's embarrassed condi-
ton, be successfully done bye your re-
spondent with the resources at its
command. Your respondent believes
that 1t is to the best interest of all
concerned that a receiver should be
appointed"
The Tunis Company's answer is
signed by Theophilus Tunis. president,
and I. G. Fenhagcn. treasurer.
MILLS TO CONTINUE.
Receivers Tunis and Nichols are in
structed to continue In operation all
the Tunis mills until further order OF
court. They are given full control of
all the defendant company's affairs.
Captain Nichols who is now at Pen
Mar, has been notified by telegraph
of his appointment and will probably
return Immediately TO Norfolk Mr.
Tunis is in Baltimore. where the law
yers in the case were in conference
yesterday.
THE TRADE SURPRISED.
The announcement of this receiver