The Detroit times. [volume] (Detroit, Mich.) 1903-1920, 1908-08-11
c j RR|E PLEDGES
ARE AUCT|ONED
Off BY BANK
OLD DETROIT NATIONAL SELLS
ENOUGH TO SATISFY CLAIM
DEBTORS TO BE HAILED TO
COURT BY RECEIVER.

The first auction sale of Cameron
CurriC & Co. securities put up for
loans was carried off without any ex-
c.tement Monday morning. This was
The sale OF securities pledged with
the Old Detroit National bank to Sc
cure loan of $4,000. all OF which but
$500 had been paid.
Sales advertised by the National
Bank OF Commerce and the Detroit
Trust Co were postponed, each for
two weeks. on account OF injunctions
issued against the sale OF certain Of
( the stocks held by these concerns. GUS
toners OF Cameron Currie & Co. claim
j ing the stocks as their own and not
subject to hypothecation. This will be
fought ont in court and the financial
institutions are confident that they
Will win and be allowed TO make the
sales.
Judge Mandell will be asked to de-
termine the facts and law before the
two weeks are up. Ii he should de-
eide adversely TO the customers claim.
inG the stocks, criminal action against
members OF the defunct firm may be
begun.
In view OF this 1t is stated that
Prosecuting Attorney George B.
Yerkes has not taken up any OF the
claims against Cameron Currie a. Co.
or Hayden, Stone a. Co. in his private
capacity as an attorney. The reason
is said TO be his view OF the POSSIBLE
ity that he may be called on In his
official capacity as prosecutor.
Few Appear at Sale.
Only a handful Of persons gathered
for the sale of the securities pledged
with the Old Detroit National bank.
William b. Cady. attorney. represented
the bank and Sherwin A. Hill acted
as auctioneer. Receiver Austin and
his attorney, Herbert E. Boynton,
were present representing the cred
itors. In addition there were bidders
from two bond houses and one lone
capitalist who did not give his name,
but bid on every Offering
The prices were not high. but ST.
710 was raised on sales of five blocks
OF securities, 80 that the remainder
were not offered and will be turned
over to the receiver. Two blocks OF
stock were bought by the Old Detroit
National bank and will be sold at
market value and the profit turned
over to Receiver Austin
The following were sold:
One $1,000 bond, Ypsilanti-Ann
Arbor road. per cent, to II. w. No
BILE & Co. $1,000 and interest.
One 81 900 bond of Gilchrist Trans
natrntf
National bank, $3.50 and interest.
One $1,000 equipment bond, ST.
Louis & San Francisco railroad, per
cent, Matthew Finn. 1910 and interest.
Seven hundred shares Keweenaw
copper stock market quotation 1-D
Old Detroit National bank, 81 per
share. or $4,000.
One hundred shares Daly-West cop
per (market quotation ~ Old Detroit
National bank. $3.50 per share, or
$3.50.
Debtors of Cameron Currie & Co.
will have their day in court soon. the
creditors having almost monopolized
attention so far. As soon as the state
ment drawn from Cameron Currie &
Co.'S books is filed in court by Re-
ceiver Fred G.. Austin. that official will
take means TO insure collection OF the
debit accounts.
II shall send notices to every per-
son who IL shown on the books to owe
money to Cameron Currie & Co.
said Mr. Austin. Monday morning.
They will be asked to pay and, II
they do not, suits will be begun and
very speedily"
This will bring up for judicial de-
termination the liability OF customers
who have been carried" by the firm
below their margins.
More Interesting Petitions.
The time for filing intervening petit
lions in the Cameron Currie case will
expire Tuesday. AS a result petitions
came into the circuit Monday with q
rush. The amounts involved in most
cases are not large, and in the major
ity the petitioners claim to own out
right stocks which they now learn has
been pledged with Hayden, Stone d
Co., or with some bank
Fannie r. Haynes. OF Lansing. al
leges that she inherited 100 shares OF
Rhode Island copper stock from her
father. Her husband Fred Il. Haynes,
met Cameron Currie IN the Downie
house, Lansing, several months ago.
and arranged with him to sell the
stock. The certificates were given TO
l.. +. Rowley, who brought thcm to
Detroit and deposited them with Cam
eron Currie & Co. Mrs. Haynes now
claims the stock was never sold, but
was deposited with the Peoples bank
as collateral.
Other petitions were handed in by
Loren B. Frank, OF Avon Oakland
county: John r. Woodhouse, Detroit;
Arthur Devoe, OF Alpena, George X.
Holt, Jackson; Grace G.. Harris, Min
neapolis, Samuel j. Serrell, II. t.
Baird. OF Avoca, n Y. Louis r. Hos
letter, of Gratiot county, and Louise