The morning call., 1894-05-06
WHO IS TO ACT?
The State Investments S
Assignee.
DISCUSSION In COURT
Says That George L. Brander's Notes
Are Not Part of the Com
pany's Liabilities.

The affairs of the defunct State Invest
ment and Insurance Compeny are about as
far from being wound up as they were at
first. Even the election OF an assignee is
not going tu be decided without consider
able trouble.
The matter came up before Judge Heb
bard yesterday, most of the creditors and
all the attorneys engaged being present.
First of all the question of electing an as
signee came up. This was opposed by
Attorneys Andrew ]. Clunie and Cow
derry, who proposed continuance until
the matter of Sheriff McDade's sales of
the real and personal property of the cor
poratien be disposed Of. There was con-
siderable argument on this point, but
Judge Hebbard finally denied the motion
for a continuance, and ordered that the
election of an assignee be proceeded with
forthwith.
Fret of all the Judge said he would In
vite further bids upon the personal prop
erty, desks, counters. chairs. etc. These
at the first Sheriff's sale had realized only
$500, but at further sale held Tuesday
last $3.50 had been bid. The Judge said
he thought the property was worth more.
Would anybody bid?
Some one bid 5000, and the contest went
on until the property, including counter
that cost $780, was knocked down to l..
Ii. Burd for $1,000.
Then it was proposed to sell the re-
eeiger's title to the real estate. Andrew
j. CluHie objected to confirmation of the
receivers sale, as by it practically nothing
came to the creditors.
Mr.. Campbell. representing the San
Eronaiea0 Savinua TTninn hv which tho
real estate was bought in at the Sheriff s
sale, said that the title surely lay. not in the
receiver, but in the trustees under the deed
of trust whereby the real estate was con-
veyed to the bank to cover a loan OF
$4,000. However" he said. ''if they bid
any more, let them have it. The bank
doesn't want it"
"Oh, yes" said Judge Hebbard. 'if
can get single dollar more for this prop
erty than has been already offered. pm
going to sell it. especially as it appears
that the outside creditors will get nothing
Attorney Rosenbeim objected to the sale
of the receivers title al that time. within
the past two years." he said. mo less than
$4,000 was offered for this property. The
times are dull now, and, as the representa-
tive of creditors to the extent OF S64, 712 78
l suggest that DO hasty sale be made. We
have plenty of time before us"
Gentlemen" said the Judge. Il shall
wait until after an assignee has been
elected and then hold another sale of this
property. Proceed with your election"
"I hold claims against the company
aggregating S64, ,712 49," said Rosenbeim.
sand l vote them for F. W. Van Reynegonl
as assignee"
.sI object" interposed Crittenden Thorn
ton. II ask that all claims be filed and
verified. I do this because l understand
that a great many claims are not claims
against this insolveDt. Let the election
Stand over one week and all claims be filed
aud inspected in the meantime"
RosenheIm said his claims were all right
ond we're from policy-holders and others.
They were all ready for filing.
.sWha. is the amount in claims that you
represent, Mr.. Thernton9" asked the