Josiah Morris & Company (Montgomery, AL)

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Bank Failure

Montgomery, Ala.. Jan. 26.-The Josiah Morris Bank, one of the oldest private banking institutions in the state, closed its doors this morning. Assets and liabilities are not known. The capital stock was $100,000. The deposits are believed to be heavy. Inability to make quick realization on cash and shrinkage of assets were reasons assigned by the bank officials for closing their doors. Large crowds assembled around the bank and much excitement prevailed.

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BANK SUSPENDS

It Is Hoped the Assets Will Pay the Creditors in Full, (By Associated Press.) MONTGOMERY, ALA., Jan. 26.-The Josiah Morris Bank failed to open its doors for business to-day. The capital stock of the bank is $300,000. Deposits are believed to be heavy. The assets and liabilities are not yet known. At the hour of opening the following announcement was posted on the door: "Yesterday some of our checks in New York, for which we had provision, were temporarily refused by our correspondents; they were afterwards paid. The information came to us late after the close of banking hours. Since then a number of inquiries have been made, and the apprehension created convinces us that in justice to creditors we ought to

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MONTGOMERY, Ala., Jan. 26.—The Josiah Morris Bank, one of the oldest private banking institutions in Alabama, failed to open its doors for business to-day. The capital stock of the bank is $100,000. Deposits are believed to be heavy. The assets and liabilities are not yet known. At the hour of opening the following announcement was posted on the door:

"Yesterday some of our checks in New York, for which we had made provision, were temporarily refused by our correspondents, though they were afterward paid. This information came to us late after the close of banking hours. Since then a number of inquiries have been made and the apprehension created convinces us that, in justice to creditors, we ought to suspend payment. This condition of affairs has arisen from inability to make quick realization on cash and the shrinkage of assets. It is hoped that the assets prudently arranged will pay creditors in full."

Large crowds assembled around the bank, and much excitement prevailed. No legal steps have yet been taken. This county has about $300,000 deposited in the bank, and the City of Montgomery also was a large depositor. The county is partially secured by the bond of the County Treasurer, made with a Maryland company, for $120,000. The bank itself was surety on the Treasurer's bond. The bank was a depositor for many of the railroads entering Montgomery.

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THE BANK MAY NOW REOPIN

And Continue Business Under a New Maragement, it is Believed. (By the Associated Press.) Montgomery, Ala., Jan. 28.-At a meeting today of the depositors of the Josiah Morris Bank which suspended Saturday, a committee was appointed to examine into the condition of the bank and report tomorrow. The opinion seems to prevail that the bank will be allowed to open and continue business under it new management. It is ow believed the assets are about 2.000.000 with liabilities between $800,000 and $900,000.

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BANK MAY RE-OPEN

Assets Believed to Exceed the Liabilities. (By Associated Press.) MONTGOMERY, ALA., Jan. 28.-At a meeting to-day of depositors of the Josiah Morris Bank, which suspended Saturday, a committee was appointed to examine into the condition of the bank and report to-morrow. The opinion seems to prevail that the bank will be allowed to open up under a new management. It is now believed the assets are about $2,000,000, with liabilities between $800,000 and $900,000.

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The Josiah Morris Bank

MONTGOMERY, Ala., Jan. 29.-At an adjourned meeting of creditors held this morning of Josiah Morris & Co.'s bank, which suspended Saturday, the committee of 12 which was appointed at yesterday's meeting made its report. The report showed the total assets of the bank to be $1,506,841 and liabilities $1,325,233. The bank has $23,000 in cash on hand, with cash due from other banks amounting to $19,521. Most of the securities reported are in bonds of New York and other banks, amounting to $838,795

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Bank May Reopen

Montgomery, Ala.. Special.-At & meeting ofdepositorsof the Josiah Morris Bank which suspended Saturday, a committee was appointed to examine into the condition of the bank and renont. The opinion seems to prevail that the bank will be allowed to open and continue business under a new management. It is now believed the assets are about $2,000,000 with liabilities, between $800,000 and $900,000.

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The Bauk Failure at Montgomery Montgomery, Ala., January 28.-At a meeting today of depositors of the Josiah Morris bank, which suspended Saturday, a committee was appointed to examine into the condition of the bank and report tomorrow. The opinion seems to prevail that the bank will be allowed to open and continue business under a new management. It is now believed the assets are about $2.000,000 with liabilities between $800,000 and $900,000.

