The Savannah morning news., 1904-01-15

trustee for the bondholders; that said
bonds after being issued and sold were
purchased by the Georgia Car and
| Manufacturing Company. and are now
! owned by said company; that said
bonds are now held by the Germania
| Bank of Savannah, as collateral securi-
ty for loans aggregating about $4,000;
that some portion, if not ALL of the
indebtedness to the Germania Bank
is past DUE and the said bonds are
likely to be sold al any time by the
Germania Bank under contract of
pledge, unless it is prevented from so
doing by the proper order of this court;
that the sole of said bonds by said bank
might mean the requirement by the
purchaser thereof of a mortgage lien
for 100000, besides the accrued inter
est, and the assets of the Georgia Car
and Manufacturing Company sacrifice
ed to the extent of $4,000.
Eleventh. That another creditor,
the Southern Pine Company of Geor-
gia, has brought its action of trover
wherein bail is demanded against the
Georgia Car and Manufacturing Com
pany and against its president, r. c.
Foster, for the purpose of recovering
certain lumber which has been used
in the construction of cars and other
proceedings of various natures are
threatened, so that there will be a
| multiplicity Oh SUNS.
Receiver in Full Charge.
Twelve. Wherefore your petition
ers pray for the appointment of a re-
ceiVer who shall take charge of, COL
| lect, preserve and manage the assets
of said Georgia Car and Manufacturing
| Company under the direction of this
court and until the further order of
this court; further, that said receiver
be authorized and directed to protect
the property by securing the necessary
! fire insurance thereupon, and to pay
the premiums therefor from any mon
eys coming into his possession; further,
that said receiver engage the services
of an expert accountant to audit the
books of said Georgia Car and Manu-
featuring Company and to prepare a.
statement of it's affairs which shall be
submitted by the receiver with an
inventory of the assets to be prepared
and filed in this court by the receiver
with as little delay as possible; further,
that said receiver in carrying out the
directions of the court, be authorized
and empowered to employ such as
sistants and employees as he may find
necessary; further, that the Germania
Bank be restrained temporarily and
until the further order of this court
from making amy disposition of the
bonds of the Georgia Car and Manu-
featuring Company now held by it as
ColldISIetI security dS nerel0 DerOre al
! legged, further, that the receiver be
authorized and directed to complete
the cars now under construction and
such other cars as the Georgia Car
and Manufacturing Company may be
under contract to construct and that
said receiver be authorized and en-
powered to purchase the necessary
materials, to employ the necessary
labor and to borrow such moneys as
y may be necessary for these purposes,
issuing his certificates therefor; and
further, that said receiver be authorized
and empowered to borrow such moneys
as may be needed to pay the wages due
tificates therefor"
Judge Speer's Order.
After hearing the petition Jude .
Speer signed the following order:
Upon reading and considering the
foregoing petition and affidavit and
1t appearing that the defendant Geor-
gia Car and Manufacturing Company
consents that the prayers of said petit
ton be granted,
1t is ordered and adjudged, that Mer-
rell p. Galloway be, and he is hereby
appointed receiver to take charge and
possession of all of the assets, legal
4 and equitable, of the said Georgia Car
and Manufacturing Company, to act
as such until a trustee in bankruptcy
is selected and qualified, and that he
give bond in the sum of $4,000, to be
approved by the referee in bankrupt
cy. and conditioned according to law
1t is further ordered that said re-
ceiver procure at once, if possible, suf-
ficient fire insurance on the property
of said defendant, both personally and
realty, and to pay for same out of any
moneys which may come into his hands
belonging to said defendant.
1t is further ordered that said re-
ceiver make out and file in court, with
out delay, an inventory of the assets
of said company.
1t is further ordered that the re-
ceiver is authorized to engage the serv-
ices of an expert accountant to audit
the books of said Georgia Car and Man
ufacturing Company and to procure a
statement of its affairs for said receiv-
er, which shall be filed in this court as
soon as practicable.
VIII Continue Work.
1t is further ordered that said re-
ceiver is authorized and directed to
complete the cars now under construc-
ton and such other cars as the Georgia
Car and Manufacturing Company may
be under contract to construct, and to
purchase the necessary materials and
employ the necessary labor and engage
such employees as may be advisable
and necessary in complying with this
order, and to borrow such moneys as
may be necessary for these purposes,
issuing a certificate or certificates
therefor to the lender or lenders.
1t is further ordered that said re-
ceiver is authorized and empowered
to borrow such moneys as may be
needed to pay the wages due to date
to the employees of said Georgia Car
and Manufacturing Company, issuing
his certificates therefor to the lender
or lenders.
1t is further ordered that the Ger
mania Bank of Savannah. Ga, be re-
strained. temporarily and until the
further order of this court from maxi
ing any disposition of the bonds of the
Georgia Car and Manufacturing Com
pany now held by II as collateral Sc
curity as alleged in said petition.
1t is further ordered that copy Of
said petition for receiver and this or
der be served upon the Georgia Car
l