The Birmingham age-herald., 1907-12-14
Accountant RossOn Even Esti- mates Amount As Low As
 Twenty Gents
BUSH READS REPORT ID
 INTERESTED CREDITORS
Van Cortland, Van Camp and Other Prominent Financiers Present-Fic- titious "MiIlion" Found In
 Surplus Account.

The report of the receivers of the Southern Steel company was made to the creditors of the bankrupt concern yes- terday morning in the city hall.
 The report was simply statement of the condition of the corporation, financial and physical, and was free of recom- mendations and pointed criticism. It con- tained terse statement of the assets and liabilities, it's bonded indebtedness, and connected story of the organization, growth, development and failure of the corporation.
 The report was read by Col. T. G. Bush, one of the receivers, and was listened to with marked attention. There was no demonstration. There was not the slightest Interruption. When the state ment was made that the indications are that the creditors will receive 50 cents on the dollar, minus the expenses of the receivership, together with $l50,000 de- preciation and deterioration, the audience smiled grimly, and turned it's head slight ly. When the reader referred to a "ficti- tious million," and suggested that its ere ation was probably not accompanied by any wrong doing, there was a slight movement of feet. and a momentary change of expression.
 At the conclusion of the reading, Colo mel Bush thanked the creditors assem- bled for their attention, and construing this as a sign of dismissal, everyone arose to his feet and departed. There was no after-dscussion among groups, as is the custom at the conclusion of exercises. Every man turned in the di- rection of home, it being the dinner hour, and the much discussed report of the receivers was thing of the past.
 Every Business Creditor.
 The creditors first assembled in the chamber of the referee in bankruptcy in the federal building, but the crowd was so numerous that an adjournment to the city hall was found necessary. In the city hall the crowd found seats and immediately afterward Colonel Bush be- gan the report.
 In the audience of creditors there was every branch of trade represented. The bulk of the body was composed of law yers. It was practically meeting or the Jefferson county bar. Then, race of a mechanic was seen here. A railroad official loomed up there. Wonder sat balxer. A number of brokers were seated in the rear of the hall A goodly num- Der of bankers was present. The creo- itors numbered every business, 1t seemed and composed a large and dignined pooy.
 Seated on the rostrum were Col. T. G. Rush. I. O. Thompson, Edgar l.. Adler and Elijah s. Chandler, the receivers Near them was G. F. Rosson, the expert accountant, whose work furnished the figures and details of the receivers re- port. On the desk were two immense volumes of typewriter matter. The hrst was the report of Accountant Rosson, and numbered 200 pages of cold, telling figures. The other was the voluminous renort of the receivers, 22 pages or printed matter, the report of the account ant in en;tome. Out of this second vol ume Colonel Bush read and occasionally MT Adler made diligent search into Ros- sons figures.
 If was shortly after Il o'clock when tho reading commenced. It was after l o'clock when the creditors retired rom the building.
 What Creditors Expect.
 That part of the report which appiiea with especial significance to the creators was the deduction that they might re- ceive 50 cents on the dollar, minus the cost of the receivership, and an estimated deterioration of the properties amounting to $150,O00. .
 This deduction was arrived at in the following manner, the figures being based on the report of the accountant:
 Total assets .. .. H,3N,Szs.n v
 Current liabilities .. 2,5s2,2lS'sS