The evening times., 1900-09-08
IN RECEIVERS HANDS
A Big Lumh er Concern Financially
Embarrassed.
Tunis Company Forced Into Titfga-
tion by the Unsatisfactory Csndi
tion of the Mnrket-step Said to
Have Been Taken in order 10 Pro-
teet Its Property in Three States.

BALTIMORE. Sept. 8.-Judge Edmund
Waddill, jr. of Norfolk. Va. in The United
States District Court at Baltimore yester-
day. appointed Theophilus Tunis and H 3.
Nichols receivers of the Tunis Lumber
Company. Their bond was fixed at $780,
000 each. Mr.. Tunis is president of the
company.
The receivers were appointed on the pc
tition of Georgeana H. Wilson, which was
filed in court yesterday. It was an an
cillaTy bill of complaint in aid of the COM
pIainant's original bill filed in the Circuit
Court of the Eastern District of Virginia,
Wednesday, where the same receivers wers
appointed.
The petition asked for the appointment
of receivers to take charge of the affairs
of the company and for an injunction re-
straining the company or others from in
terfering with the receivers taking pos
session of the company's property, etc. The
plaintiff says she is judgment creditor in
the sum OF $53. 1888, Of which amount
$8e5.58 is interest due, the judgment be-
ing obtained in the Circuit Court at Nor
folk Va
The petition declares the company's
principal offices are at Norfolk, Va, that
it has been in business some years, owns
about fifty acres of land, saw and plan
ing mill at Berkley, near Norfolk. with
docks, wharves. and water front on the
southern branch of the Elizabeth River;
also large amount of manufat Lred and
unmanufactured lumber which is approxf-
mately valued at $3.50. 900. That it owns
planning mill plant and real estate, docks.
ard wharves in Baltimore and lumber that
is valued at 81, 600.
The bill also states that IL owns saw
mill and plant at Tunis, \. =, tract Of
80 000 acres of land in Colu1aubs county,
n. c.. timber interest under contract with
the Scranton and North Carolina Land
and Lumber Company Of Hyde county
North Carolina. also interest il tracts OF
timber land in various other parts of
North Carolina and stock in various COM
panies in Virginia and North Carolina;
that It has property in three different
States and that il is necessary for the
court to deal with all as a single trust
fund.
The company fled an answer to the pc
tition through D. Tucker Brooke. its at
torney, consenting to the appointment of
IeGtiNtIS III the answer the company
denies. however, that il is insolvent- but
AYERS that its assets are considerably
above the entire liabilities, but further
says that If the assets are wasted in liti-
cation between conflicting creditors in an
effort 10 obtain preference or are sa ri
feed at a forced sale the result VIII be
that the assets will not be sufficieG:L to
pay the liabilities.
Judge WaddiI also issued an injunction
from interfering with the receivers N TAX
ing possession OF the com mpany's property.
The Tuuis Lumber Company was inc01
poTzted under the laws OF West Virginia
in 1889 with a capital stock of $500, coo II
is among the larger numbering and timber
manufacturing companies of thc country.
The officers OF the company are; President
Theophilus Tunis; first vice president and
general manager. ". ". TGnis; second
vice president A r. Cathcsrt treasurer.
+. c. Fenhagen, aad secretary, 4. II. Har-
dy.
At The Office of the company. the follow
ing statement was given out by Judge D.
Tucker Brooke. O. Norfolk, Va. counsel OF
the company. in relation TO the --ppoint-
meat of receivers:
TIE Tunis Lumber Company today went
into the hands Of receivers appointed II
the United States Circuit Court for th=
Eastern district OF Virginia at Norfolk yes
terday and by the United States Circuit
Court for the District Of Maryland in an
ciIIary proceedings brought IN that court
yesterday,
This step was made necessary by the
unsatisfactory condition of the lHmber
markets rendering it impossible to mar
ket without great sacrifice the large stock
OF manufactured lumber carried by the
company. In this condition Of affairs it
became apparent that at any time the
company might fail to meet its maturing
obligations and that in such an eve 1t its
valuable properties, situated in three
States and largely exceeding in value its
entire liabilities, would be greatly wasted
| in meeting hostile litigation at the suit Of
various creditors erdeavoring to get pTi-
critics or sacrificed in forced sales under
executions obtained by such creditors, AS
the company is entirely solvent, if IS as
sets can be preserved, it seemed is duty
TO place itself in such a position as to be
abie to protect all Of its creditors equally
and to preserve its entire properties iroIo
waste and sacrifice in the interests OF its
creditors and stockholders. Under these
circum tances the company did not resist
the application for the appointment of re-
ceiYers.
at is believed that the reeeiyership will
be of short duration and the properties
soon returned to the custody and manage
ment of the company; meanwhile the re-
ceiveTs Will, under the orders OF the court,
continue the business as heretofore,
which will suffer practically no Interrupt
ton by reason of these proceedings.
The receivers named by the court are
Theophiius TuDis president of the com
pany and II. B. Nichols, a Prominent Nor
folk business man. who has held for mary
years an enviable position in his business
community"
H Clay Tunis, wholesale lumber dealer,
also made an assignment for the benefit Of
his creditors yesterday to George W.
Courtney in the record office of the Supe-
rior Court. The bond was fixed at $4,000.
Thomas c. Weeks is attorney for Mr..
Tunis and said yesterday that, though Mr.
Tunis has not been directly connected
with the Tunis Lumber Company, his in
terests have been identified with those of
the company by reason of his brother be-
ing at the head of it, and that his business
has been seriously affected by the appoint
ment Of receivers for the lumber COM
pany.
Mr.. Weeks said that Mr.. .unis was
very anxious to have all his obligations
met in full. An examination of the books
has just been begun, and Mr., Weeks said
not even approximate figures could be Dut
upon the assets and liabilities, though he
believed that if the affairs of Mr.. Tunis
are carefully and properly handled the
assets will Fay all creditors 100 cents on
the dollar. Mr. Weeks will today ask
Circuit Court No . to take charge of the
trust.