Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1915-05-27
BROAD ROCK MAKES REPLY
TO BILL FILED BY TAYLOR
Company Denies Allegations of In.
solvency and Failure to Pay
Interest Coupons.
PLAINTIFF WAS DISCHARGED
Counter Declaration Filed by Defend.
ant Says Taylor Was Dismissed
From Company STANDARDIZATION
for Receiver Is Withdrawn.

Application for appointment of a re-
ceiver for the Broad Rock Mineral
| Springs Company, filed on May 3 In
the Law and Equity Court by Is. j.
| Taylor. former director. was with
drawn yesterday after the company
had filed its answer, categorically de-
nying Taylor's allegations charging in
solvcncy, reckless expenditure and
failure to pay interest when due
The answer was accompanied by Il
! statement from certified public ac-
I countants as to the companys assets
and liabilities. The suit was con-
tinued as to Mr.. Taylor's claim for
payment of both principal and interest
OF bonds held by him. In it's reply
the lithia water company states that
Mr.. Taylor was formerly employed AS
| its manager, that he was DISCHARGED
and that he DIS now in the employ of
I a rival concern.
COMPANY PREPARED TO
PAY INTEREST COUPONS
/ The company states that it has ten
| dered. and now tenders again, through
the court. payment of the interest on
Mr.. Taylor's coupons. II denied hav-
ins de1aulted on this interest that
! the principal is now due.
Mr.. Taylor claimed TO be the holder
| OF nine coupon bonds Of the par value
OF $1,000 each, all dated June !, bear
/! ing interest at the rate of per cent
! lie alleged that payment had been re-
/ FUSED on the coupons and that the
! bonds were secured by decd of trust
dated June !, 1911, executed by the
! Broad Rock Mineral Springs Company,
Inc, to the Bank of Commerce and
! Trusts, trustee.
In his declaration Mr.. TAYLOR OK
| pressed the belief that the company
was insolvent, that its income was not
| sufftcient to pay current expenses and
! that large percentage of the income
had been dissipated by the payment of
! excessive salaries. All OF these alleea-
lions arc catcgorlcally denied the COM
pany presenting balance sheet with
| evidence to show that many OF tho acts
! complained OF were done while Mr.
| Taylor was manager and director of
! tho company, that the company has
! large assets and that its lands have
| largely increased in value since the
| recent annexation.
SAYS TAYLOR VALUED
PRODUCT AT S3sO.OOO
! The company also asserts that Mr.
! Taylor. by his own vote while dircc-
! tor, placed value of $4,000 on the
/ property of the company for purposes
of making a report to the Corporation
| Commiss sion, that the company has
| since acquired $4,000 of personal
property in addition, and that it is
| this combined property which MIR. Tay-
I
| 100000.
The company was incorporated May
! ., 1911 with the following directors:
j. j. Montague. ]. Preston Carson.
Thomas r. Owen and B. ]. Taylor, Mr..
Taylor being manager.
The reply goes ut length into the
financial history OF tho company, its
acquisition of the property OF the
Holly Springs Lithia Company and its
various issues OF stocks and bonds and
their purposes.
WANTS FROOF OF rAYI.OR'S
4 OWNERSHIP OF BONDS
The defendant company calls for
strict proof of the ownership of the
nine bonds claimed by Mr. Taylor, and
denies that 1t has been in default in
payment of interest moro than three
months. that II is in default as TO the
greater portion or the whole of the
remainder Of the bonds secured by the
deed Of trust that on n large number
OF bonds no interest has been paid for
more than year, and that there is
past due interest amounting to $4,000
or $4,000 all of which charges were
made by Mr. Taylor. On the other
hand. the defendant undertakes to
show that il has paid every interest
coupon bond presented, and denies
that Mr.. Taylor presented his for pay
mont. as he has claimed
The counter declaration further
states that Mr.. Taylor was dismissed
from the service Of the company in
April. 1913 and that since then the
: company has been careful to pay his
coupons whenever they were presented
On April 8, 1915, 1t is alleged, the
company offered to pay the coupons,
and Mr.. Taylor refused. The company
now tenders him payment. the dcclara-
, ton states. on the presentation of his
coupons.
Williams & Mullen. attorneys, filed
the answer of the Broad Rock Mineral
Springs Company. Mr.. Taylor is rep
; resented by Attorney William =. De
| Saussure.