The age-herald., 1900-04-07
ASSETSARE $2, 1000, J. r. Bottom of Birmingham Fil-
 ed One Application. INDEBTEDNESS WILL BE PAID The Receivers Claim That With the Large Assets All Creditors Will
 be Satisfed-Tax Burden
 Too Heavy
INDEBTEDNESS WILL BE PAID

Atlanta, Ga, April 6.-Two building and | loan associations passed into the hands of receivers here today, making three in as many days. The court procedure in each case was the same, receivers being ap- pointed by Judge Don A. Pardee of the United States circuit court for the home office, while ancillary receivers were named in the states in which the concerns did business. It is claimed in each case that the action taken was the result of mutual understanding, and the cause of the receiv- erships the same-adverse decisions by courts in the matter of taxation The National Railway Building and Loan association, of which D. B. Stanliff was general manager, was named in an appli- catlon to Judge Pardee last night, and the mead of the concern was announced as it's receiver this morning. Meanwhile instruc- tions for the filing of ancillary bills in the states of Florida, Louisiana, Texas Ala- bama and Mississippi were sent by tele- graph.
 The assets and liabilities of the National Railroad association are about $500 O00 The application for the receiver was made by J. F. Bottom of Birmingham and the grounds l alleged are unfavorable rulings by the | courts of various states, and especially that | of the Georgia supreme court in the matA l ter of taxes. The application was not re- 1 sisted The Atlanta National Building and Loan association of this city was given in- | to the hands of receivers this evening by l Judge Pardee, who named George A Spear and Ligon Johnson for the places. Assets Are s5OO,oOO The assets are half a million dollars. and the receivers claim that every dollar of Indebtedness will be paid in a short time. The application in this case was made by A. F. Dixon, of North Carolina, and Mrs Mary McKinlock of Charleston. s. c. Action looking to the appointment of ancillary receivers in nearly all of the southern states has been taken On Wednesday last Judge Pardee named re- ceivers for the Southern Home Building and Loan association, with liabilities of about $,0O0,000. None of the associations has as yet made a statement of it's condi- | ton.
 The total assets concerned in the three receiverships approximate two million doI- l lars. k. The National Railway Building and Loan association was chartered March 19, 1891. and commenced business as a national or interstate building and loan association. During the first years of it's existence it did f1ourishing business
 The petition alleges that beginning in 1898 unfavorable legislation and supreme court decisions injured the building and loan business. Many associations became em- parrassed, some being placed in the hands or receivers. As consequence all build Ing and loan business has been hampered and has fallen off. The outlook for this association Is said to be that it will gradu- ally dwindle instead of growing. There are said to be $40,000 worth of withdrawals on file, and up to the present time ,5O0 shares have been withdrawn, at a cost to the as- sociation of $5OOOOO
 The petition alleges that $40O0O was claimed by the state of Georgia and Fulton county for back taxes, and a large sum was also demanded by the city of Atlanta. In estimating the withdrawal value of tbe stock no account had been taken of the extra taxation so that If withdrawals had continued the entire burden of taxation would fall on the perssting stockholders
 Real Estate Loans inc Assets
 The assets consist chiefly of real estate loans, stock loans and real estate owned by the association.
 The claim of the state and county for taxes from the association has been set tied for 5000 An agreement between the representatives of the association and the county commissioners was reached several days ago, and after the appointment of a. receiver petition was presented to Judge Pardee to allow the 5000 to be paid An order to that effect was granted and Re- ceiver Stancliff at once secured the neces- sary amount.
 Hon. Porter King, ex-mayor of Atlanta. and one of the attorneys for the National railway concern said today:
 For one not familiar with the facts if is impossible to appreciate how the sud- den demand for $40O0OO of back taxes by the state and county, and the demand by the city for back taxes also under the de- cision lately rendered by the supreme court, tended to paralyze the business of the association.
 During the life of this association, the tax laws of Georgia have exempted it from taxes except upon shares on which no loans were made, and except upon the real estate which 1t owned. Suddenly this law was held unconstitutional by the su- preme court, thus holding that during all these years taxes must be paid on all the debts due the association by borrowers in all the states where 1t did business, and also holding that the licenses paid the sev- eral cities did not exempt it from city