The Birmingham age-herald., 1915-02-23
All Properties of Latter Concern Are Assigned
 to the Bank
RECEIVER ASKED
 BY THREE CREDITORS
Involuntary Bankruptcy Petition Filed Shortly After Announcement of As signment-Taken to Protect Con
 tract Holders, Says Whitehead

The Standard Home companv assigned its properties to the Birmingham Trust and Savings company yesterday morn ing Later an involuntary petition in bankruptcy was filed by three creditors. Judge w. I. Grubb of the federal court. issued a decree empowering the Blrming- ham Trust to administer the affairs of the company as trustee and enjoinad all persons not to interfere with the bank in the discharge of It's duty as such trustee
 The developments in the Standard Home case yesterday morning were not entirely unexpected The officials Of the company concluded Saturday upon ad- vice of the counsel that in order to pro- tect the contract holders of the com pany following their conviction in the federal court Saturday, an assignment was the best step to be taken. The off cials and counsel well az officials of the Birmingham Trust worked all day Sunday with Tilman, Bradley X Mor- | row, attorneys for the Birmingham Trust getting the petition prepared for filing yesterday morning.
 The assignment of the company was addressed to the Birmingham Trust and recited the. business of the company and said:
 conditions over which the officers had no control have arisen and it appearing that the company cannot longer continue in business, the best interests of the contract holders call for this action
 Grubb Grants Decree
 The company assigned all of Its assets. including notes. monies, furniture and contracts of whatever kind to the Br- mingham Trust for liquidation. and after that was done the Birmingham Trust filed petition in the federal court styled the Birmingham Trust and Savings company versus the Standard Home com pany. That petition was to obtain per mission and the authority. from the fed- eral court to handle the affairs of the company as trustees Judge Grubb im- mediately issued decree as prayed for by the Birmingham Trust and when l.. N. Hamln. solicitor for the Standard Home company accepted service. the Birmingham Trust assumed charge of the properties. Mir uamil in accepting serv- ice said. speaking of the company rep resented by him:
 nat II Nlne Slanudlu ifplnF tbnl- pany admits the truth of the, allegations contained in said bill of complaint lhere- in alleged"
 The ndenture in the federal court was identical with the indenture filed in the probate court. In the federal court the revenue tax was $50. The stamp was affixed to the indenture. The petition to the Birmingham Trust to act as trustee was signed by F. F.. Whitehead, presi- dent of the Standard Home company: L. r. Harris. secretary. and for the Br- mngham Trust A. W. Smith as president and w. II. Manly as cashier Within a few minutes after the assign ment of the Standard Home company an l involuntary petition in bankruptcy Was | filed against the company by A. G. and 1 E. D. smith, attorneys for three creditors. | The creditors asking Tor the appointment of a receiver are Mrs. A. T. Mcaregor. $S6f J. B. Brewer, s426, and W. o. Web ster, sl0S. This petition was assigned to Referee E. II. Dryer and the company has five days within which to answer the complaint
 Will Collect Bills | officials of the Birmingham Trust will | lose no time in collecting the outstand- | Ing bills due the company and they will also collect from the state of Georgia something like $250000 which is on de- posit there. No announcement was mada yesterday as to whether the Birmingham Trust would handle the affairs of the company from the present offices of the company or whether the banking rooms would be utilized for the purpose. ! The assignment of the Standard Homo
 was regarded inevitable following the conviction of the company and It's of- | ficials in the federal court last Satur- day. The officials are to appear before Judge Grubb to be sentenced tomorrow morning. and these developments rem dered it imperative that some action bo taken to protect the people interested In the company who have lost none Of tneir initial faith in the equity of the contract plans. The officials of the company held this view as did counsel hence the ac- ton yesterday.
 | L. A. Whitehead. vice president of the company made this short statement to a representative of The Age Herald yss- terday afternoon:
 We felt that to protect our patrono the assignment was necessary. The Hlr- mipEham Trust is An institution known by everyone for its olrength and its abll- ity as an administrator. We mado thlo assignment to that company as . nafs- guard for the people Interested In our company. This action does not moan that
 we will not appeal our case to the hiGheu1 court confident of ultimate victory ovN0