The Savannah morning news. (Savannah, Ga.) 1900-current, 1904-11-02
RECEIVER FILES
M'DONOUGH REPORT
MAY SETTLE OUT OF COURT.
SUGGESTS PLAN FOR SETTLEMENT
OF INDEBTEDNESS.

Receiver w. L. Wilson. in the bank
ruptcy proceedings of McDonough &
Co., has filed his schedule of assets and
liabilities with the clerk of the United
States court, showing the total liabili-
ties to be $2SS, 2S5. &c with total assets
of $211. 4O4.76.
Receiver Wilson prefaces his detailed
exhibits of assets and liabilities with
a synopsis of the results of his investi-
cations. Actual inventories were taken
at Brunswick, Fernandina, Savannah
wharves and the Savannah planning
mills.
The report of the receiver is volumi-
nous, covering ffty-two pages of close
ly typewriter legal paper. In conclu-
sion the receiver asks the court to
pass an order which he believes will
enable Mr.. McDonough to successful
" straighten his affairs without adj
judication in bankruptcy, and as the
proposition submitted has every appear
ance of fairness to all creditors it is be-
lieved matters will take this course.
Experts Were Secured.
In making up his appraisements the
receiver called into service experts,
and made material deductions from
his final report to the court are at
least 25 per cent. less than what they
have really been appraised at.
The planning mill at Brunswick was
appraised by Mr.. Frank d. Aiken. 1t
was shown that the mill cost $4,000 and
that Improvements to the amount of
$500 had been made, making the
total cost $500 This property was ap-
praised at $4,000. The appraisement of
Office fixtures was cut in half, and
turned in to the court at $403.25.
The planning mill buildings at Savan-
nah were scheduled at $4,000, which is
20 per cent. less than the appraisement
of Mr.. J. Z. Burgess.
The planning mill machinery at Sa-
vannah is scheduled at 14,442.33, which
is % per cent. less than the value
placed on it by Mr.. r. H. Morse.
After going over the planning mill ac-
counts very carefully the receiver ap-
praised them at $3,254.1S.
The Old Foundry Site.
The appraisement of the Ordinary's
Court of the old McDonough & Bal
lantyne foundry, which was made
about year ago when the estate of
Mr.. Ballantyne was being settled was
taken. The amount was $242S5.43.
savannah Planning Mill site, $4,000
Dwelling at Tybee, $2250. This
property is not yet paid for, but was
bought prior to the filing of bankrupt
cy proceedings.
Dwelling at Tybee known as the
Wright cottage. $1,000 which is con-
sidered far below it's. real value, as it
is insured for $500.
Thirty acres of land and improve
ments at Offerman. $500.
Ten shares Germania Bank stock,
$500.
Ten shares Savannah Hotel Com
pany stock, $3.50.
Wearing apparel, watch, jewelry,
horse and buggy, $500.
Equity in three life insurance poll
cies, actual worth. Equitable Life As
surance Society, $4,000; Equitable
Life Assurance Society, $4,000, and
Penn Mutual, $4,000.
Eight hundred and fifty shares Sa-
vannah Locomotive Works and Sup
ply Company stock at $25 per share.
1t is cited that this property is not ex-
actly involved in this transaction. and
its value depends largely on being
conducted by competent man like
Mr.. McDonough.
Three thousand and five hundred
dollars worth of Collins and Reidsville
first mortgage bonds, $1,75O.
Two hundred dollars worth >of Title
Guarantee and Loan Company stock,
5000.
Two shares Tybee Artesian Water
and Light Company, 5000.
Seventy-five shares Southern Pine
Company, $500.
Land in worth County.
Five thousand acres of land in
Worth county, pledged by r. B. Rep
pard to Mr.. McDonough, at $4,000.
This property is held by Mr.. McDon-
ough, conveyed to him years ago by
Mr. Reppard as security for accommo-
dation endorsements and acceptances
OF Mr. McDonough for Mr. Reppard
and for no other purpose. The present
outstanding of all those accommodation
papers amounts to 1884, 5.29, and if
me property were administered in
bankruptcy the money received from
me sales would have to go against
Ihls special class of debts.
AS to items on the inventory which
nave not been extended the following
report is made:
-Four and sixty-fourths interest in
Ine schooner Emily f. Northam, sold
IeCently under order of Court of
Ne4lllirdlty. No value.
we've and a half shares Darien &
western Railway. Property so heavily
eHSSumbered considered OF no value.
ok shares of Tunis Lumber Co.
STOCK. No value.
Liabilities of Firm.
all obligations Of McDonough a Co.
S2SS, 694 81
Contingent amounts for which Mr..
'ohough may be liable as surety
On bonds given by the Georgia Car and
S326e. AZ. O''ip0ny Aor ireishts'
~ PERSONAL debt to two banks s1o.44o.
vi TINS amount 10000 is due one hank
Jun items are secured.
Sontlngent liabilities. S2.170.0q
rLreolt differences, $4,000.
Inc receiver calls attention to the
a. ,"Uunt stated on liabilities and shown
80 ~ ne inventory concerning obligation
a. "cDonough & Co, for accommodate
sr,a..ot heppard, Snedelxer & Co,
~ .suntlng to $35, 405 20. All of this is
ee-. ne shape of notes. drafts and ac-
n paper and held by third parties.
oo,,,.. secure this Mr.. Reppard, in 1891,
iorseyed 10 Mr.. McDonough certain
bss IN Worth county. Some OF this
~ zen sold from time to time. and
an,,,, amounts received from the sales
ysi,,"u TO reducing the debt. The
~ OF the land has been placed by
tia,, receiver. after careful investiea-
"'n' at 81 per acre.
Nay Transfer Propertx.
ais ~ is believed that it's proper man
anoe ~. VII, pay the outstanding bal