The Lexington dispatch. [volume] (Lexington, South Carolina) 1870-1917, 1912-04-24
Roofs Creditors Meet ON
Nav 2.

John J. Earle, referee in bankruptcy,
of Columbia, has Set Thursday, May 2,
for The meeting Ct the creditors OF the
Lexington Savings Bank, which went
into the hands of receiver several
days ago, and of W. P. Roof, bank
rupt, the creditors to meet in the court
house at Lexington. At this meeting
a trustee will be named by the credit
ors unless a compromise, which, 1t IS
understood, will be offered, is ac-
cepted.
The schedule of Mr.. Roofs assets
and liabilities has been completed and
filed with Referee Earle in Co1umbla
The schedule of Mr.. Roof shows his
individual liabilities to be 1896, 413 "a
and his individual assets to be $557,-
7S9 36. The schedules show also that
he Is liable either as joint maker or
endorser on notes executed by the Pai-
netto Cotton Mills, of Columbia; Al
len Jones, of Columbia; Valley Falls
Cotton Mills, of Spartanburg; Lexing-
ton Manufacturing Company and the
Saxe-Gotha Mills, both of Lexington,
to the amount of $500, ,26O 80.
Some Secured.
A great deal of this liability is Sc
cured by mill bonds and other collat-
ersl and all of it consists of obliga-
tions for which Mr.. Roof is in morals
secondarily liable. 1t has been sug-
ges 5ed that it is possible that an ar
cement might be perfected with
the holders of the mill paper to re-
lease Mr.. Roof from his liability. there
on, in return for the surrender TO
them Of certain mill obligations held
by him. While this is simply ru-
NOR, with possibly some foundation,
still it is probable that by concerted
action on the part of the creditors 1T
might be effected, and if it can be 1t
will reduce the liabilities of Mr.. Roof
more than one-half.
An examination into Mr.. Roofs at
fairs reveals the fact that his failure
has been brought about by an honest
effort on his part to save the cotton
mills in which he is interested. Fol-
lowing is the schedule Of MIR. Roofs
assets and liabilities as shown in the
report filed with the referee:
Liabilities.
Wages, 1886 "a; secured claims, $751;
431 So; depositors in bank, S23s. .oS2 81;
outstanding g checks, S11,O96 50; mer-
chandise creditors, $17, 1853 "a; cotton
creditors, $72, ,820 68; unsecured notes,
GS3, ,292 Sc; real estate mortgages, S46,'
600. Total, 1896, 413 81.
Assets.
Secured by collateral, $165, 1856 IS;
$162 q; bills, notes and oyer-drafts,
Sle4, 4,101 36; stock in trade, $17,957 o.;
horses and other animals, $3.50; car
riages, etc, $1,125; farming stock, I'M
plements, S25a; machinery, tools, etc,
S6,05a g.; other personal property,
S48; debts due on open accounts, $32,
387 81; stocks, bonds, etc., $55, $50; in
surance, $6OS. Total, 1851, 7S9 36.
Contingent Liabilities, Aceommoda.
ton and Security Paper.
Alien Jones, $1,000; Palmetto Mills,
s112,603; Valley Falls Mills, $127, 1853
70; Lexington Manufacturing Compa-
ny, $189, 1877 60; SAKE Gotha Mills,
$751;, so. Total, $599, 9,260 80.
The contingent liability added to the
other liabilities makes total of ST.
096;674 81. -:
C.L. Davis, of the Charlotte Audit
Company, after having worked on the
books and records in the Office Of Mr..
Roof fer about fifteen days, completed
his task on Wednesday. Mr.. Davis,
when seen, commented on the fact
that the book assets exceed the liabil-
tiles to the amount of about $50, 900.
Mr.. Davis's firm represents some of
the larger creditors, and he is Of the
opinion that the business could be con-
tinued proftably to both the creditors
and Mr.. Roof, if an agreement can be-
reached when the creditors meet on
Maya.
Messrs. E6rd & Dreher will gladly
approve all claims at their Office, tree
of cost to all creditors who will call.