The morning news. [volume] (Savannah, Ga.) 1887-1900, 1891-07-02
EDWARD NJ. GREEN FAILS
J. K. GARNET APPOINTED TEMPO
RARY RECEIVER.

Il. B. Eolllrs & Co. . Claims Foot Ur
SOL, oOo-The Rec liver Appointed
Upon Rollins & Co.'S Petition
Green's Liabilities Estimated al
$4,000, and Assets $4,000
other Claims Coming In-Comer &
Co. Seize sixty Ba.es Of Cotton in
Shipment.
The financial troubles of Edward n.
Green eliminated yesterday in the appoint
ment by Judge Fal!igant Of J. K. Garnet
/ temporary receiver. The appointment was
made on the petition of H. B. Hollins &
Co. of New York, who hold claims against
Green for $lO1, S65 50.
The petition states that Green is indebted
TO Hollins q Co. for S35, 7o5 50 for moneys
advanced upon drafts drawn upon the New
York house, and ell 500, amounting in
American currency TO S55 $50. for foreign
bills Of exchange drawn upon the Bank Of
Liverpool. and which were bought by Hol-
Inns & Co. at their face value. The total
amount S9l, 1865 50. besides interest, has ma
tured and is unsecured. Hollins 81 Co. state
that they demanded payment which was
refused. This unsecured Indebtedness
equals one-third of Green's unsecured ma
tured and unpaid debts
The other Indebtedness to the New York
firm is SIC, 900 on promissory notes, secured
by sixty-two shares of the capital stock Of
the United Hydraulic Cotton Press Com
pany, and forty shares of Savannah Bank
aud Trust Company stock.
AN INJUNCTION ASKED FOR.
HoIlins & Co. claim that Green is insol-
vent and they fled the bill for a receiver on
behalf of themselves and such other creditors
as may hereafter be made parties.
An in iuction was also asked for, aud was
granted. to prevent Green from disposing of
his assets.
The receiver, in the language of the bill,
is to look after the collection and preser-
Walton of the assets, real, personal ard
mixed. legal or equitable, of the defendant
and the distribution and division toereof
pro rata among the creditors, preserving all
existing liens"
Judge Falligant fixed the bond Of the tenn
porary receiver at $4,000 and ordered
Green to show cause July IL why perma-
neat receiver should not be appointed.
Dun's Mercantile Agency places Green's
liabilities at $125, 900, with assets of about
$4,000. 1t Is understood that the family
residence on Madison square and rice
plantation IN Mcintosh county are included
in the assets. These, however, are subject
TO three mortgages, one TO the Central
Railroad Bank for $40. 900 and the others to
the Savannah National Bank for bl5, 400
and TO Capt. John1 Flannery for S4,200
making total Of $4,000.
An EFFoRT TO TIDE OVER.
1t was Shought fer a day or two that
the heuse would DO able to tide over the
embarrassment. The sum required, how
ever, wasI SO large that it was impossible
under the present condition of the money
market to secure It.
The failure was not unlocked for among
business men, although it was generally
expected that it would take the form Of an
assignment. The troubles of the Green
house have been the principal topic among
business men since last week.
The failure Is one of the largest that has
occurred in Savannah in long time. The
liabilities may foot up even more than that
| reported by Dun's when all the claims are
in,
COTTON SEIZED ON sHIPBoARD.
Before the appoin tment of a receiver
Deputy Sheriff P, L. Constantine OF the city
| court held up the City of Birmingham for
an hour and a half behind her schedule
time on writ or bail in trover by II. NJ.
Conner & Co., against the Ocean Steamship
Company for sixty bales OF cotton on board
| as the property of Green. AS the cotton
was deep down in the hold, and it would
have caused great delay to unship it, the
matter was arranged by the Ocean Steam
ship company giving bond to return the
cotton TO Savannah and deliver it to the au.
thorities here.