Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1923-09-06
BARRETT CREDITORS
MEETING ADJOURNS;
'ELL|STO|u TRUSTEE

AUGUSTA. Ga. Sept. 5.-Because
of the illness of Frank H. Barrett,
president of Barrett ( Co.. defunct
cotton factors of this city, the meet
ing of creditors, held here Tuesday,
was adjourned for an indefinite pc
Rod.
Judge Joseph Ganahl, referee in
Bankruptcy, will call the creditors
together for the purpose of examin-
ing the bankrupt just as soon As
Mr. Barrett's physical condition per.
mits, according to his statement at
the meeting.
Roy Elliston, receiver for the com
pany. was appointed trustee. and it
was agreed that his bond should re-
main at $4,000. Mr.. Elliston was
nominated for trustee by Boykin
Wright. of Wright Il jackson. local
attorneys. who Mr.. Wright said rep
resented creditors with aggregate
holdings of $5O0,000 The second was
made by William H. Fleming, of Au-
gusta, who also represents a number
of creditors.
Around $50 persons, most of them
creditors. with one or more women
among the number, attended %the
meeting. Attorneys estimated that
at least 100000 in. claims were
proven.
Mr.. Elliston was examined at some
length by A. S. Bradley, SWainsboro
attorney. who said he represented
two creditors with aggregate claims
of between $4,000 and $4,000. H.
j. Pratt, the chief auditor under Mr..
Elliston, was also questioned. All
of the larger creditors were repre-.
sented at the meeting.
Judge Ganahl told the creditors
that Mr.. Barrett's physician had in
formed him that his patient would
be unable to attend the hearing, and
, he said the physician was unable to
state deEnJffA- when his condition
would permit his attendance.
The assets Of the concern, which
are given as $S.595,42765, with liza
biitieS of $3.737. O5S.45, -swere gone
into by Mr.. Bradley in his examina-
ton of the receiver. Mr.. Ellistou
said he had made no report to the
| referee other than the schedules,
which contain complete statement
of the 'company's affairs. so far aS he
has been able to leurn up to July &c.
He saiu these schedules had been
prepared by expert auditors under
his direction, and that all of the COM
pany's books had been examined
here and were still here, except the
books of the Athens, Ga, office,
which were returned there to be
used by the auditors. Mr.. Elliston
told the attorney questioning him
that he could not give an estimate
as to the real worth of the assets
listed, as it all depended upon how
the accounts worked out. He said
most of the quick assets had already
been converted into cash. such as
open spot cotton contracts. Other
quick assets he described as fix
lures and cotton coming in against
mortgage on crops.
T. J. Pratt. the chief auditor. was
questioned by the Swainsboro attor-
ney with reference to real estate
holdings of the company. lie said
one property was the Athens bonded
warehouse, with a book value of
1851, 1868, against which there was
a mortgage of $114, 900; the compa-
ny's office building at Augusta, val
ued at $34,S34, with Va mortgage of
$4,000; store ut GreeleyvilIe. S. G..
worth $1,000. the Pope lands in
Laurens and Tattnall counties. total
ing 2,796 acres, valued at $69, 600.
with liens of $4,000 and $4,000; Isl
acres of land one mile east of Au-
gu5ta. valued at $4,000, with liens of
$1,000 and $4,000, with certain
minor rights to 2O1-2 acres and a
crop mortgage to the bank; the
Brookside property, valued at $27,-
800, bought by Barrett & Co, to
which Thomas Barrett, Jr., holds
| title.
Mr.. Elliston's election as trustee.
which was approved by the referee,
came after William H. Fleming had
told the creditors that Mr.. ElIiston
had saved the company $4,000 the
| first day of his receivership by los
| ing out certain spot contracts with
the mills at price much higher than
| cotton quota ions of thnt tir,nn