The Montgomery advertiser., 1902-06-14
WAS DUE IN DECEMBER
City Will Take Billing Resi-
 dence; County Gets $1S,500
Manager Billing Says Payments Have Been Delayed by Suits
 Being Filed Against the  Banking House.

The banking house of Josiah Morris & Co. which suspended in January. lsVl. will today pay the second dividend of F 1r2 per cent to the creditors of the bank. The money for this second divl- dend is ready. and the creditors can get it today on demand at the bank.
 The second payment under the agree nient between the bank officials and the creditors of the bank was due on the first of last December President Billing of the bank of Josiah Morris & O.. had every reason to Expect that he would se- cure the money for this second. dividend during the month of November in prepa- rat.cn for the December payment. In this however he WAS disappointed and the payment was delayed.
 The announcement that the bank was ready to pay the dividend due does not come as surprise. During the discus sion of a resolution accepting the offer of MT. Billing to transfer his home to the city of Montgomery in payment of the city's share of the dividend. 1t was stated on the fl DOT of the Council Cham ber that the bank would In the next few days pay the creditors the second in- stallment. The .announcement of the forthcoming payment has brought espc- cial qualification to the. business com munity of Montgomery.
 MT. Billing Talks.
 we are ready" said President Billing yesterday afternoon, ito make the second payment under our agreement with the realtors. The money IS in the bank and will be ready on demand for those who desire to draw their dividends. As to the total amount that will be paid out for the second dividend. there is no necessity for going into figures. It is sufficient to say that the money Is here at the bank for the creditors, and that it will be paid to tEem tomorrow.
 The bank suspended in January, 1901, and 1t was four months later before the creditors signed the agreement with the bank officials allowing them to continue in charge of the banks affairs. Although the arrangement was not definitely set tied by all the creditors signing the agree ment until May. we met the payment that was due July, 1. We fully expected to be able to meet the second payment on the first of last December. We have had every reason to believe that we would secure during the month of November the funds for the December payment. In this we were disappointed. The payment which begins tomorrow would have been made two months ago but for the delay occasioned by the several law suits that have been filed against the bank County, to Receive $1s,5oo. One of the largest creditors of the bank is the county of Montgomery. The county will receive today as it's F 1-2 per cent dividend the sum of sls5oO. Funds of the county upwards of $1io,0oO were on deposit in the bank when it suspended on January 26th, 1901 The county with its second payment will have received about $37. .000. .-
 The city of Montgomery was also large creditor of the suspended bank. The city had on deposit with the bank at the time of the suspension something less than sl000O0 At the special meeting of the City Council held Wednesday night resolution was adopted accepting the offer of MT. Billing to transfer his fine residence on Clayton Street in payment of the second dividend, which is under s12.0o0.
 The agreement. which was signed by the creditors and depositors of the bank shortly after the suspension is as foi- lows:
 We. the undersigned creditors and depositers of Josiah Morris & Co. agree to leave the affairs of the banking in- stitutions carried on under the name and style of Josiah Morris X Co. in the hands and under the management of and under the control of F. M. Billing and give him time to pay our several demands as follows: @
 12h per cent. July ist. 1901 '.- t.
 121h per cent Dec. 1st. 1901 '-.
 25 per cent July 1st. 1902
 25 per cent. Jan 1st. 1905.
 25 per cent July 1st 1903.
 While no definite information was obtainabie it is understood that the amount necessary to pay the dividend is about ss2.00o. .'