The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-05-29
THOs. PEsCUD GROCER ASSIGNS.
His Liabilities About Sc, 900 and His Assets
About So, 900.

\ decd of assignment was filed
Saturday night by Thos. Pescud, gro
Ger. conveying all the stock. wares
and merchandise contained in his
store and also all his personal estate
OF Mr.. II. +. Iitchford, cashier Of the
Citizens Bank. as trustee for the ben
eft of creditors.
The assets are, roughly stated,
$500. and the liabilities $4,000. 1t
is said that all creditors will be paid
in full.
Mr.. Litchford took charge of the
business yesterday and the store was
closed for the taking of inventory.
AS soon as this is completed he will
proceed to dispose of the stock and
wind up the affairs of the business
as shortly as possible. His selection
as trustee will be an assurance to the
creditors that their interests will be
jealousy guarded
The assignment created consider
able surprise here. Mr.. rescud hav-
ing for fifteen years conducted one of
the largest grocery businesses in Raj
eigh, and having a large and excellent
class of customers. \ friend stated
yesterday that the deed was merely
in order to liquidate the affairs Of the
business, and that there would be no
loss whatever to creditors. Mr.. Pes
cud has enjoyed in Raleigh a wide
personal and business popularity and
has many friends here who sincerely
hope that he may so arrange his af
fairs as to continue business in this
city.
The deed Of assignment sets forth
that said Pcscud is Justly indebted
to various parties for goods and mer
chandise bought by. and money
loaned TO him in the regular course
of his business as Il grocer in the city
Of Raleigh in an aggregate amount.
which he is unable to pay promptly
ON demand 1t IS further declared
that "hc is anxious TO pay all Of his
debts without giving to. or allowing
any creditors to obtain amy lien. pref
crence of priority over any other, and.
to that end. has concluded to con-
vcy all his property to Il trustee with
instructions and power to sell the
same as eXpeditously as possible. and
to distribute the proceeds equitably
among his creditors, reserving to him
self only the amount allowed to him
by law as a personal property cNemp-
ton"
The deed conveys to Mr.. Litchford
the following property:
All the stock of goods in the store
depot or in transit to said Pcscud.
All notes, accounts. checks, drafts,
chooses in action or evidences of in
debtedness to said Pescud
y gold watch now worn by Mr.. Pes
cud. two horses and three delivery
wagons and harness. certain stock in
the Mechanics and Investors Tn
ion with right to redeem) which
when paid up will be of the par value
Of $1,000, and now held by y. w.
West as collateral security for $3.50.
Ten shares preferred capital stock Of
the EImira Cotton Mills. at Burling-
ton, par value $1,000. now held by
Chas. Root, trustee, as security for
81 900.
All property Whatsoever. belonging
to said Pescud. excepting the per-
sonal property exemption to which
he is entitled under the laws of North
Carolina.
Mr.. Litchford is to take Immediate
possession Of the property. make and
file an inventory or schedule Of it aad
with due diligence and as expeditions
~ as is cXpcdient with the best in
tercst of the creditors, sell all the
property. collect all debts, and apply
the proceeds as follows:
!. TO payment Of the expenses of
executing the trust, including five
per cent. commission on receipts and
disbursements.
., TO payments of all taxes due on
the property.
,. TO payment in full or pro rata
of all the just debts owing by said
Pcscud to any person or corporation,
without distinction, priority or pref
ercnce in any way
Mr.. Pcscud's attorney is Mr. r. I.
Gray. The deed Of assignment was
filed for registration yesterday morn
ing at 9:3J.