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THE RECEIVERSHIP W. A. Stewart Continued. High Compliment to E.F. Young. Yesterday was the day on which the order of Judge W.R. Allen appointing Mr. W. A. Stewart, of Dunn, temporary receiver forthe Merchants and Farmers Bank of Dunn was returnable before Judge Geo. H. Brown, holding court in this county, the bank to show cause why the temporary receivership should not be continued. Mr. E. F. Young, president of the bank, was present, and with him as atttorneys Messrs. W. E. Murchison, of Jonesboro; C. M. Muse, of Lillington; Armistead Jones & Son, of Raleigh; J. C. Clifford, of Dunn; J. L. Hines. and Geo. Elliott. There were presented to the court petitions from 80 per cent. of the bank's depositors and 90 per cent. of the stockholders, besides some of the creditors, asking Judge Brown to appoint Mr. Young permanent receiver, as they believed he could derive more from the assets than anyone else, ewing to his connection with the business. It secmed that the request was made without the solicitation of Mr. Young. There was no objection to Mr. Stewart, or any lack of confidence in his entire competence, but it was merely thought that from a business standpoint Mr. Young could get more for the bank. Mr. W. A. Stewart was also in court and. representing him was Mr. Perrin Busbee, of this city., The creditors were represented by Messrs. H. L. Godwin, R. L. Godwin and E. G. Davis, of Dunn. Mr. E. K. Bryan, of Wilmington, appeared for Messrs. Murchison & Co., bankers of Wilmington. It was shown to the court that Mr. Young owed the bank $190 and was endorser to the extent of $20,000 for a large and solvent mill, also that Mr. Young had sold $6,500 worth of his property outside of the bank and paid it in, as that was the amount of his stock. Judge Brown thought that inasmuch as Mr. Young was endorser for $20,000, and owed the bank something, it might give occasion to some conflict between the duties as receiver and bank officer. He stated from the bench that, instead of there being any reflection upon Mr. Young, he considered it one of the highest compliments that could be paid a president of a bank that had assigned for the depositors and stockholders to request his appointment as receiver. But it was a well settled principle of law that no one indebted to an insolvent corporation should be made receiver for that corporation. 4 Upan this decision by the judge, Mr. Young requested tuat Mr. Stewart be continued permanent receiver, and this was done, Mr. Stewart giving bond of $40,000.
