The Montgomery advertiser. [volume] (Montgomery, Ala.) 1885-1982, 1905-11-08
DAVIDSON
IS TRUSTEE
Takes Charge Of Affairs Of
+. NJ. Billing.
rae CREDITORS MEET
kssets are 81, ASS, 58S. IS and
Liabilities $705,36S.e4
Gatter Of Defunct Josiah Morris Bank
IL to BE Adjusted But Creditors
WIN Get Little
Returns.


morning of the creditors of F M. Bill
ing, proprietor of the Josiah Morris
Bank, which closed in January. 1901.
Ind who was adjudged q bankrupt by
Judge Thomas G.. Jones of the United
states Court several weeks ago, Henry
J. Davidson, the well known real estate
Ind insurance man. was elected trustee
Ind the creditors received schedule
Knowing that Mr.. Billings assets are
1,455,5SS.66 and his liabilities $685.,
6s. 04.
The assets consist largely of notes,
|verdrafts, stocks In obscure companiesn
racts of land and personal property l.
fhe liabilities are mainly the claims or
(epositors in the bank. At the bank
uptcy court 1t was estimated that the
reditors woull receive but small per
lent of their claims upon final adjust
nent of the estate.
About 125 creditors of the defunct
bank attended the meeting either in
lerson or were represented by counsel.
The meeting was held in the Office Of
adge A. r. Stratton, Referee in Bank
uptcy for the United States Court. Mr..
billing was not present. He was rep
esented by his attorney. Ray Rushton.
A VoIuminous Document.
Since Judge Jones adjudged Mr.. Bill
ing bankrupt, on the petition of
lumber of his Montgomery creditors.
Ir. Rushton, as attorney for Mr.. Bill
ng. has had in preparation a schedule
the assets and liabilities of the bank.
is a voluminous document, covering.
erhaps, 100 typewriter pages. Every
em Of assets and liability Is set down
pr the perusal of the creditors and
hey consumed some two hours In going
yer the document and In proving the
numerous claims which were attached
exhibits.
The schedule of assets and liabilities
Mr.. Billing as presented to the
Feditors yesterday represents his
nanciai condition at this time. When
he bank failed it owed more than ST.
p0,000. For some time Mr.. Billing, by
pnsent of the creditors, continued the
BUSINESS and two dividends WAVE ~~'s
Y him. Other creditors we ls
H collateral which they h
quidations reduced the Ii, ."
F05, $6s04.
The schedule of liabilities =a-l
r. Billing owes S2,411.43 arg
bunty and municipal taxes; 49,.
Feditors holding securities; IL
pr checks issued to various }er' 7-
ew York banks which were a0. ,t
6,730.65 to various banks; - = 8.
depositors holding interes Ge5
ertifcates; $42s.596.S9 to regular de-
psitors; $22.694.34 to creditors who
hve recovered judgments: $s.e61.s7 on
Judgment secured by the Alsop es-
tie; s1o4,s69.S4 in notes and bills re-
scounted which the schedule says
light to be paid by the makers, and
.705.2a in accommodation paper.
Shedule of Assets.
E. %. Wing his assets Mr.. Billing
". land and real estate
&. ..--. 1 personal property
o, divided as fol-
.-...: Dis of receiver, the
,t y. s4,24469; bills of
..1>e: nissory notes. $45S.-
t-@ ... :ch and five suits of
.'e-..- hit family portraits,
II Montgomery Trade
.,-s ..-..s 80; one iron safe, one
a.- fling case. one check
lnC., d chairs. $50.
Continuins schedule of assets 1t
shown that the following property
owned: Debts due on open ac-
unt, $22s,45726; 1900 shares of stock
the Moulton Valley Oil Company,
5000; 81 1-2 shares of stock in the
uthern Exposition Company. 1915; is
ares of stock in the Birmingham Real
state Association, $4,000; 100 shares
stock in the Wetumpka Bridge Com
ny, 10000; 1880 shares of stock in
e Montgomery Light Company, $685.
o; 100 shares of stock In the Alabama
ptel Company, $4,000: AZ second
ortgage bonds of the Montgomery
eht and Water Power Company, $37,-
O.; 20 shares of stock in the East Bir-
ingham Land and Realty Company,
900; SO shares of stock in the Com
ercial Fire Insurance Company, $1,000;
lliquidated claims of every nature in
iding Judgment against Van Kirk
Ind and Construction Company for
3,371.10, another judgment against the
me concern for s18,s41.s0, and two
pigments against w. J. Van Kirk, in
vidually, for approximately $4,000;
aim against w. T. Smith for proceeds
sale of stock of the w. T. Smith
lmber Company. $4,000; award of
borge F. Moore, as arbitrator against
natius Pollak and judgment thereon
r. $12,500: whitney National Bank of
be Orleans, $1313; First National
knk of Demopolis, $14.66: Fourth Ma
: bnal Bank of Columbus. Ga. $27. This
likes a total of 02.319.30.
IThe recapitulation of assets shows
follows: Securities and claims.
+ )02, 1880; overdrawn accounts, $780,
10; lands and real estate, $62.195,
liking a grand total of $1,455.5Ss.66.
Some Of the Creditors.
The county of Montgomery and the
" of Montgomery were among the
rgest creditors of the bank. The
unity mas bGCutG0 a JuuBi oeo
e surety on the bond of it's treasurer,
J. Cochran, who had his funds In the
nix at the time OF its failure. The
4 5ty Council last Monday night directed
e City Attorney to begin action
ainst r. H. Somerville who was City
easurer at the time of the failure
recover the money lost.
Among the other depositors who had
ore than $4,000 in the bank at the
me OF its failure were the following:
buisvtile and Nashville Railroad Com
my. $40,5l5.97; John P. Kohp Mont
bmery. s12.061.10; J. N. Hall. Mont
bmery, $7,121S7: r. L. Todd, Mont
bmery, $10,313.21: ]. N. Reynolds,
ontgomery. $11.250; G. w. Paine, Suf-
lk, Va, $4,000. and H. NJ Abbott,
Eeasurer OF the Western Railway of
s ALBANIA, S10,S53.65. The schedule
ows a large list of small depositors.
ost of them residing in Montgomery.
Among the largest debtors TO the
Ink at the time of the failure and
hose paper was held as security were
S II. CIisby & Co. $4,000; Sistrunk g.
rdan, $50, 1851; w. /. r. Thompson &
s59.7SO.66; Rocky Greek Lumber
bmpany, $4o,5I5.97. and the Montgom-
v Gin and Cotton Company, $17,SI4.15.
Mr.. Davidson will file his bond with
V Z United States Court today and will
Ike immediate charge OF the AFFAIRS of
=. Billing with the view to having
speedy a settlement with the cred
prs as possible.