The age-herald., 1899-03-28
X FORMER BANK
 IN THE COURTS
Assets of the American Ma
 tional Sell Very Low
TRIVIAL PRICES ARE: PAID
And Immense Collateral Command Less Than Ten Thousand Dollars-The Court Proceedings Recall
 Wild Boom Days.

There was a bargain sale of valuable col lateral security at the court house yester- day, which forcibly brought to mind the boom days of Birmingham. when fortunes were made and lost in days dealing and when credit was a cheap commodity.
 The bargains" which were offered for sale were the assets of the American Ma t!onal bank, which went into voluntary liquidation on March 9, 1892, and were sold under a chancery decree of the city court in the case of the State National Bank of New Orleans and others vs. J. F. B. Jack son and the American National Bank. The sale was conducted by J. s. Gillespie, clerk and register of the court, who disposed of bargains with free hand.
 The proceeds of the sale amounted to $9,9o5, representing boom values of near ly $250,0OO, large part of which was made up of notes and judgments against men who were once prominent in business and financial circles in this city.
 A "block" of notes and judgments repre- senting valuation of s67, POS was knocked down to an anxious bidder for the munif- cent sum of $6 Another representing al- most as many thousand went for $4 while
 
 The total sum realized from this counter was $92, less than one-tenth of per cent. of the face value.
 The most valuable asset of the bank the Baxter Stove Works, consisting of the en- tire capital stock of the Baxter Stove and Manufacturing Company-buildings, ma chinery, stock, castings, patterns, tools, of- flee fixtures, the lot on which the plant is located, the adjoining triangular lot and eight lots between the plant and the ,Avon- dale mills on which are two small cot tages-was bought by B. Steiner for $5,9S0.
 An undivided two-third interest in 4,000 acres of mineral land in St. Clair county was also bought by Mr. Steiner for $2,250. Twenty-Five shares of the capital stock of the Peace River Phosphate Mining com pany went to J. F. Leary of Atlanta for s1 900.
 Two hundred and eighty-six shares of the capital stock of the St. Clair Mining and Manufacturing company were bid in by Colonel J. F. B. Jackson for S500. Thirty eight shares of the Gate City Land com pany also went to Colonel Jackson for q per share.
 Lots Nor and 8, in block PIP, in Seventh avenue between Twenty-seventh and Twenty-eighth streets, were sold to W. c. Shackelford for $510.
 One and quarter acres of land near the city also went to MT. Steiner for $235.
 The bill under which the decree of sale was made was filed in the city court on June 8, 1896, the petitioners being holders of some of the shares of the capital stock of the American National bank, who claimed mismanagement of the affairs of the insti- tuition, which was in the course of liqui- dation.
 The American National bank was organ- ized in 1887, with a capital stock of $250,- 900, many of the stockholders being resi- dents of the state of New Jersey. The bank continued in business until March 22, 1892, when by a vote of a majority of the stockholders it was decided to go into liquidation. At a subsequent meeting of the board. of directors, Colonel J. F. B. Jackson was elected president, and George 0. Vanderbilt of Princeton, N. J., vice president. When the Baxter Stove and Manufacturing company was organized the bank furnished the necessary capital, amounting to over 5,O00, but when objec- tion was made the property was transfer red to three of the directors, who gave their individual notes for $25,000, each se- cured by mortgage on the property. The notes were not paid, and the property re- verted back to the bank.
 George O. Vanderbilt, who was a leading spirit in the bank, was recently indicted in New Jersey for perpetrating fraud on a bank in that state, and on trial was con- victed, but was granted a rehearing. The alleged fraud was in reference to certain stocks or collateral of the American Ma tional bank which he had put up to se- cure loan.