The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1905-04-06
BANKRUPTCY CASE
FINALLY ADJUSTED
Southern Car and Foundry
Co.'s Affairs Settled
SATISFACTORY AGREEMEN 7
After Repeated Conferences Held In
Chattanooga Final Decree Was
Signed-Holders of Ware
house Receipts Recover.

The Chattanooga Times of yesterday
gives the following account of a matter
of considerable local interest:
After more than eighteen months in the
courts the affairs of the Southern Car
and Foundry company have been finally
adjusted in this city and the noted bank
ruptcy case will consequently not go to
the court of appeals at Cincinnati. as it
was expected.
Following the decree of Judge Clarke,
fixing the value of the warehoused ma
| terial at s672,219.S2, there were several
conferences between the attorneys in this
city, which resulted in the proposition Of
compromise submitted to the meeting of
the criditors held here on Monday.
Under this proposition the warrant
holders were to accept $4,000 In full Of
all claims against the estate of the bank
rupt. The creditors however did not ac-
cept the proposition, but authorized the
trustees, Col. Thomas G. Bush Thomas
A. Gillespie and O. L. Hurbut and their
attorneys, George d. Lancaster of Chat
tanooga, John p. Tillman of Birmingham
| and ]. II. Beal of Pittsburg, to make such
settlement as in their Judgment might
seem best.
Yesterday evening these men came to
a satisfactory agreement with the war
rant holders. At the same time the claims
of the Santa Fe railway were adjusted,
and the claim of priority for Tennessee
and nonresident individual creditors was
| compromised by giving these creditors
preference to the amount of per cent
ON their claims. The warrant holders were
paid their money.
The management by the trustees has
been exceptionally successful from what
seemed a perfect financial chaos. They
developed over $1,O00.O00, after the pay
ment OF the amount of compromise with
the warrant holders, the settlement of
| the Santa Fe claim and the adjustment
of the Tennessee claims. 1t is believed
that after all expenses have been paid
the general creditors will realize at least
30 per cent.
A great deal of credit has been given
the trustees and their counsel for the
successful administration of the affairs
of the bankrupt estate. and the satsfac-
tory adjustment of the many questions
that have arisen. Conference after con-
ference was held in this city in the fed
eral court room, Federal Judge ClarlSs
office, the Read House and the lawyers
offices and there were many heated ar
guments
The conference in which the case came
to a close ended about l o'clock yes
terday morning at the Read House. The
final decree was prepared and signed yes
terday afternoon in Mr.. Lancaster's Of
flee in Temple court, where. thousands OF
dollars was handed out in checks. The
decree will be duly entered In the federal
court this morning.
The attorneys interested in the case
were Lewis Coleman of Chattanooga, rep
resentng the Santa Fe railway and the
Tennessee creditors; Lawrence Maxwell,
Jr., of Cineinnati; Walker Percy and W.
/. Grub of Birmingham; Cranberry &
Frabue of Nashville; Russell S. Clark of
Chicago; Mr.. Griffin of New York; Maj.
r. T. Fouche of Rome, and w. b. Swaney
of Cooke Swaney & Cooke of Chatta-
nooga, representing the warrant holders;
Mr.. Capanss of Birmingham and MI
Baird of Boston.
Federal Judge Clark, In his final de-
cree, ordered that the defendants the
holders of warehouse receipts recover
from the trustees In the case the sum of
s672. 219. 20 with interest at per cent from
December IA, 1904, to be paid to the hold
ers of warehouse receipts in the following
proportions:
| Ohio Valley National bank Of
Cincinnati ..... .........,.,......S lo5s5. %
First National bank of Rome,
Ga. -. ..................... 16,61S. So
| Farmers and Merchants Ma
ttonal bank of Baltimore. 49,. 7,s47 .Os
National Lafayette bank Of Gin
cInnati -. .................. 214A.17
| American Trust and Savings
bank of Chicago ................. 1567O. "
Provident Savings Bank and
| Trust company of Cinclnnati.... 3OSSl Al
National bank of Batimore..... 1921 10
Mercantile National bank Of the
city of New York .............. 29Sol.s -
company com Of Cincinnati -. 1Oo7o7 20
aianapolis ..... .................. 5422S. 30
International Trust company of
MARYLAND ..,.. ................. 59126. "a
| Third National Dahk Oh SiHcih-
natl .......... .................... 1O1, 421 Al
| American Loan and Trust COM
pany Of Boston .....,..,......... l3ll9.f 10
Middleton National bank, Middle
ton. Conn. -. ............... 2,s66.si
Old Boston National bank, Bos-
ton -. ........................ .244so 20
Laeonia Savings bank, Laconia,
N. H. .................. ............ $685.. 80
Mass. .,........ .................... s,746.5
bridge. Mass. ..................... S,7is so
line. Mass. ...................... 1895 %
First National bank of Burling-
ton, Iowa ACKNOWLEDGEMENT. 5,427.9e
First National bank of Danvers,
Mass. .......... ................... S,146.a0
George L, Clark. Boston, Mass. II. 1910. As
Bond & Goodwin, Boston, Mass. 9,1S3.S2
Southbridge National bank,
Southbridge Mass. ....,......... '5,247.90
Manistique bank of Manistique,
Mich. 49,. ..................... 2Oss.ls
Of Chicago ........................ 4.s7s.25
Planters bank Of Clarksdale,
Miss. ......... ............... s,74s.5O
First National bank of Nattpon,
I'll. I'M. ................... 4s7s.25
Ball Bros Glass Mfg. Co.. Mum.
Gle. Ind. -. ~.............. 1902
First National bank OF Zanes-
Vile. Ohio ...................... s,74s.5O
First National bank of Jackson.
Ohio ............. ................ SPA. %
Frank G. Wright. Chicago H.. 5.247. 80
Western Trust and Savings bank,
of Chicago. I'll. ,.......,........ 5.247.sO
First National bank Of Belleville,
III. 80. ...................... 5.2H. 80
ri In. -