The Detroit times., 1908-07-25
.CURR|E CO. ASSETS
SHRINK CLOSE TO
VANISHING POINT
LITTLE CHANCE TO COLLECT
FROM MARGIN TRADERS IN
DE6TED TO FIRM-couRT CON-
TINUEs INJUNCTION.

Judge Mandell decided Saturday
morning to continue for one week the
injunction restraining Hayden. Stone
& Co.. OF Boston. from selling the
stocks held by them as security for
Camera Currie & Co.'s loans.
Elliott G.. Stevenson, who appeared
informally for the defendant broker
age firm, declared that these stocks
have decreased in value through mar
ket fiurries. and intimated that the
Arm will use It's own judgment about
selling should the market continue TO
fall II developed that Stevensou's
clients are not appearing In such .
way In court as to admit that they
recognize the validity OF the injuuc-
ton.
I'VE are Indifferent said Steven
son.
This attitude caused some OF the
attorneys to get together and talk
about bankruptcy proceedings.
One peculiar transaction which was
uncovered In petition presented by
s. B. Douglas. has to do with the dis
position OF a block OF Mohawk Copper
stock which was left with Cameron
Currie & Co. by the Rev. Clarence A.
Buell. as security for any loan he
might desire to make. No loan was
ever made, but the fact was brought
out In court that Cameron Currie h
Co. mad. nevertheless, pledged the
stock as part of the security for a
$4,000 loan made from the Wayne
County Savings bank.
The stocks put up for this loan are
worth $4,000, and Attorney Douglas
asked that these be sold up to an
amount sufficient to wipe out the In
debtedness and permit of the return
OF the Rev. Mr.. Buell's stock. Judge
Mandell was disposed to accede to
this request but there was a chorus or
objections.
Il protest against such precipitate
action" said Attorney f. A. Barnes.
Many people do not know where
their stock Is held. No sale should be
ordered until all the securities are
traced. What il it turns out that
some other stocks are wrongfully
pledged? The court should not order
done what may turn out afterward t.
be conversion"
The list of stocks held by the
\
Judge Mandell specifying that the
names of the owners must not be
| read.
Pound Talks of Stealing.
James II. Pound took part In the
debate which followed by declaring
that all stocks held by banks and
other creditors should be listed before
any sales are had, so that persons who
had bought or deposited securities
may discover where their property Is
held.
Either there are a lot or these
stocks, that people are interested In,
held somewhere, or else a good deal
of stealing has been DONE" declared
| Pound~
After hearing statements from
counsel on q number OF intervening
petitions, Judge Mandell took up the
main issue, the suit brought by the
receiver against Hayden, Stone d Co.
Elliott G.. Stevenson declared thar
the defendants do not recognize that
there Is any ground for granting or
holding an injunction He added that
although the surplus OF securities over
liabilities on the stocks held by day
den. Stone & Co. had been decreased
by fluctuations in the stock market,
but that the latter firms position was
one OF Indifference unless the value OF
securities shrunk SO as to put their
equity in danger,
1--WE have heard lot OF loose talk
about bankruptcy proceedings and
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