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TO EXAMINE THE BANK'S CONDITION

Montgomery, Ala., January 28.-At a meeting to-day of dep sitors of the Josiah Morris Bank. which suspended Saturday, a committee was appointed to examine into the condition of the bank and report to-morrow. The opinion seems to prevail that the.bank will be allowed to open and continue business under a new management. It is now believed the assets are about $2,000,000 with liabilities between $800,000 and $900,000.

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JOSIAH MORRIS BANK Will Open Its Doors Today, After Three Months' Suspension. Montgomery, April 29.--(Special.)-The Josiah Morris bank will open its doors for business tomorrow morning. The bank has been closed for nearly three months pending arrangements with the creditors for a settlement. Under the agreement the bank will make five seiniannual payments before liquidating.

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WAS DUE IN DECEMBER City Will Take Billing Residence; County Gets $18,500 Manager Billing Says Payments Have Been Delayed by Suits Being Filed Against the Banking House. The banking house of Josiah Morris & in will the second of cent to the Co., 1-2 which today per pay suspended creditors January, dividend of 190L the The for this and the get 12 dend bank. is ready, money creditors bank. second can diviit on demand at the agreethe bank officials the ment The today between second payment under the and the creditors of the bank was due on first of last December. President Billing of the bank of Josiah Morris & Co., had every reason to Expect that he would secure the money for this second dividend during the month of November in prepa- In ration for the December payment. this. however, he was disappointed and the payment was delayed. The announcement that the bank was ready to pay the dividend due does not come as a surprise. During the discussion of a resolution accepting the offer of to transfer his home to of in of share of the was the the Mr. city's city Billing Montgomery dividend. payment it Chamstated on the floor of the Council ber that the bank would in the next few days pay the creditors the second installment. The announcement of the forthcoming payment has brought especial gratification to the, business community of Montgomery. Mr. Billing Talks. "We are ready," said President Billing yesterday afternoon, "to make the second payment under our agreement with the creditors. The money is in the bank and will be ready on demand for those who desire to draw their dividends. As to the total amount that will be paid out for the second dividend, there is no necessity for It is say is here at for that going the into money figures. sufficient the bank to the creditors, and that it will be paid to them tomorrow. The bank suspended in January, 1901, and it was four months later before the creditors signed the agreement with the bank officials allowing them to continue in charge of the bank's affairs. Although the arrangement was not definitely settled by all the creditors signing the agreement until May, we met the payment that was due July 1. We fully expected to be able to meet the second payment on the first of last December. We have had to believe we would the month the secure every the funds reason during for December that of payment. November In this we were disappointed. The payment which begins tomorrow would have been made two months ago but for the delay occasioned by the several law suits that have been filed against the bank. County to Receive $18,500. One of the largest creditors of the bank is the county of Montgomery. The county will receive today as its 12 1-2 per cent of dividend the sum of $18,500. Funds upwards of $140,000 were on in the bank when it 26th. 1901. The county January deposit the county suspended with its on second payment will have received about $37,000. city of Montgomery was also a of the had on with at city large The creditor deposit suspended the bank. bank The less the time of the suspension something than $100,000. At the special meeting of the City Council held Wednesday night a resolution was adopted accepting the offer of Mr. Billing to transfer his fine residence on Clayton Street in payment of the second dividend, which is under $12,000. The agreement, which was signed by the creditors and depositors of the bank shortly after the suspension is as foilows: 'We, the undersigned creditors and depositors of Josiah Morris & Co., agree to leave the affairs of the banking institutions carried on under the name and style of Josiah Morris & Co., in the hands and under the management of and under the control of F. M. Billing and give him time to pay our several demands as follows: 12 1/2 per cent. July 1st. 1901 12 1/2 per cent Dec. 1st. 1901 25 per cent July 1st, 1902 25 per cent. Jan 1st, 1903. 25 per cent July 1st 1903. While no definite information was obtainable it is understood that the amount neecsary to pay the dividend is about $92,000.

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Another Dividend Coming

Montgomery, Ala., June 14.-Josiab Morris & Co. announced today the pay. ment of another dividend of 12½ per cent to depositors under the agreement made when the bank suspended in January, 1901. The installment was due last December, and the delay has caused some of the depositors to enter suit, but the action today largely re stores confidence. The amount of the dividend is $92,000, of which the county, the largest creditor, gets $19,000.

