The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-09-15
IN A REcFrvRR,s HANDS.
The Georgia Loan and Trust Compan,
ia "a Bad WAY

in a Bad Way.
The Georgia loan aud Trust Company
/ is In receivers hands. It's affairs are in
tangled condition, with little likelihood
I so far as the Investigation Of the receiver
has gone, of being Strengthened out.
/ The stock was very nearly all owned
| by William Falconer who organized the
company and was its president and
treasurer.
A considerable amount was pledg ed by
him as collateral for personal loans. Fail
/ ing to meet these loans ana to make any
| satisfactory showing as to the condition
OF the company, receiver was applied
| for and Mr.. +. 5. Lathrpp was appointed.
An expert accountant is going over the
books to get at il possible, the assets.
Hull a. Lathrop are among the princi-
pal creditors, and # was upon their appli-
cation that Mr.. Llthrop was appointed
temporary receiver. A hearing will be
had tomorrow before Judge Falligant to
determine the appointment of perma-
nent receiver
COULDN'T GET AT TUE BOOKS.
Mr.. Falconer was absent from the city
when the application for tempo
rary receiver was made The
business OF the company had been left in
the hands of d bOOkkCeper who could give
no information as to his wherea bouts.
Messrs. Hull 4 Lathrop had in the mean
time disposed of their stock but were
unable to secure its transfer Mr.. Fal-
coner's obligations having become due, and
falling TO secure a settlement or any as
surance of one, they decided to
take legal steps Mr. Fal-
cOner was located in Charleston
and was notified of the proceedings and
was instructed to turn over the property
of the company. He replied that he
would do so at once, but failing to show
up, an order was secured from Judge
talIigant to open the safe, which Mr..
talconer said contained the company's
books.
THE SAFE OPENED.
The safe was drilled and opened
yesterday morning, but only Il few
unimportant books were found
A warrant was at once issued and
Mr.. FalcOner, having returned to the city,
was arrested for contempt He then pro
duced the books, which were turned over
to the receiver. So far as the invests
ton had gone last night very little infor-
nation could be gained from them as TO
the companys condition. Mr. Falconer
having control Of the stock has wholly
managed its affairs for the last two years.
1t PAID diVideud of per cent up to the
present year. That is about all the stock
holders knew about it. Some time
ago the president began buying up the
stock, giving his personalunote in pay
ment and pledging the stock thus bought
as security. In this way, according to
his statement, he had bought all but
about fifteen shares. These notes are
past due. Hull LathrOp held Mr.. Fal-
cOner's personal notes for $500 partly
secured by the cOmpany's stock and
partly by other collateral which
will cover all but 81 5000
OF the loans. They also held indorsed
notes for a considerable amount. which
the indorsers were called upon to pay.
The stockholders Of the company have
been unable to obtain any information as
TO It's condition. No meeting has been
held this year, and its offairs have been
so unsatisfactory that stockholders were
anxious to dispose of their holdings.
NO TROUBLE IN SECURING LOANS.
Having confidence in his integrity, Mr..
F'alconer was able to obtain loans for a
large amount, for which he gave his per
sOnal note. secured by stock in the COM
psny. He said last night that he
has no doubt he will be
able to effect a settlement today and
that the bill for a receiver will be dis
missed. In any event he will resist the
present bill. He was allowed to 90 yes
terday after his arrest for contempt,
upon his own recognizance, until the
hearing tomorrow. Mr.. Falconer claims
the company's assets are largely in excess
of all liabilities. 1t is not unlikely in
view Of the condition the company's at
fairs are in that other proceedings win
follow the appliCa tion for a receiver, as
soon as any definite information can be
got from the books