New-York tribune., 1908-08-30
LITTLEFIELDAPPOINTED
Former Congressman Made Receiver
for Il. O. BrozCn 6 Co.

Charles E. Iittleield ex-Congressman from
Maine and practising law in partnership with
his at No. Nassau street. this city. was yes
terday appointed receiver IN bankruptcy for the
suspended Stock Exchange firm of A o. Brown &
Co. by Judge Holt, of the United States District
Court. Judge Holt made the appointment from
Woodstock, Conn. where he is spending his vaca-
ton. and fixed the bond at s250ooo. The appoint
ment made upon the application OF William c..
Rosenberg. of counsel for the firms creditors.
Edward F. Buchanan, OF the members of the
firm. said last night in reply to the question. "Can
you give the approximate figures of your assets
and liabilities?":
II have here letter from w Rhoades the as
signee. which. 1 believe will answer that question.
1t was written In reply to a request from to
the firms position. He gives the assets at A.529
500 TO- The liabilities placed at. S91S. .S95 %.
which gives an excess of assets over liabilities OF
sSO907 Oh This, must understand. does not in
clude the capital of the firm
Edward Lauterbach. counsel for A o. Brown &
Co.. and Moses H. Grossrnan of House. Grossman
& Vorhaus. attorneys for the petitoning creditors,
both announced that they well pleased with
the selection made by Judge Holt
Mr.. Littiefield, when his office, said that
he would file his bond and qualify as receiver early
tomorrow morning He will then take charge of
the assets OF the firm. He not prepared to say
what company would furnish the bond or who
would be his counsel. he had just returned from
Boston. where he argued Friday Mr..
Littlefeld said that he naturally knew nothing
about the affairs Of the firm.
AS federal receiver. he will. of course. supersede
John w. Rhoades. the assignee. TO whom the firm
made assignment last Tuesday. Judge Holt
order appointing receiver contains a clause re-
quirng the assignee to turn over the assets Of the
firm at once to the receiver. soon he shall
qualify. and opposition is looked for from Mr..
Rhoades his attorney. Dix w. Noel.
Mr. Grossman. in commenting the appoint
Of said he not beIi
Judge Holt could have found better Speak
ing of the opposition of Mr.. Lauterbach to the
appointment of receiver he said that this was
largely formal. When the members of the firm
made assignment they committed act of
bankruptcy according to the bankruptcy law, and
laid themselves open to bankruptcy proceedings
provided three creditors fit to take
such action.
None of the members of the firm visited the main
office, at No 80 Broad street, yesterday, Man
ager Thompson said he did not expect to hear from
them. The assignee and his counsel hard at
work on the firms books and had nothing to say
for publication.
The special investigating committee of the Stock
Exchange which is looking into the affairs OF A o.
Brown & Co. and probing the for the wild
trading the exchange of Saturday week ago
held brief session yesterday. but, usual made
nothing public 1t is understood that A. o. Brown
and E. F. Buchanan. of A. o. Brown & Co.. were
again before the committee.
When Edward f. Buchanan. of the firm of A. o.
Brown Co.. was asked yesterday afternoon about
the appointment of the receiver, he said:
IT left that matter entirely to attorneys,
but wish to say that 1 am pleased that gentle
man of such high standing and ability Mr.. Little
field was appointed. He will undoubtedly be fair
and impartial, and. unless 1 greatly mistaken
will find the affairs of the firm In splendid shape"
Have you changed your attitude toward the
banks and the exchange authorities who you claimed
were responsible for the suspension"
mot In the slightest degree. 1t is my intention
to fight ii with them to the end which 1 think
is my duty to clients well to our firm.
I think this affair is great deal outrageous
and that there is great deal more to 1t than IS
generally believed outside of Wall Street circles
but it will all come out in due time. When IT does
come out think it will be valuable information
for the public in general
This is the first appearance OF Mr.. Littlefed, in
a case prominently before the public siRce he re-
signed from Congress some months ago. He was
one of the foremost orators in the House of Rep
resentatives and a central figure. in of the
great debates. AS n member of the House Commit
tee on Judiciary, he took strong ground against the
legislation urged by Mr.. Gompers the subject Of
inilInctions Mr.. Gompers and other labor leaders
canvassed the Lttleeld district in Maine. seeking
to defeat him the injunction ISSUE but he held
his place On resigning from Congress he returned
to the practice of law.