The age-herald., 1900-08-02
ELYTON PROPERTY
 AGAIN AT ISSUE With Prospect of a Final Ad-
 uStment.
RECEIVER AGAIN APPOINTED
And Counter Actions Against Morris Case Filed for Nearly Two Mill lions ofDollars In Nature of
 Foreclosure Proceedings

mingham Realty Company appears to be about to culminate.
 A receiver has been again appointed for the property.
 And what are Blrtly in effect foreclosure proceedings have been instituted in the United States Court.
 Chancellor Carmichael has granted the prayer of Lewis c. Morris, administrator, Tor the appointment of a receiver for the tiyton Land Company, which is in effect the Birmingham Realty Company, and pending appeal the appointment of F. M. Billing to be receiver is held in abeyance.
 The bond of the receiver is fixed at s10. GOO, which will be increased to $2O,O0O when he shall assume management of the prop erty.
 MT. Billing is the receiver of the Elyton Company in the cause of Myra K Semmes of New Orleans, and held that position when in 1899, the Elyton Company was re- organized as the Birmingham Realty Com pSny.
 It is provided that the receiver shall take charge of all the property, real and personal, books and papers, of the Eyton Land Company, ct al, except that property described as parcel 1 in the decree rem dered in the cause of Semmes vs. Eyton Company, ct al., September H. 1899
 inc receiver shall take and hold such property subject to the order of the Chan cery Court in this case, as well as in the case of Semmes vs. the Elyton Company, ct al, and shall apply to the court for directions and orders concerning the man. agement and control of the property, and he shall not sell or otherwise dispose of the said property except by the order of the court hereafter to be made
 The decree, which comes effective upon the receiver qualifying, will provide also thai all motions, petitions and other ap- pliactions concerning the direction of the receNership and all orders and decrees anecting the same shall be entitled in both t'Ais cause and the cause of Semmes vs the Elyton Company ct al, and shall be entered and enrolled in both said causes.
 The question of whether the receivership snail extend to the property pledged to se- cure the dividend trust bonds issued by the Elyton Land Company and described in the cause of Semmes vs the E1yton Land Company ct al, in this court as parcel 1 IS reserved, and the court further reserves
 
 possession of the receiver by an order to be hereafter made.
 Appeal to Suprrm Court The Chancellor's decision will be forth with appealed to the supreme court of Ala bama, bond being given in $2O GOO; and un- til the supreme court has passed upon the case the receivership will not become ef- fective, and will be held in allowance the filing of the appeal bond superseding the decree of the court
 Thus MT. Billing, as receiver, will not now take charge of the property involved More Important Proceedings As has been repeatedly stated, the action of Morris, administrator contested the le- gality of the transfer of the interests of
 Susie Martin, minor, in the old Elyton
 Land Company to the Elyton Company which in turn was merged into the present
 Birmingham Realty Company. Morris won It was alleged that the interests of Susie Martin were valued by the administrator at $40,000. It was further alleged that the company was willing to compromise, gos- sip mentioning various sums, such as s3O- GOO, $20,000 and so on. But allegations and gossip aside, the first cause was appealed to the Alabama supreme court, and Morris won there; and thus the litigation is back now to about where it started, save in the very important and apparently counter proceedings begun in the United States court yesterday. Two cases were filed MT. Hal g Case In the first William Halls, Jr., of New York, who is the president of the Bir- ,,,ip ol,o against the Elyton Land Company for $195,O0O, being the principal and interest due upon 12S bonds issued by the defendant on December 10 1887, and payable on January l. lssS the bonds being what are known as the dividend trust bonds of the Elyton Land Company.
 The plaintiff ayers that he Is the owner of the bonds described, and that the prin- cipal of the bonds has been long past due and Is still unpaid, and that the defendant refuses to pay the plaintiff. Asks for @1 ,66S,O0O The other suit is filed by the Maryland Trust Company, said to be trustee for the dividend trust bond holders, against the Elyton Land Company, and claims of the defendant the sum of S166S.000. the amount of bonds held by the plaintiff, which bonds fell due upon January 1, 1898. The bonds are alleged to be a debt of the defendant, and the defendant has never paid the same or any part thereof, and is now indebted to the plaintiff in the sum Of s,. .66S. .0OO, besides interest, which amounts to SS5O, ,2S0 for the period from January l, 1s9S all of which the defendant refuses to pay.
 To be Finally Adjusted If is believed that the directors of the Birmingham Realty Company are resolved bv means of the suits brought in the United States Court to arrive at a final adjust p,ent of the great property interests in their charge. This can be accomplished by something like foreclosure. About 96 per cent or thereabouts of the interests in yolred agreed and became party to the reorganization which resulted in the crea- fry