The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1904-08-10
JUAN|TA MILLS
IN BAD SHAPE
Statement of Expert as to
Financial Condition.
RECEIVE RS NAMED
Messrs. C. B. Barbee's Appointment
Made Permanent and r. A. Daniels,
of GoIdsboro, Appointed as TO-
Receiver --- Judge Aliens Or
der and Figures of Assets
and Liabilities

and Liabilities
Judge O. Fl. Allen, who recently
appointed as temporary receiver of
the Juanita Cotton Mills Mr. G. B. Bali
bee, of this city. yesterday confirmed
the temporary order and appointed as
permanent receivers to wind up the af-
fairs of the company Mr.. c. b. Barbee
land f. A. Daniels OF GoldSboro, who is
named as co-receiver.
The hearing was attended by repre-
fsentatiVes Of all parties, the directors,
creditors and Mr.. G. Rosenthal. the
secretary and treasurer. whose dra-
matte attack of sickness precipitated
the investigation into the affairs of
the company which lead to the APP
pointment of the temporary receiver.
Mr.. A. G. Lehman, the expert who
has had charge of the books since tho
time of Mr.. Rosenthal's attack, filed an
affidavit of his examination of the
books which showed the assets of the
mill to be $42,a51.7S, which does not
include the value of the mill and its
adjacent lands which cost the COM
pany-in the aggregate the sum of
$50, 211.S2.
Against this sum Mr. Lehman found
that the gross liabilities of the mill
amounted to the sum of $144, 1858.
SO that, figuring in all the assets
of the company al full prices and cal
culating the value of the mill prop
erty at the price paid for the same
by the company, the excess OF liabili-
ties over assets will be seen to still
be $17,991.72.
When it is considered that Of the
assets every scrap of material on
hand is figured into the sum total
and that $33,31S.75 of the whole
amount is in yarns which are in the
hands of j. T.. Mitchell 4 Co., COM
mission merchants, in a time when
the demand fOf cotton products is az
it's lowest ebb; and considering the
fact that the mill and lands cannot
be hoped to bring anything like the
sum of $4,000 expended upon them
it would appear that the companys
affairs are in a deplorab!e condition.
Conservatively estimating the money
value of the assets other than mill
property at rs per cent of their esti-
mated value and the decrease in value
Of the cost prIce of mill and lands
at so per cent the total assets may be
roughly estimated at $73,213, against
the $144,165.33 of liabilities.
Out of the assets must come the
mortgage bonds Of $21. 200 which will
leave for creditors. after deducting
the cost of liquidation. something ap-
proximately in the neighborhood OF
$4,000. a sum which it will be seen
will suffice to pay to the creditors not
more, certainly, than SO per cent OF
their debts.
So that there is no possibility of
anything whatever accruing to the
stockholders upon their original in
vestment
AS has been stated heretofore the
larger part of the $S1,429 of liabilities
in the form of outstanding notes Is
secured by gilt-edged endorsements
and the creditors who are thus Sc
cured will lose practically nothing, the
excess after pro rata disbursement
among the creditors being paid by
the endorsers of the paper.
Among the larger creditors whose
debts figure among the open accounts
are G.. Rosenthal, the secretary ana
treasurer. $4,000; Mrs. Is. Rosenthal
s1.58O.3S, and Whittier Machine Com
pany, S1,247.50.
Mr.. F. A. Daniels. of Goldsboro, VINO
renresented the Messrs WE'LL and some
other. of the larger stockholders was
at their request appointed co-recelVer
with Mr.. Barbee, no on~osition being
made in any quarter to his selec-
ton.
ary receivers, Judge Allen directed
that the two receivers give bond in the
sum of S25, 900 each to be affirmed by
the Clerk of Wake Superior Court:
that they take charge of all property
of the Juanita mills and collect the
debts due the same and deposit the
money received by them in the Com
mercial and Farmers Bank of Raleigh;
that they maintain the insurance on
the property of the mill in the amount
that is within their discretion: that as
to cotton in the process of manufac-
ture tho receivers may proceed either
to sell the same or to manufacture 1t
into yarns, according to their d1Scre-
ton: that the receivers are authorized
to dispose of the stock of goods at the
mills at public or private sale in bulk
or in any other way which may APP
pear advantageous to the receivers,
who are also authorized to operate
the grist mills on the lands OF the
mills.
After providing for the payment of
expenses of the temporary receivers,
and attorney Armistead Jones, it was
ordered by the court that all creditors
of the defendant company present
their claims to the receivers at Raj
eigh, duly verified, within sixty DAYS
and that said receivers give notice to
all creditors of the defendant to so
present their claims by the publication
of a notice of that effect in The News
and Observer
The receivers, whose bonds Will be
given in a surety company as before
reported when Mr.. Barbee was APP
pointed temporary receiver, will pro
coed without delay to wind up the af-
fairs of the inSolVent mill.
Owing to the fact that the condition
of the cotton goods market is still
unsettled and the demand for yarns
slack, the liquidation may be protract-
ed for a longer time than would 9TH
erwise be thehcase.