The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-03-09
BILLS FOR REcEIvERsHIPs.
Fulton County Comes 20 the Front
With Two Cases.

N 18th Two AAAtH
Atlanta. Ca. March 6-Two more re-
ceivership bills we're added 10 the record
OF Fulton county to-day. The most i'm
portant was that involving the Equitable
Loan and Security Company. Judge
1,umpkin was asked TO grant an injunc-
zion restraining the company
from the payment Of any
sums Of money until the case
could be heard ln the superior court lie
refused the reeeivership, but allowed the
restra ming order. setting the case -or
hearing next SATURDAY
The aUegs lions made IN the application
for receiver snow that the Equitable Loan
and Security Company has been in bust
mess about three years. The preAl1ent OF
me company is Judge II. +. ". Palmer
Col " s. Thomson. vice PRESIDENT Johu
s. owens. secretary, and Eugene tlI-s-
tan. general manager. Il u cnargel IN
rho bill that the salaries and expenses Of
4ne company have been TOO high. and that
the business has been conducted upon an
extravagant basis.
The officers Of the company deny all Of
ffe ALLEGATIONS. They say the company -
absolutely solvent ana does not owe a
dollar which cannot be paid. The COM
fauv does business by issuing certincates
or investments, which are allowed 20 run
several years after which they are pald
of with the interest and profits which ac-
cumulate.
Tine cause OF this action for receiv-
ershfp." said Secretary owens, was the
dissatisfaction Of South Carolina SOCK
holder. who bought a certificate OF Invest
rnent and then demanded the return Of his
money. This cannot be done under the
bylaws and constitution Of the company,
and the demand was refused, but we
thought We had fully explained the situa-
zion. and the stockh0lder seemed satis-
fed"
The other Application was made by the
Eagle Coal Company, against the }. :.
Wilson Coal and Lumber Company, al
Ieging that the latter company Is insol-
vent Judge Lumpkin granted rule 70
show cause before him on March - Why
the petition should not be granted.
The allegations of the bin show that the
]. C. Wilson Coal and Lumber Company
Is Indebted TO the Eagle Coal Company ~
the sum of 1861, for which judgment
was secured but the execution was re-
turned by the sheriff as aFnulla bona. The
petition states that the capital stock Of
the J. C. Wilson Coal and Lumber Com
pany is $500, which has not been fully
paid in
Macon. Ga. March s-An auxiliary bill
was fled in the United States court this
morning in the case of J. 8. SOules OF
Ohio, +. o. Walthall Of North Carolina,
J. X gumrnerwaii Of Kentucky. COM
plainants for themselves, and all other
bona hde creditors shareholders Of the
Covenant Building and Loan Association
VS.. said association Of Knoxville, ana W.
j. Nell Of Rome.
The bin alleges that the court has juris-
diction because the association has an
Office in this state; that G. r. McElWaine
and William AshmOre have been appoint
ed permanent receivers by the United
states court in Tennessee; that the asso-
Citations has assets at Albany and asks
that an Injunction be issued prohibiting
interference with the assets and that
receiver be appointed to take charge OF
the same Judge Speer passed an order
appointing Messrs. McElwaine and Ash
more receivers for the assets in Georgia
Cincinnati O., March S-Judge Hunt to-
day appointed Herman Brockmann re-
eeiver Of the Consolidated Building and
loan Company The shareholders are
mostly employees OF the Cincinnati Street
Railway company. The liabilities are
placed at $1,000, and assets at $1,000.
The receivership Is said TO have been
made necessary by injudicious loans on
unproductive real estate.
The company was Incorporated Aug. II,
1856. with a capital stock Of $4,000. The
highest number Of shares subscribed for
was 5.2l2. At present there are 5000 shares
subscribed. The weekly receipts had fall-
en- to $50 Another reason assigned Tor
the failure was the fact that there are
appllcations for Withdrawals from the
holders Of 900 shares.