Textile Plants in Receivership, June 2, 1923

Concord Man Named Receiver by Judge Boyd Friday Night. . . M.L. Cannon, of This City, and J.K. Doughton of Salisbury, Receivers for Several Textile Plants. . . Memphis Company Started Suits. . . Mecklenburg Mill, Clyde Mill, Newton Mill and Others Are Affected in Receivership Case

Salisbury, June 2—Judge Boyd at Greensboro late yesterday afternoon signed a decree naming M.L. Cannon of Concord and J.K. Doughton of Salisbury as receivers for the Mecklenburg Cotton ills of Charlotte, and the Clyde and Newton Mills of Newton. Mr. Doughton is president of Peoples’ National Bank of this city. It was a consent appointment, both sides consenting to the men who were named. Neither of the men named have as yet qualified as receivers, but it is understood that they will do so.

A receivership was asked by Warwick Aiken and Claude C. Crawford of Memphis, Tenn. Attorneys for the mills agreed yesterday to a receivership, and consented in the appointment of the two receivers named. J.D. Norwood, M.L. Jackson and John C. Lawson of this city are principal stockholders of the Mills.

They operate the Clyde and Newton Mills at Newton, Mecklenburg Mills at Charlotte, one at Catawba and one at Tuckertown. Its assets are placed at $1,412,429.

The Warwick Aiken Co. has a claim of $289,412; $228,803 of which is for the cotton sold the mills company, and $61,000 for bank acceptances which the petitioners endorsed.

From the front page of The Concord Daily Tribune, June 2, 1923