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ANOTHER DIVIDEND PROMISED

Josiah Morris & Co. Paying Up Des positors of Suspended Bank. Josiah Morris & Co., at Montgomery, Ala., announce the payment of another dividend of 12 1-2 per cent to depositors under the agreement made when the bank suspended ni January, 1901. The amount of the dividend is $92,000, of which the county, the largest credit tor, gets $19,000.

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REVOKED THE CALL COUNCIL FAILED TO HOLD SPECTAL MEETING. Was to Consider Leasing Billing Residence for School, But Offer to Rent Was Withdrawn. Building Too Small. The special meeting of the City Council, which had been called for last night. was indefinitely postponed yesterday shortly after the issuance of the call. The meeting had been called to consider a bid made by the Calhoun-Chamberlain School for Girls, formerly of Red Bank, N. J., but which will be established in Montgomery in the fall, for the leasing from the city of the Billing residence on Clayton Street. It will be recalled that at the last regular meeting of the Council, F. M. Billing gave to the city" his handsome residence in settlement of the second dividend of 12 1-2 per cent, due the city from the suspended banking house of Josiah Morris & Co. It is understood that at the Saturday night meeting of the Board of Education, a proposition for the renting of the building to the Calhoun-Chamberlain School was discussed and the proposition reterred to the City Couneil. To act upon, the matter, President Fleming of the Council called a special meeting for 8 o'clock last night. While the members of the Council were being notified, it was found that the Billing residence was too small for the requirements of the school, and the call was revoked. Miss Calhoun, who is at the head of the school, had written to her representatives in Montgomery that a building containing fourteen rooms would be required, and that the Billing residence has only nine rooms. An inspection of the residence was made by Phares Coleman, who is at the head of the committee from the Commercial and Industrial Association, which secured the removal of the school from Red Bank to Montgomery. The inspection was made in company with other friends of Miss Calhoun, with whom she had been in communication. They reported that the building was too smaH and the offer to rent it was withdrawn.

