The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-10-30
DAVIS ISSUES
An OPEN LETTER
PRESIDENT OF CENTRE HILL COR
roRATroN GIVES MS VIEWS
:.
OF BANKS INTENT.
SEEK TO GET PROPERTY
BELIEVES THE TRUST COMPANY
WISHES TO BUY IT LOTS
At .ABSoLtTEIy MADE
QJATE PRICE.

Special to The Richmond Nirginian.>
PETERSBURG. VA oct. GIN an
open letter to the stockholders Of the
Centre Hill Corporation, published to-
day. Charles Hall Davis, president Of
the corporation. tells OF the long hght
over the Centre Hill property. and
declares that the American Bank ana
Trust Company, one Of the stockhold-
ers In the corporation and purchaser
OF the twenty nine lots OF the cor
poration al private sale ordered by the
Hastings Court of this city. is trying
to secure the entire property, includ-
ing the residence of Mr.. Davis In the
Centre Hill tract, for an "absurdly in
adequate price
MIR. Davis recites that he was called
upon by the American Bank and Trust
Company on Friday and again yes
terday to call "a meeting Of the stock
holders of the corporation for the
purpose Of acting upon Il suit now
pending I'm tho Court OF Appeals OF
Virginia styled Centre lin Corpora
ton VS.. The American Rank and Trust
Company. Inc. ct ais. with "a View
10 having tie case dismissed, and 10
remove the present officers aud di-
rectors OF tho Centre Hill Corpora
Sectors.
The request for the calling of a
meeting was through Samuel W. Zim-
mer. attorney fer the American Bank
and Trust Company. MIR. Davis de-
elined to call the meeting. After stat
ing these things Mr. Davis goes on
in bis letter to show the stockholders
OF the corporation the reason the
American Bank and Trust Company
which Is a former holder OF the notes.
secured by deed of trust Oh the
property, wants the meeting called Is
end the suit against the hank, and
10 elect new officers and directors,
Effect Of Litigation.
The present litigation, Mr.. Davis
declares. may result IN preventing the
bank from retaining the property re-
Gently purchased from Samuel W.
thinner and W. A. Worth. trustees
for S37 .00o (about two-thirds OF the
amount secured by the deed of trust
and may also result in the stock
holders receiving "a part or all of their
investment after paying off in full the
debt secured by the deed of trust
MIR. Davis declares the bank wants
70 get the entire property of the Cen
tire Hill tract, worth probabl 100000
for about half of Its value. and that
stock investment III the Centre Hill
Corporation because, by doing so. II
gets all the property owned by the
corporation. The methods OF the
American Bank and Trust Company
are characterized high finance" which
viii effcctuaiy wipe out the small
Ter stockholders of the company. He
says the Centre Hill Corporation de-
sired TO sell the twenty nine lots sepa,
rateiy, believing that better prices
could be secured and that the deb,
secured by the deed Of trust could
be paid. and would leave n profit fgr
the stockholders. lie says. Certainly
such sale by lots could not hurt the
Trust Company. IL it only wants its
money
Inc Trust CoInpanys Plans.
IL the trust company thinks the
lots are only worth $1,000, thc5
could at sale of the lots separately
bid on each lot proportionateiy up Il
that amount: and for any deficiency
they would still have recourse agatns
the residence and lot attached. Blu
fhar present plan Will. possibly, en-
able them to get the whole prop.
erty at about one-half It's value b.
wtping out everybody's interest excep
their own"
W
the trustees to the American Ranl
and Trust Company for s37. 900 wa:
ordered and confirmed by the Hust
ings Court, Mr.. Davis, president Of
the Centre Hin corporation, took tht
case 10 the Court of Appeals ant
an appeal was granted The litiga
ton may extend over several months
and In the meantime the property |.
tied up.
Mr., Davis ntimates in concludins
his letter 10 the stockholders that tn,
American Bank ana Trust Company
may now try to buy up enough stool
in the Centre I'LL corporation to con
troll meeting OF the corporation. Il
have action taken 10 end the case
III the appellate court. and To fIee
q new set OF officers ana directors.
Mr.. Stratton Out.
r, Gerald Stratton, "a member o.
the State penitentiary board, who las
week. while attending the Prison
Congress in Omaha, was painfully