The Columbia herald. [volume] (Columbia, Tenn.) 18??-1935, 1901-02-22
American Phosphate Com.
pany Assigns.
W. W. GIBBS LARGEST CREDITOR.
The Company Did an Imm ense Busi-
ness in This Countrywide Bad
Purchases of Phosphate Land.

An assignment involving about half a
million dollars, was made at this place
Friday, when Messrs. w. w. Gibbs
and E. H. Hatcher filed general cred
itors' bill in the Chancery Court against
the American Phosphate Co. of Gam
den, N. j.; II. d. Ruhm, j. w. @.
Church, Frank J. Moore, citizens of
Maury county; the Union Bank and
Trust Company, of Nashville; w. Fl.
and John t. Allen, re-
ceivers Of the Throne Franklin Shoe Co.,
of Davidson county; Henry Dotterer, of
Maury county; j. E. r. Carpenter, of
Davidson county; Mrs. Mary L. Cow
sert and w. j. Eakin, of Maury county;
the Standard Oil Co.; Britt & Roberts,
of Davidson county; the Mccormack
Harvesting Company, and numerous
other creditors.
The filing of this bill created some.
what of sensation in phosphate and
business circles, as the operations of the
American Phosphate Company have
been of an immense magnitude. A full
list of the creditors of the concern has
not yet been filed, but the total in
debtedness will aggregate not less than
$5O0,O 900.
Mr.. W. w. Gibbs, of Philadelphia,
the President of the company, is the
largest creditor, he having advanced
most of the money with which the bust
ness of the company was carried on.
The bill sets forth that the American
Phosphate Company is body cor
porate, duly organized under the laws
of New Jersey, and that most of it's
property and assets are in Maury coun-
ty. The company is indebted to w. w.
Gibbs as follows: Promissory notes, ag
gregating $4,000, for moneys advanced
by him to said company to carry on its
mining operations; 1922, ,645, for moneys
also advanced to the company; $l4, ,250
as evidenced by bonds, amounting to
$271, 1886 The said company is also In
debted to E HI. Hatcher in the sum of
$500 for professional services.
Bonded Indebtedness.
In addition to the Indebtedness as
above set forth, and also in exhibits not
vet filed with the Clerk & Master, the
Phosphate Company is justly indebted
TO it's bonoholders in the sum of 5000, ,006
for bonds issued by it in 1899 through
the Union Bank & Trust Company OF
Nashville; these bonds are secured by a
mortgage upon twenty four tracts oil
land, which mortgage was executed by
the said Phosphate Company to the
Union Bank Il Trust Company.
The company is also indebted by open
accounts to certain individuals, firms
and corporations. All of the bond
holders except HI. d. Ruhm are non.
residents of Tennessee, and the various
creditors by open accounts are many oi
them non residents of Maury county.
Will Not Pay 25 Per Cent.
The complainants state in the bill thai
the American Phosphate Company IL
utterly and totally insolvent that all o
it's assets will not pay one half of it'
| liabilities, and that after the bonds hav,
been paid and vendors liens discharged
the assets will not pay as much a.
twenty five per cent. of the outstanding
indebtedness.
The defendant Henry Dotterer, th,
bill states, is the general manager of thu
American Phosphate Company, and a
such is in charge of all its.properties ant
assets, and is therefore the most suitabl
person to administer the affairs of th,
said company.
The purpose of the bill is for the bene
fit of the creditors of the company, +
the end that the assets may be sold un
der orders and DEGREES of the Chancer
court, and the proceeds arising there
/ from distributed ratably among all tn
creditors.
The complainants pray that the credi
tors of the company be enjoined fror
taking out writs of attachment and levy
ing executions against said company
They further pray for writs of injunc
ton restraining Britts Il Roberts, tn
Standard Oil Company, +. X. Carpen
ter, and the Mccormack Harvesting &c
from further prosec uting suits which,
it is alleged, they begun for the purpoS
of gaining preference over the othe
creditors, having knowledge at the tim
of the insolvency of the company.
The bill further asks that Henry Do
terer be appointed receiver.
Judge Holding issued writs OF inlunC
ton as prayed for in the bill, restrainin
the parties from further prosecutm
their suits.
Made Bad Purchases.
IL is the general belief in business eli
cles that the assignment was due TO ba
purchases OF phosphate land made b
the c mpany, upon which they have nc
. ho.,, ahia 10 realiza as they eXpectea