Carolina watchman. [volume] (Salisbury, N.C.) 1871-1937, 1909-10-26
The Big Power Plant at Whitney TO be Sold
An Asheville special says

$40, 900, 900 power company
near Salisbury, which on
February 3, 1908, upon the
complaint of o Brown &
Co., Of New York, was placed
in the hands Of John S Hem
derson and Charles W Smith
as receivers.
II the suit of the Bankers
Trust Company OF New York,
against the Whitney and it's
subsidiary companies, which
was filed yesterday to fore
close the IS, 900, 900 bond is
sue, which it HOLDS as trustee,
Judge Pritchard today named
A H. Price, of Salisbury, as
special master to take the tes-
timany, go over the accounts
OF the receivers, and inven>
tory the property Of the com
pany, preparatory TO a decree
of sale. He set the first Mons
day in December as the date
for the Whitney Company to
answer the suit before him.
The bill alleges that default
has been made in payment Of
interest on bonds due May l
and November l., 1908, and
May l, 1909. amounting to
approximately $500, 900.
In the matter Of the appeal
of the Bankers Trust Compa-
ny from the report Of Special
Master A H Price in the suit
Of L A Gillespie Company
against the Whitney Compa~
ny, and John S Henderson
and Charles w Smith, Its re-
ceivers, fol lien on the props
erty for work done in cons
structing the dam on the
Yadkin river, the receivers
today openly refused to join
the Bankers Truet Company
in prosecuting the appeal in
the United States circuit
court of appeals, the receivers
taking the position that the
special master had found, and
the court sustained the re-
port, which awarded about
$500, 900 to the company for
work done This means that
the Bankers Trust Company,
which tried to draw the re-
%ceivers into the appeal will
have to fight it out alone in
the appellate court. The res
ceivers stated that they did
not conscientiously believe
that they should appeal and
would thus save expenses;
that although they had ex
ceptions which they had
pressed before the circuit
court, they would not further
press them.
Judge Pritchard made an
order that the supercedeas
bond in this appeal be fixed
at SIS, 000; also provided a ba~
sis for distribution of the
funds from the sale. as well
providing for a separate sale
Of that property upon which
I A Gillespie Company had
a lien. Another agreement
was that the receivers should
lease the Rowan Granite
Company, a subsidiary CONS
pany to the Whitney Compass
ny, to w II Miller for $3.50
per mouth and royalty on
each car shipped. This lease
is more advantageous than to
Essen Granite Company, now
in hands Of receiver, said
lease to terminate with sale
Of property.
Another order allowed the
receivers to issue S21, 900 in
receiving certificates to be
paid off in two years time, or
thirty days notice and pros
vided for the payment Of
S., 900 each to Receivers Hen,
derson and Smith,, who have
served fol 81 months; and
50, 600 each to Special Master
A H Price, William A Way
Of Pittsburg, Thomas Patter-
son. Of New York, Thomas J
Jerome and Burton Craig, of
Salisbury; and $1,000 to
Moore & Rollins, Asheville,
for services as counsel for re-
ceivers. In order to facilitate
the sale of the property all
pending actions were consoli-
dated by agreement and will
be handled by Special Master
Price. The property will
probably be sold within three