The Detroit times. [volume] (Detroit, Mich.) 1903-1920, 1908-08-13
COURT ORDERSS SALE.
OF STOCK HELD BY
HAYDEN-ST0NEC0.
PROCEEDS, MINUS BOSTON
FIRMS CLAIM OF 1900 900, WILL
BE TURNED OVER TO REcEiv.
Err FOR CREDITORS.

After listening to the arguments
Of "A dozen lawyers. who represent ell
ents claiming to be creditors OF Cam
eron Currie & CO.. Judge Mandell. on
petition OF Receiver F. G.. Austin,
Thursday morning dissolved the In
junction restraining Hayden. Stone
& Co. from disposing of the stock
held by them as collateral for claims
against the defunct firm
Not only was the Injunction dis
solved but an order was issued en-
powering and directing the receiver to
order the sale OF the stocks. Hayden,
Stone a Co. are also directed TO turn
over 10 the receiver the proceeds OF
the sale over and above the amount
OF their claim OF $1.300,000. At the
present market values the stocks SO
held should bring about s325.000 above
Hayden. Stone * Co.'S claim.
This action OF the court was taken
In face OF vigorous opposition from
number OF attorneys. Ii was argued
that as long as Hayden. Stone & Co.
held the stock creditors knew where
their property was, and could trace It,
but as soon as the sale was made
the stock was gone. and creditors had
only Hayden, Stone IL Co.'S financial
standing to depend on. They may be
worth millions, and they may be on
the verge OF bankruptcy, was the way
one attorney expressed II.
Statements OF this kind brought
from Attorney Elliott G.. Stevenson a
statement OF the attitude OF Hayden.
Stone 4 Co. He said that his clients
will IN oil IN
the Jurisdiction OF the Wayne county
court provided the creditors would do
the same He said that threats had
been made to commence proceedings
in Boston, and his clients didn't pro-
pose TO have one man suing in Bos-
ton and another in Detroit
stevenson's Statement.
Hayden, Stone & Co. intend to
deal honestly with everybody in this
matter" Numbered Mr.. Stevenson.
Their claim against Cameron Currie
& Co Is a valid one, and represents
over 100000 of actual cash paid out
Just 80 days before the failure. Cam
eron, Currie q Co. were anxious TO
have their accounts with two large
eastern houses consolidated, and Hay
den, Stone 4 Co. bought those ac-
their good money honestly. and they
want to demonstrate to the people OF
Detroit with whom they expect TO deal
In future, that they will do the right
thing III there has been any crooked
work In connection with this business
Hayden, Stone & Co, have had moth
ing TO do With il. We are willing
TO pay into court every dollar We re-
ceive above our claim, and then meet
the attacks of every creditor, provid-
ed these suits are heard In this
court"
James o. Muffin was one OF the
principal directors to the dissolution
of the Injunction, and after Judge
Mandell announced his intention 10
grant the order. Mr. Murfin gave no.
tce that he would hold Hayden. Stone
II Co. responsible il they sold his
clients stock. 4.
I'VE will sell as soon as We can"
Mr. Stevenson replied, and then set
tie in this court
Light on Firms Methods.
Light was shed on the transactions
OF Cameron Currie & Co. In the hear
ing before Judge Mandell which will
be OF great interest TO the creditors
who claim preference because Of hav-
ing purchased stock outright. Attor-
ney Frank +. Robson declared In his
argument to Judge Mandell that the
dealing OF Cameron Currie Il Co. with
Hayden, Stone & Co and other brok.
erage firms have been entirely on a
margin basis.
The money paid to Cameron Currie
& Co. never went To Hayden. Stone q
Co." was one of his statements. He
added that, in his view, the transac-
tContinued Page seven.)