The Savannah morning news., 1904-01-15

In an order issued by Judge Emory
Speer of the United States court yester-
day morning. the Georgia Car and
Manufacturing Company was placed in
the hands of a receiver.
Merrill p. Galloway of Macon was
named as receiver, with full authority
to administer the affairs of the com
pany, and to subserve the best interests
of all creditors and employees
The receivership is perfectly AMIGA
BILE between all parties concerned, and
was entered into after careful consid-
GRAFTON, one of the petitioning creditors
being on the board of directors of the
company.
The financial troubles of the company
have been developing for some time,
and were brought to a head when a
petition I'm bankruptcy was filed in the
United States court Wednesday, when
hasty meeting of some of the largest
creditors was held. Mr.. Walter Hart
ridge, of the firm of O'Connor, O'Byrne
q Hartridge, representing the car
company, and Capt. w. B. Stephens,
| representing the creditors, went to Ma
con and appeared before Judge Emory
speer. and asked for the appointment
of a receiver, on the grounds mention
ed in the following petition:
Three Moving Creditors.
ITO the Hon. Emory Speer, Judge of
said District Court:
The petition of j. f. johnson & Co.,
of Richmond, Va, Woledge- Philpot
Company, a corporation of Savannah,
and the Georgia Supply Company, also
a corporation of Savannah, shows:
First. That they are unsecured
creditors of the Georgia Car and Man
ufacturing Company having claims ag-
gregating $1O513 "a, and that the
| Georgia Car and Manufacturing Com
pany is in possession of considerable
assets to which the petitioners and
other creditors must look for payment
Of their claims.
Second. That on Jam 10, 1904 they
filed a petition against the Georgia
Car and Manufacturing Company,
| praying that the company be adjudged
| a bankrupt within the purview of the
acts of Congress, in that behalf en-
| acted upon the ground that the COM
pany is insolvent and has admitted IN
writing it's inability to pay its debts,
and its willingness to be adjudged a
| bankrupt on that ground.
Third. That the Georgia Car and
| Manufacturing Company is corpora
! ton engaged in the manufacture and
| repair of railway cars, employing some
200 or 300 workmen. to whom the said
corporation is indebted at this time for
labor, performed during the month of
1laar - I,tn
that the wages due these workmen will
be expected to be paid during the pres
ent week, and not later than the 18th
inst; that there is general dissatis-
faction among the workmen. and they
are threatening to file laborers' liens
against the plant and product.
Completed Cars on Hand.
Fourth That the Georgia Car and
Manufacturing Company has on hand
about one hundred and twenty-five
(125) cars, box and fiat, a great por-
ton of which have been completed
and raw materials upon its yards of
the value of $4,000 or $50 900.
Fifth. That about twenty-five (25)
coal cars which are now in the course
| of construction, are not quite COM
pleted, ana that it will greatly benefit
the estate of the Georgia Car and
Manufacturing Company to have these
| CARS GCIuDlSleQ anu ready lot SAFE De-
fore its forces are disorganized and
dishanded.
sixth. That the Georgia Car and
Manufacturing Company is under con-
tract to complete and deliver to the
receiver of the Georgetown and West
ern Railway fifty 500 logging cars
which are now in the course of con-
struction; that unless this contract is
completed and said logging cars de-
livered. the Georgia Car and Manu-
featuring Company will be subjected
to the payment of damages, and in
order to complete them, it is neces-
sary that certain materials not now in
stock be purchased and the construc-
tion thereof be completed before the
forces are disorganized and dis
banded.
without Fire Insurance.
Seventh. That your petitioners
are informed and believe that the in
surance companies carrying policies of
fire insurance upon the plant and ma
terials and cars on hand have ex-
pressed their intention of cancelling
said policies upon the ground that the
premium due by the car company will.
therefore. be subjected to the risk of
loss by fire and without the protection
of any insurance.
Eighth. That under the provisions
of the acts of Congress relating to
bankruptcy several weeks must elapse
before a trustee can be selected by the
creditors of said bankrupt, and your
petitioners allege and believe that the
best interest of all creditors, as we'll
as the stockholders, will be subserved
by the appointment by the court of a
receiver who shall take charge of the
assets and preserve and manage them
under direction of the court
ninth. That there are various ac-
counts due the Georgia Car and Man
ufacturing Company which require
prompt attention, in the absence of
which loss will necessarily result to
the estate.
Germnnia Bank Has Securities.
Tenth. That the Georgia Car and
| Manufacturing Company issued first
! mortgage bonds. aggregating the prin-
cipal sum Of 100000. which bonds are
secured by first mortgage upon it's
real estate, plant and property. made.
executed and delivered to the South
1 pf.f ~ at 80