The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-09-25
Meeting of John Beck's Creditors
Today.
DEADLOCK IS PROBABLE
ALL INTERESTED FAVOR DIFF
FERENT MEN.
Several Candidates For the Position
Are In the Field-Referee Bald
win Has a Number of Colnpli-
Gated Questions to Adjudicate In
the Casa Knotty Problem.

A battle royal of eight lawyers will
be called in the Commercial block this
morning at 10 o'clock. Referee in Bank
ruptcy Charles Baldwi..5wiN see that
the contestants fight according to
rules. 1t will be a meeting of the rep
resentativeS of the unsecured creditors
of John Beck to choose a trustee &c
administer the affairs of his estate and
if possible pay off his numerous and
complicated debts.
Before these gentlemen are through
with their business of choosing a trus-
tee it is believed there will be many a
word. The value of Beck's estate runs
into the hundreds of thousands. His
debts are many and large, and credit
ors fear that if certain claims are
considered just, there will not be
enough left to go around.
Only Unsecured Creditors.
This is a meeting of the unsecured
creditors of Mr.. Beck, for, according
to the bankruptcy law, they alone are
permitted to choose a trustee. A. Still
the secured creditors have a very great
interest in the proper administration OF
the estate so that they are quite con-
cerned about the fight
These lawyers will be present as rep
resentativeSa of unsecured creditors
Judge Zane, A F. Schroeder Judge
Thomas Marshall, r, B. Shepard, Judge
Twomesy, Judge Howat, Mr.. Hyde and
W. T. Gunter Claims of their twelve
or fifteen clients amount to about $780,
600. The law provides that a majority
of clients and a majority in the amount
of claims are necessary to elect trus-
tee.
But there are four candidates for the
position, so that there is very likely tc
be a deadlock, unless a better under
standing is reached than existed yes
terday. Briant S. Young, private sec
rotary to Mr.. Beck, is said to. be his
and Judge Marshall's candidate; At
torney c. B. Stewart is said to be- IA
vored by Hyde and Cunningham; At
torney Schroeder will vote for e. w.
Wilson, and Mr.. Ritter, a law student
in Judge Zane's office, is said to be a
candidate.
The line in the contest will be drawn
against James A. Cunningham; who
has claim for $4,000, and Mr.. Hyde
whose wife has a claim for 81 ,40f
against Mr.. Beck's estate. These two
will, as the contest proceeds find them
selves attacked by the other creditors.
They maintain that the equity in 81, 00C
shares of Bullion-Beck stock, which
Mr.. Cunningham claims he purchased
from Mr. Beck for $4,000, was not sold
but was given him in trust.
Are Worth $500, 900.
''These shares are worth probably
$500, O00,'' said Attorney Schroeder yes
terday 1.-The claim against them is
about 5000. According to Mr. Cum
ningham, he purchased them subject
to the claim, for S24 900; that is, he
purchased stock worth oyer 100000 for
$4,000" hia
Should the court ultimately declare
that it was an improper transaction
and order the return Of the shares to
the estate, the unsecured creditors will
be sure of payment of their claims.
That is why they are fighting Cum
ningham.
1t is very possible that no trustee
will be elected today The creditors
who claim to be unsecured will demand
a chance to VOTE and until it is decided
who is and who is not secured, there
] can be no election AS an instance of
| the knotty problems to be solved by
Referee Baldwin, the case of Mrs An
ME T. Hyde is cited. She holds Mr.
Beck's note for 1,400 Beck claims
! that he gave 5000 shares of Bullion
Beck Tunnel stock as security. But
Mr.. Hyde says that the certificates
We're lost on the street; that they were
! found and returned to Mr.. Beck, who
sold them.
The referee. will hear the facts in
the case and the facts in many such,
and he must then determine whether
| or not the claims are secured or I'M
secured.