Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1902-11-06
Ill. STRAUSE FAILS,
R1CHMoND TOBACCO EXPORTER
FILES "A VOLUNTARY PETITION
IN BANKRUPTCY.
THE LIABILITIES 100000.
Assets Scheduled at $455,OOO-Ac-
tuaI Value Not Known.
STOP work ON sTRAusE BLOCK.
Temporary Delay, 1t is Announced.
VIII Result from the Bankruptcy
Proceedines-LocaI Banks Invo1v-
ed for Large Amounfs-English
Firms Among Principal Creditors
Receivers Appointed.

Leon l.. Strause, one of the largesl
leaf tobacco exporters in the city, filed
voluntary petition in bankruptcy yes
terday in the clerks Office of the United
States District Court. through his counsel,
Messrs Roscoe C. Nelson and Meredith g.
Cooke
His liabilities are scheduled d 800, 500 a5,
and his assets at S455,543.9O, actual value
unknown. Lis is the largest failure that
has occurred in Richmond since the pas
sage of the national bankruptcy act of
1898. Several of the local banks are enum-
Grated in the list of creditors, and the
banking firm Of Goldman, Sachs & Com
pany, of New York, and tow Liverpooi
and London tobacco importers are heavily
involved
Judge Edmund Waddill, of the United
States Court, being confined on account
of sickness, the referee in bankruptcy,
Robert II. Talley, acted in the matter, and
appointed Messrs. Henry S. Hutzler and
a. M. Cannon receivers of the court to
take charge Of the estate and effects of
the BANKRUPT.
Unsecured Creditors.
Schedule "A'' 3, Of the petition, shows
that the amount due unsecured creditors
is s4s,645.79, the largest in this city being
the Planters National Bank, for $4,000
for money borrowed, evidenced by three
negotiable notes at four months each. as
follows: July l. 1902, $500; August Z,
1903, $500: August Is, 1902, $4,000 The
largest unsecured creditor is Goldman,
Sachs & Company, of New York, for SIS.
t>.- ~ fs-,1 ,ofr
at four months each for sl0,O0O $1,000, and
$4,000 negotiated May 10th, July 18th, and
August 10th, respectively of this year.
The other unsecured creditors are j. r.
Kyle & Company, of LynchburS, on a
9O-day accepted draft for $2,2l2.24, and
others in smaller amounts, the aggregate
of which is about $500.
Due to Local Banks.
Tho secured claims amount to $2222 76S. 60,
the la rsest ieca, ccaditcr beng the Ameri-
can National Bank, in which Mr.. Strause
is Il director, for the sum of szS,S60. The
same bank is also a creditor to the extent
of s13,Go0, through notes of the Seaboard
Knitting Mills, of Henderson, n. c.; the
Hayden Cigarette Machine Company, and
the Chelf Chemical Company, endorsed by
Mr.. Strause, and classed in the petition
as liabilities OH notes which ought to
be paid by the drawers Makers acceptOrs
or endorsers.
The other local banks classed as Sc
cured creditors, arc the First Ma
tional for s1750o, and the Union
Bank for $1,000. The total amount
of secured claims held by the
local banks is s51 1850. Their securities
consist Of real estate, stock Of the Hay
den Cigarette Machine Company, the Sea-
-pit Mills t0h3c cprtifIc3t
stock of the Chelf Chemical Company,
and the American National Bank stock.
Foreign Creditors.
Among the foreign secured creditors arc
John C. Muller & Company, and Claggett,
Bra chi & Company, importers at Liver
pool and London to amounts OF sS9,501.2e
and s13, ISL 26, respectively. No accommo-
dation paper is mentioned in the schedule
Other concerns holding notes endorsed
by Mr.. Strause in favor Of corporations
in which he was interested are as fol-
lows: Savings Bank Of Richmond, $1,000;
Richmond Perpetual Building and Loan
Association, s4,5O0; Citizens Bank, Of Hen
derson. N. c.. $4,000; Cardwell Machine
COMPANY, of Richmond, $500. The bulk
of these obligations were drawn by the
HAYDEN Cigarette Machine Company
and the Seaboard Knitting Mills, endorsed
by Mr.. Strause, and in two instances Win
Fred S. MYERS as co-endorser, and come
under the make or endorse liability sched-
ule.
The Assets Enumerated.
Among the assets enumerated are de-
posits in three local banks to the amount
of s243 81. The total value of the personal
property itemized in the schedule is SliO,
04439, consisting OF real estate III the
CONTINUED ON SIXTH PAGE)
pAl MEp,e MILL PR0RATED