The Columbia herald. [volume] (Columbia, Tenn.) 18??-1935, 1917-12-07
GENERAL CREDITORS
BILL FILED AGAINST
bRANHAM ( HUGHES
CLIFFORD A. RAGSDALE SEEKS
APPOINTMENT OF RECEIVER
FOR NOTED SCHOOL.
NOT TO INTERFERE: WITH TERM
Liabilities II Institution Alleged to be
$4,000 and Assets S5o,0oo-BlI
Filed Wednesday in Chancery
Court.

Declaring the assets OF the Bran.
ham & Hughes school at Spring Hill
to be about $4,000 and the liabilities
If the institution TO be about SS1, 900,
a general creditors bill seeking the
appointment OF receiver and set
uement of all accounts and debts
was filed Wednesday by Clifford A,
Ragsdale Of Maury county in the
Chancery court. 1t was stated today
that it is not the purpose of tho
plaintiff to interfere with the schoo.
in any way, but merely to straighten
out its financial affairs. Hume and
Cornelius of Nashville and Thos. H,
PEBBLES of Columbia represent the
plaintiff.
The bill alleges that the Branhan
& Hughes school, corporation, owes
him a note for $3.50 which is pas,
due, and one for $1S3 which is not
yet due. Other debts Of the schCo.
for the collection of which suits have
been instituted in the magistrates
court Of W. E. Alexander at Colum-
bia, are alleged to be:
w. A. Case & Sons Manufacturing
Co., $5S.52; Phillips & Burtorf Man
ufacturing Co.. $276.50; Jungermans ),
bankrupt, $472; Bradley Knitting Co.,
$3.50. .
In addition to these debts it is al
legged that the school owes the
Spring Hill Bank $4,000; the Amer
lean National Bank, $3.50; Columbia
Bank & Trust Co., $3.50; and $21,0
to various other parties, in addit on
to $4,000 secured by first and second
mortgages on all the property Of the
school, consisting Of several build
ings and land located at Spring Hill.
The plaintiff further alleges that
the school has defaulted on the pay
ment of interest on $4,000 secured by
bonds, and has paid no interest on ~
per cent of $4,000 additional bonds
since 1912, and has no funds with
which to pay this interest, the first
and second mortgages being given to
secure these bonds.
The assets of the institution are al.
legged to be various equipment, $1.50C
in accounts due from students and
various pledges by citizens of Spring
Hill for improvements, in additio.
to the school buildings, and prot
arty. Total liabilities are estimated
at $4,000 and total assets not to ex
coed $4,000, which is not sufficient
to pay 100 per cent to each of the
creditors.
The general creditors bill seeks to
compel all creditors to file petitions
for settlement in the Chancery cour.
through this suit, enjoin the prosecu-
ton of the collection suits in the
court Of Magistrate W. K. Alexander,
the appointment of a receiver or re-
ceivers to take charge Of the asset
of the institution. and to cause the
Clerk and Matsre to take and state
the assets creditors, amounts due
each, costs Of this suit, and pro rata
Of payment that may be made to each
creditor upon settlement of the
schools accounts.
The Branham & Hughes school Is
one Of the most noted boys educa
tional institutions in the South Thou.
sands of the graduates of this sc,.ool !
have made their marks in the world
Of business, finance and the protes. /
sions 1t is not thought that tie
general creditors bill will impair the
of the school either this
year or in the future bat that it Tr05- |,
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