The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-06-24
BIGGEST BANKRUPTS YET.
,o DIRECTORS OF THE S. A. NJ.
ROAD OWE MUCH MONEY.

,,essrs. 5. w. COney, of COrdeIe, and
p. c. Gregg, of Americas, Go Into
u,nLruptcy With Liabilities OF
o..sr SS4O.OOO Each--Larger Part
oe the Indebtedness Incurred by
,ndorsfnE Notes of the President
90 the sam Road for the Purchase
90 RoIIing STICK Assets in Each
cnse Less Than 800 - Savannah
uonLs stuck for Large Amounts.
Two cases in bankruptcy in each of
ubicb the liabilities are in excess of $780,
,ot and the assets less than $780, have
,san referred by Judge Speer TO Referee
- bankruptcy Shelby AIyrick. The bank
r,,ots are S. w. Coney of Cordele and p
= Gregg of Americas; their creditors are
,,str,buted from Maine to California, and
fror the lakes to the Gulf.
Not in the time OF the old bankruptcy
law nor since the passage of the present
40, has there been in Georgia a bank
.,n,cv case of such importance or involv-
,rg such large amounts as these. They
hear the ear-marks and the outward sim
aitude of the cases that are heard of in
tho North, but are very rarely met with
In The South. They spring from tamper-
ing with railroad properties that have
f,iled to pay dividends and from too firm
q faith in the commercial possibilities of
q section. They are a part of the after
r,atb of the downfall of the S. A. NJ. Rail
way.
The bankrupts were directors of that de-
f1uct road and in that capacity Endorsed
tbs notes of its president, S. H. Hawkins
En-, the purpose of providing funds for the
nnrchase of rolling stock and other i'm
movements. These notes are held by
hanks and individuals in all parts of the
aa,ntrv and some Of them by banks in Sa-
,,annah. In the list of creditors the
southern Bank of the State of Georgia is
aiven as holding these alleged securities
to the amount of $1,000 the Germanla
Pink 10 the amount of 5000, the OSle-
tborne Savings and Trust Company to the
srno1nt of $4,000 and the National Bank
e savannah to the amount of $4,000
FIRMS and individual capitalists are inter-
e,sted in less amounts
Resides the indebtedness that springs
from the falling away of the Sam road,
there are other large amounts that were
incurred in the prosecution of the bust
ness in which Messrs. Coney and Gregg
were interested at Americas, where they
wore partners under the firm name of
the Americus Investment Company. Ad-
vances that they were unable to meet,
mortgages that they could not mt and
running expenses that ran too fast make
nm the tale of indebtedness and woe. There
is scarcely bank In Georgia that has not
finger in this vacuum pie and in this
case il is rather a distinction than a re-
fection so august and respectable is the
bodv of creditors and so keen and far
sighted the shrewd business men of whom
IL is made up.
Less than 500 is offered by each of the
bankrupts to his creditors to liquidate
his Indebtedness, but even this tempting
bait is attached to a string, known as
a homestead exemption and furnished by
the laws of the state, and is drawn away
as soon as it comes in sight The credit
ors are to be allowed the rich con-
ISOLATION of knowing that there are many,
many others.
1t is not thought likely that the credit
ors will contest the application of the
bankrupts for a discharge. They are gem
orally regarded as perfectly insolvent, and
so far as is known have no property
other than the suit of clothes, watch, and
in one of the cases, shotgun, that make
up their assets according to the schedules.
They were both at one time very wealthy
men, but they became involved in scheme
men, but they became involved in schemes
for building railroads and improving the
country around Americas and lost the
fortunes they had then accumulated. In
the petitions in bankruptcy both are rep
resented by Hon. Allen Fort of Americas.
OF course, the discharge in bankruptcy
Of Messrs. Coney and Gregg will not de-
prive the banks and individuals who hold
the notes of the Sam road and its Off
Gals that they have Endorsed of their en-
tire security On many of the notes there
are other indorsers and against these the
creditors will Still retain recourse. The
case will come UP shortly before the ref
cree and the creditors will then have an
opportunity to interpose objections. if they
desire to do So