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SENSATIONAL PLEAS FILED IN THE SUIT OF THE COUNTY upon the wrongful act which depleted Defeuse Declares Fraud Markthe treasury, but upon the amount of money which the Treasurer still had on ed Bond Transaction. hand. The statement of the proposition shows that it can not be the law. 'Now, then, we have a suit brought by the county on an admitted cause of acSays the County's Securities Were tion against an individual, the fruits of which, when recovered, must go into Knowingly Paid for With a the pockets of the county treasurer, and not into the pocket of the individual Check Which Was WorthCochran. What reason can there be for denying a right of action, if the less-Jury to Try money when collected, on judgment against the individual Cochran, will go the Case. into the county treasury as the property of the county, because Cochran the debtor, in another capacity, is entitled as an official to receive and hold the The legal controversy between the money? The treasurer's possession is County of Montgomery on the one side, the possession of the county. He holds and its Treasurer, J. J. Cochran and his and keeps for its benefit, as a mere public surety, the Fidelity and Deposit Comcustodian of money, the legal and equitapany of Maryland, on the other, develble title to which belongs to the county. oped sensational phases yesterday, when The result of the suit is to put back into lawyers representing the Treasurer and the treasury of the county, the money the bond compan filed pleadings in the which was unlawfully taken out of It United States Circuit Court, alleging In that respect the judgment but works fraudulent transactions in the sale of the the performance of a duty, which it is bonds upon which the suit turns: incumbent upon the treasurer to perform The County is suing to recover about voluntarily, and a like obligation rests on $110,000 which was on deposit in the bankCochran as an individual. When the ing house of Josiah Morris & Co., at the money goes into the pocket of the treasutime of its failure in January, 1901. rer, the treasurer's bondsmen become County Treasurer Cochran is made the liable for it. There is quite a difference defendant. His bond for $120,000 having between the pocket of the county been made by the Fidelity and Deposit treasurer, and the pocket of the individCompany of Maryland that company is ual Cochran. The fact that the individual made a co-defendant. who may be coerced to pay the judgment For several, days the lawyers interested in another capacity, happens to be in the case have been doing preliminary the county treasurer, is no reason why legal sparring in the Federal Court, and that the individual against whom the it was said yesterday that the case will county has a plain cause of action shall probably go to trial on its merits Monnot meet his liability to the county. day or Tuesday, when a jury will be orThere is no foundation in reason or auganized and much testimony be taken. thority for holding that the county shall Judge Jones yesterday morning, in an not maintain its right of action. merely oral opinion, overruled the demurrers filed because the law provides that when the by the defendants, in which they contendjudgment is satisfied, the fruits shall go ed that Mr. Cochran was still acting as into the hands of the country treasurer, Treasurer of the County, and if the Counfrom whose custody no county authority ty secured a judgment, the money would can take it except in payment of warhave to be paid into his hands. rants drawn on the fund. Allowing the Having been overruled by the Court on county to prosecute its suit to judgment this contention, the lawyers representing settles the fact of conversion and the Mr. Cochran and the bond company imdisputed liability for it, and stops the mediately filed a large number of pleas running of the statute of limitation: and making sensational allegations which the coercing of satisfaction by an executhey claim they will be able to show by tion the fruits of which go into the chantestimony. nels prescribed by law, to be held for the The money which was In the banking benefit of the county, redresses the wrong house of Josiah Morris & Co., at the time and puts the money where the law reof its failure. was the proceeds of a quires it to be placed and kept as the County bond issue of $100,000 which was property of the county, and does not authorized by the Legislature a few weeks violate any right of the individual Cochprior to the failure of the bank. The ran. There is no reason why the county pleas allege that notwithstanding the act should not prosecute its suit and have authorizing the bond issue required that judgment and execution against him, if, the bonds be paid for in cash, they were upon the facts developed in the trial, it delivered by Charles A. Allen, Clerk of be found that the county is entitled to the County Board of Revenue to John recover. P. Kohn in exchange for a check upon At the conclusion of the opinion the Josiah Morris & Co., for $111,109.58, which lawyers representing Mr. Cochran and the pleas contend Mr. Kohn knew at the the bond company filed the sensational time was worthless, and that Mr. Kohn pleas. knew at the time of extending the check These pleas set up in the first place thatt he bank had less than $40,000 on that the Fidelity and Deposit Company of Maryland did not execute the bond of hand. Mr. Cochran at all, and consequently the The startling statement is made by the county cannot recover anything. They pleas that the Fidelity and Deposit Com. contend if this be true, which they say pany of Maryland did not execute the they will be able to prove, It will defeat bond of Mr. Cochran, and consequently the whole suit. there is no ground for a suit. It is furAnother batch of pleas were filed which contend in substance that Mr. Cochran ther contended that Mr. Coohran was was County Treasurer at the commencewholly without knowledge of the transment of the suit, and is now under bond. action between the Clerk of the Board and is the sole custodian of the money of Revenue and Mr. Kohn, hence he is of the county with the right to hold it; not liable for the transaction: that Josiah that the county has no right to receive Morris & Co., acted as an agent for the or