The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-07-22
ASSETS ALL HYPoTHECATED.
THE n. Y. MACINTYRE a 60. RE-
CEIVEHsHIP DISMISSED.

There Was Practically Nothing for
the Receiver 10 Take Charge o.
Messrs. Seabrook and Medley VIII
Collect the Assets for the BENEFIT
of the Firms CredifOrs-The sH-
vannah bank and Trust 90. Given
Further Security for Its Claim.
Practically All the Creditors Sc
cured-Other News In the Courts.
Judge Faliigant signed an order IN the
superior court yesterday dismlssing the
suit Of the Savannah Bank and Trust
Company for injunction and receiver
against n. y. MacIntyre q Co. The or
der was on motion OF the bank.
The Savannah Bank and Trust Com
pany brought suit against the hrm Tor
receiver some days ago. basing It's ale
cations on the fact that Il was a creditor
10 the extent OF loo. and that the col
lateral 81 held az security for advances to
that extent had deprecated. Mr. W @,
Cam. cashier Of the bank was appointed
temporary receiVer and took charge OF
the business.
After looking into the aNairs Of the firm
Il has been finally dec.det 70 dismiss The
bin, and allow the members 10 take
charge o. the collection q shat money
they have outstanding ia the country. The
order dismissed the suit without pre1u-
dice TO any Of the rights q the bank,
ana with the right reserved 20 90 Of en-
tering suit against the FIRM for any in
debteduess which may be due them, in
the same manner as though the above
suit had never been instituted.
Il was further ordered that the temper
airy receiver surrender 10 the firm. or its
attorneys. any assets or property belong
ing to II which may have come into his
hands or possession as receiver, except
a dividend OF 3i75 paid by the Merchants
and Farmers Bank Of Qultman. on stock
which has been hypothetical for the pur-
pose of securing a debt, and this amount
is 10 be paid 10 the Savannah Bank and
Trust Company. The order further dis
charged Mr.. Cam as pOrary receiver
The order was consented to by Messrs
Erwin, duBignon & Chisholm, attorneys
for the plaintiff. Mr. Charles n. West,
attorney for Messrs. w. r. Seabrook and
J. T. Medley, and by Messrs. Garrard
Meldrim & Newman, representing Mr.
NJ Y MacIntyre.
To further secure the Indebtedness TO the
bank. Maelntyre = Co., gave some deeds
TO real estate, and a note for 30 days COW
ering the balance. and now that the re-
ceiver has been discharged Messrs. Sea-
brook and Medley viii take charge of col
lecting In the outstanding accounts for the
benefit Of the firms creditors, Mr.. MacIn-
tyre being unwell at his home in Thomas
vile.
The receivership was dismissed II is
understood, because there were no assets
for the receiver TO handle. The indebted
ness Of the firm amounts to something like
$4,000, and while the assets may be near
~ II not quite sufficient TO pay II up I'm
fun, they are all hypothecated with differ
ent creditors, principally the banks from
which money has been secured so there
was really nothing for the receiver to take
hold of. IL Is understood therefore that
the two members OF the firm mentioned are
simply TO collect these assets IN for the
benefit Of the creditors to whom they have
been assigned as collateral security. The
Savannah Bank and Trust Co, is amply
secured on the amount of Indebtedness to
It, and II is believed almost all OF the other
creditors are similarly fixed. II Is I'M
derstood that Mr.. MacIntyre's father, who
lives Al Thomasvile, Is indorser on the
FIRMS paper TO the extent Of about $4,000
1t is not known yet whether any effort
will be made to carry on the firms BUSH
ness after It's present affairs have been
settled up.