The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-06-14
MILLS PRESSED FOR MONEY.
THE EAGLE AND PHOENIX NOW N
THE HANDS OF RECEIVERS.

W. II. English of Atlanta, G.. Guubs.
Jordan and John :. BIgby the Men
Appointed-The Legal Proceedings
Drought In the United states Dis
trict Court at AtIanta-The Action
Drought by the Estate Of DR. VIII
lam Clarke. +. 4. Torbett and Mrs.
w. +. Torbett.
Atlanta, Ca, June 13.-Judge william
T. Newman OF the United States district
court granted an application for receiver
for the Eagle and Phoenix mills Of CO.
lumbus this afternoon and appointed as
receivers, each under bond OF $500, ".
Il. English Of Atlanta. g. Gunby Jordan
Of Columbus and John 5. Bigby. president
OF the mills.
The petition for receiver was fled by
Messrs. Ellis & Gray. representing J. A.
Newton, administrator on the estate of
Dr. William Clarke, z. A. TOrbett and
Mrs. ". Z. Torbett. The petition recites
that on Feb. II, 1873. the Eagle and
Phoenix Manufacturing Company was
granted permission by the legislature
10 operate a savings bank in connection
with their other business, and began OPP
Grating one accordingly. More than ST.
10000 was deposited in this department,
and among the depositors were the Pc
titioners. It is alleged that none of this
money was used for loan purposes, as
is usual with savings banks, but that it
all went TO build additional mills and in
crease the facilities of the Eagle and
Phoenix Company. on Feb. IA, 1891, the
savings bank department was discontin-
ued, and bonds We're issued to pay the
depOsitOrs. The petitioners wanted their
money and demanded il, but failed TO get
1t is alleged that the mills are now being
run on three-quarter time, with a pay
roll Of about $500 per week, with the
business Improbable. The petitioners al
lege that the mills instead of buying cot
ton, are borrowing IT, making IL into cloth
and returning ii to those from whom 10
was borrowed. On july ], $4,000 for semi
annual interest on bonds will be due and ii
is alleged there will be no funds with
which TO pay the amount 1t is set forth
that although the mills are well insured
the premiums have not been paid The
floating and bonded debt make a total in
debtedness of Sl,l20,0eO. While the assets
are heavy and valuable, the petitioners
claim that if placed on the market at this
time they would not bring near their true
value. Therefore they pray that per-
manent receiver be appointed and that the
Eagle and Phoenix Manufacturing Com
pany be restrained and enjoined from dis
posing of its assets.
Judge Newman granted the injunction
prayed for and appointed the receivers
named above.
The Eagle and Phoenix mills are the
largest cotton mills of the kind in the
state Of Georgia, and among the largest
in the south. They were built before the
war. When Sherman passed through
Georgia on his march to the sea he app
Piled the torch to this property and left
II In ruins. At the close of the war the
owners decided to rebuild. and instead
OF one mill, they put up two and since
then the property has been known as the
Eagle and Phoenix mills. A few weeks
ago on account Of a difference that arose
between the men and the officials. the
scale of prices was cut ON certain goods
and large number of the men quit work
They remained out on a strike for about
seven weeks and then compromise was
erected, and some of the men went back
10 work, but since then the mills have
been running on short time