recover it. Board of Revenue in disposing of the The sensational allegations upon which the defendants largely rest their case bonds and Mr. Cochran repudiated the are contained in the third series of pleas transaction as soon as he learned of it. submitted to the court. These pieas When the court met yesterday mornare in substance that the law authorizing ing Judge Jones heard the lawyers on the county of Montgomery to issue $100.both sides on questions which had been 000 of bonds required that they be sold for submitted to the Wednesday afternoon. cash and that the money resulting thereThe attorneys for the defendants were from be paid to the County Treasurer; that the bonds were sold under an agreefrank in their answers and seemed to ment, that they were to be paid for in concede that the answer to the questions cash and that the bonds were not paid put by Judge Jones would probably refor in cash; that no money 8.8 the prosuilt in overruling the demurrers. ceeds of the bonds was ever received by Judge Jones then delivered an oral Mr. Cochran as County Treasurer or by any one acting for him. opinion stating his reason for overruling Continuing, the pleas contend that inthe demurrers filed by the lawyers represtead of selling the bonds for cash as resenting Mr. Cochran and the bond comquired by the law authorizing their ispany. suance, Charles A. Alien, Clerk of the On overruling the demurrers, Judge Board of Revenue, delivered the bonds to Jones said in part: "The embarrassment John P. Kohn in exchange for "a worthin this case arises from the peculiar proless check that John P. Kohn was visions of our statutes, which give the acting in the dual capacity in the transaction as clerk of Josiah Morris & Co., County Treasurer the right to receive and and as deputy for Mr. Cochran with keep the County money which may be authority as such deputy to receive collected in this suit, until called on to money only, all of which it is alleged pay it out on warrants, or it is lawfully Mr. Allen knew at the time of the dedemanded of him by some successor in livery of the bonds and the acceptance office. It is unquestionably the law, if of the check. It is further alleged by the pleas that John P. Kohn in exchange judgment be recovered here and satisfacfor the check gave a receipt signed in the tion made, that the County Treasurer name of Mr. Cochran as though he had must receive the money and keep it, that received money; tat this worthless check no one else is entitled to its custody and was for $111,109 58 and that Mr Kohn possession, and that the Board of Reveknew at the time he drew the check upon Josiah Morris & Co., for the bonds and nue could not give a receipt for the received it as deputy of the County money paid in satisfaction of the judgTreasurer that there was less than $40,000 ment in favor of the County, since the in the bank and that the check could not law requires the money to be turned over be paid. to the Treasurer and kept by him and The pleas contend further that Mr. no one else has authority to receive or Cochran knew nothing about the transkeep the money. action from beginning to end until after the failure of the banking house of Jo"This being the law. does it follow that siah Morris & Co., about two weeks later, the case comes within the principle arand that as soon as Mr. Cochran learned gued in support of the demurrers, that about the transaction he repudiated the Cochran's duty being to receive and keep contract. this money, and he being also the debtor Counsel for the county announced that who is to pay the judgment, that it is they would be ready to file demurrers and answers to the pleas this morning Judge in legal effect a suit by Cochran against Jones called attention to the fact that himself, in which it is his duty to retoday is a national holiday, saying, howceive with one hand and pay over with ever, that he was willing to hold his the other, and, therefore, although there court open today if it better suited the be an admitted conversion, yet the Counparties concerned. After a consultation. the lawyers for the county announced ty is not entitled to sue and have judgthat they could not prepare their demurment? The demurrers necessarily admit rers for submission this moning, and the a conversion, and, therefore, a cause of court adjourned until Saturday morning action in favor of the County on this at 9:30 'clock. bond. Meanwhile, upon the suggestion of "While appreciating the ability of the Capt. John G. Finley, County Attorney and Hon. Jesse F. Stallings, who repreargument in support of the demurrers, I sents the county in the suit, a special feel quite convinced that it is untenable. meeting of the Board of Revenue was Is Cochran suing himself? Certainly not. called at the County Court House. It is Action is brought against him by the said that as a result of the phases of County to recover for a conversion of the case which have developed, It was money which belongs to it, and not to suggested by the lawyers that the suit Cochran. The judgment will be the propmight be compromised. A member of the Board of Revenue said last night that erty of the County, and Its fruits will be the Board unanimously rejected any the property of the County. proposition looking to a compromise of "Is Cochran the Treasurer, and the inthe suit and directed the lawyers to fight dividual Cochran the same person in the to it finish. a Mr. Whelan of Baltimore, President of eye of the law? It is essential to bear the bond company, who is in the city in mind the legal difference between assisting in the defense of the suit, said Cochran the individual, and the County last night that his company had at no Treasurer. The suit here is against the time suggested compromise and that individual and not against the County no such proposition had come from him his from or Treasurer, on a cause of action created company Hon. Thomas H. Watts, who, with Mr. by a general deposit of the County's Gans, a Baltimore lawyer, is representing money in a bank, which was a conversion Mr. Cochran and the bond company said by Cochran the individual It could not in an interview last night that the be the official act of the Treasurer, or a would be tried on its merits He said conversion as Treasurer because that was probable a jury would be drawn in

