The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-01-14
CAVE Up The STRUGGLE.
The Chatham Furniture Company
Makes an Assignment.

Mr.. z. r. Lowell, One OF the Largest
Creditors, Named as Assignee-Filed
His Bond and Took Charge Yester-
day-Two Mortgages On the Stock
and Property Of the Company Filed
in Court-The Assets in Excess OF
the Liabilities, But the Accounts
Not All Collectable-There May be
a Creditors Bill Filed.
The Chatham Furniture Company
made an assignment yesterday in favor of
Mr.. E. F. Lowell, one of the largest pre-
ferred creditors of the corporation.
The company states that II is indebted
to certain persons in various large sums
which by reason of difficulties and mis-
fortunes it is unable to pay at present in
full, but it is DESTROYS of providing for
the payment of all it's indebtedness as far
as possible by the assignment of all its
assets.
The assignment was agreed upon at
meeting of the directors night before last.
A resolution was adopted looking to that
end, and naming Mr.. Lowell as the as
slgnee. MIR. Lovel's bond as assignee
was fixed by the ordinary at 1872 900 and
was filed In that oflice'shortly after moon.
ASSETS OF THE COMPANY.
The deed of assignment sets forth the
assets. First there are lots numbers 5, 8
and fronting on Poplar street in block
X of Louis Whites division. Each of the
lots is 40 feet front.
The stock of furniture, household
goods, pictures, ETC., is next set forth, all
of which are contained in the store at 1874
and 1876 Broughton street. Besides these
the company owns five horses, two trucks,
one buggy, eight sets of harness and
other property which is enumerated.
These assets, with their value, are all
set forth in an exhibit, which follows the
deed, with their respective values. The
exhibit contains also a list of the accounts
which are due the company, ranging all
the way from so cents to $500 or $500.
These accounts are the assets which,
it is thought, will fall some
what short, as many of them
are bad debts which there will be
much difficulty in collecting, and many of
them will hardly be collected at all.
The large amount of outstanding accounts
is probably in some measure responsible
for the assignment of the company. The
assets foot up something over SAL 200.
DISPOSITION OF THE ASSETS.
The assets are all delivered in trust to
Mr.. Lowell, who is to sell all the property
" pODAAS VI PAAFoVS So1Ot anu W SOllCCb
all accounts.
With the proceeds the expenses Of the
assignment are first to be paid Next comes
the Indebtedness to Messrs. e. f. and r.
p. Lowell of 81, 1876 &C on promissory note
dated Jan. 10 and due Ave days after date,
which Is covered by a mortgage on the
stock and real property of the company.
Then an Indebtedness of 81, 200 to Messrs.
Garrard, Meldrim & Newman on a prom
issory note protected also by mortgage,
is to be paid. Both these mortgages were
filed in the superior court with the deed
Of assignment yesterday.
Next comes the payment of the indebt-
edness, amounting to $2,166 50, due
Messrs. E. +. and r. P. Lowell for rent.
This Indebtedness is represented by nine
promlssory notes. After the payment of
the preferred creditors the balance is to
go to the payment of all the other debts
and obligations of the company. If there
are not proceeds enough to accom-
plish the payment of all the unpre-
ferred creditors they are to be paid pro
rata and in proportion according to the
amounts due them. The total liabilities
of the company amount to s2l ,405 As.
There is $4,000 insurance on the stock
and fixtures.
1t is said that some Of the unpreferred
creditors may protest against the assign
mont, and file creditors bill. Whether
this will be done or not remains to be
seen,