An Accommodating Fire
A packing plant of large proportions in Nashville, Tenn., was recently almost totally destroyed by fire, with a loss of from $150,000 to $325,000, fully insured under policies originally taken out by William J. Cummings and his associates, so that the banks that became creditors of the Tennessee Parking & Stockyards Company through his operations and those of his associates will now receive a considerable amount of cash instead of claims on which they have been trying to realize for two or three years. The insurance money, however, will not go directly to the banks, but to a new corporation just launched to operate the business so as to sell it to best advantage. When the Cummings crash came the Carnegie Trust Company and other banks held notes of the packing company amounting to $1,116,500. The Carnegie Trust Company in liquidation received $324,000 preferred and $107,000 common stock. When the fire occurred only the packing plant was affected. The stockyards, the largest in the south, were untouched, as also were the plants of the box factory, soap factory and others formerly owned by the subsidiary companies: In this case even the fire fiend has been tin the side of the trust company, and the flames”have added to its resources.