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IN A RECEIVER'S HANDS. The Georgia Loan and Trust Company in a Bad Way. The Georgia Loan and Trust Company is in a receiver's hands. Its affairs are in tangled condition, with little likelihood so far as the investigation of the receiver has gone, of being straightened out. The stock was very nearly all owned by William Falconer who organized the company and was its president and treasurer. A considerable amount was pledged by him as collatoral for personal loans. Failing to meet these loans and to make any satisfactory showing as to the condition of the company, a receiver was applied for and Mr. F. S. Lathrop was appointed. An expert accountant is going over the books to get at. if possible, the assets. Hull & Lathrop are among the principal creditors, and it was upon their application that Mr. Lathrop was appointed temporary receiver. A hearing will be had to-morrow before Judge Falligant to determine the appointment of a permanent receiver. COULDN'T GET AT THE BOOKS. Mr. Falconer was absent from the city when the application for a temporary receiver was made. The business of the company had been left in the hands of a bookkeeper who could give no information as to his whereabouts. Messrs. Hull & Lathrop had in the meantime disposed of their stock, but were unable to secure its transfer. Mr. Falconer's obligations having becomedue, and failing to secure a settlement or any assurance of one, they decided to take legal steps. Mr. Falconer was located in Charleston and was notified of the proceedings and was instructed to turn over the property of the company. He replied that he would do so at once, but failing to show up. an order was secured from Judge Falligant to open the safe, which Mr. Falconer said contained the company's books. THE SAFE OPENED. The safe was drilled and opened yesterday morning, but only a few unimportant books were found. A warrant was at once issued and Mr. Falconer, having returned to thecity, was arrested for contempt. He then produced the books, which were turned over to the receiver. So far as the investigation had gone last night very little information could be gained from them as to the company's condition. Mr. Falconer having control of the stock has wholly managed its affairs for the last two years. It paid a divideud of 8 per cent. up to the present year. That is about all the stockholders knew about it. Some time ago the president began buying up the stock. giving his personaisnote in payment and pledging the stock thus bought as security. In this way, according to his statement, he had bought all but about fifteen shares. These notes are past due. Hull Lathrop held "Mr. Falconer's personal notes for $8,500 partly secured by the company's stock and partly by other collateral which will cover all but $1,5000 of the loans. They also held indorsed notes for a considerable amount. which the indorsers were called upon to pay. The stockholders of the company have been unable to obtain any information as to its condition. No meeting has been held this year, and its offairs have been SO unsatisfactory that stockholders were anxious to dispose of their holdings. NO TROUBLE IN SECURING LOANS. Having confidence in his integrity, Mr. Falconer was able to obtain loans for a large amount, for which he gave his personal note. secured by stock in the company. He said last night that he has no doubt he will be able to effect a settlement to-day and that the bill for a reciever will be dismissed. In any event he will resist the present bill. He was allowed to 20 ves-