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BANK OFFICIALS INDICTMENTS AGAINST MESSRS

BILLING AND KOHN. They are Accused of False Pretenses in Connection With the Purchase of Montgomery Road Bonds. F. M. Billing of Josiah Morris & Co., and John Kohn, late cashier of the suspended bank were arrested yesterday by Sheriff W. R. Waller of Montgomery County on caplases issued from indictments found by the recently adjourned grand jury. They are charged with false pretense in connection with the sale of the road bonds of Montgomery County to Josiah Morris & Co., which was soon followed by the failure of the banking house. Both of the arrested parties made $10,000 bonds and were immediately released from custody. The bonds were made out by the Clerk of the City Court before the arrest and were given to Sheriff Waller along with the capiases, yesterday forenoon. The papers were seved immediately and the bonds were made as soon as the formalities of the arrest were gone through with. Mr. Billing's bondsmen are S. Roman and B. L. Holt and Mr. Kohn's, Mr. Roman and Frank D. Kohn. There are two counts to each indictment. Both papers read substantially the same except as to the names. The indictments read as follows: "Fay M. Billing did falsely pretend to C. A. Allen. who was then and there clerk of the Board of Revenue of Montgomery County aforesaid. with the intent to injure or defraud, that J. J. Cochran, who was then and there the treasurer of Montgomery County, aforesaid, had received $111,109.58 from Josiah Morris & Co., the said sum of money being the price agreed to be paid by Josiah Morris & Co., to the County of Montgomery, aforesaid for an issue of bonds of said county of the par value of $100,000 and by means of such false pretense obtained from the said C. A. Allen, bonds of the County of Montgomery, aforesaid. of the par value of $100,000. the personal property of the County of Montgomery, aforesaid, of the value of $100,000. Count Two-The Grand Jury of said county further charges that before the finding of this indictment, Fay M. Billing did falsely pretend to C. A. Allen, who was then and there clerk of the Board of Revenue of Montgomery County, aforesaid, with intent to injure or defraud, that J. J. Cochrane, who was then

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RECEIVER FOR BANK

Petition Filed Against Proprietor of House of Josiah Morris & Co. Montgomery, January 17. - (Special.) A petition in involuntary bankruptcy was filed today against F. M. Billing, proprietor of the banking house of Josiah Morris & Co., by Greil Bros. & Co., the Merchants' National bank of Cincinnatt and the Central of Georgia Railroad company. The petition was granted, and William Berney, president of the Fourth National bank, was appointed receiver. The bank has been making desperate struggles for two years, since it failed to realize on its assets and pay out, and did pay several installments.

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RECEIVER FOR BANK

House of Josiah Morris and Company Again Collapses. At Montgomery, Ala., Saturday a per tition in involuntary bankruptcy was filed against F. M. Billing, proprietor of the banking house of Josiah Morris & Co., by Greil Bros. & Co. The Merchants' National bank of Cincinnati, and the Central of Georgia railroad. The petition was granted and William Berney, president of the Fourth National bank, was appointed receiver. The bank has been making desperate struggles for two years since it failed to realize on its assets and pay out and did pay several installments.

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TO REOPEN THE CASE CREDITOR OF F. M. BILLING MOVES TO SET ASIDE ORDER. H. Downer Hopes to Have Adjudication of Bankrupt Revoked so As to Proceed Against Him. A development of considerable interest because of its possible effect upon the many creditors in the bankruptcy case of F. M. Billing of Montgomery, appeared before Judge Thomas G. Jones in the United States Court yesterday, when a motion was made to set aside the former adjudication in that matter. This motion was made at the instance of S. H. Downer, one of the creditors, who holds a preferred lien on the bankrupt firm, filed some time ago. The grounds upon which the motion is based is to the effect that the testimony in the original bankrupt proceedings was not sufficient to show that the concern was bankrupt. The argument on the motion, beginging at 4 o'clock, occupied several hours, and will be resumed when court meets this morning. Mr. Billing, it will be recalled, doing business as Josiah Morris and Company, bankers, failed five years ago. The creditors were the depositors in the bank. In addition to the Billing pleadings, three orders were issued by Judge Jones, in bankruptcy cases from other parts of the State. Two of these were from the Northern Division of the Northern District of Alabama, and the third from the Eastern division. In the pleading in the case of the Madison Manufacturing Company, an order was issued. requiring the payment of the balance of the purchase money by Milton Humes, to the receiver for the Madison property, amount ing to nearly $45,000, and covering the payment of certain receiver's certificates and the expenses of the receiver. The Madison Company was put into bankruptcy last fall, and afterwards was purchased by Mr. Humes. Heretofore only $8,000 had been paid on the purchase money. In the proceedings of Lawrence Cooper, receiver, against Kennedy, a decree was made, reforming certain conveyances. Both of these orders were secured by Hon. Lawrence Cooper, of Huntsville. From the Eastern division of the district, a petition was brought by certain creditors of the Talladega Mercantile Company. in response to which Judge Jones made an order appointing J. H. Hicks and W. H. Boynton receiv-