The Detroit times. [volume] (Detroit, Mich.) 1903-1920, 1908-07-21
.CURR|t CREDITORS
NAME COMMITTEE
. TO ACT FOR Them
SOME TALK OF INsTITuriNc
cRI MINAL PRocE pINoo'
AGAINST MEMBERS or pE.
FUNGI FIRM.

A crowd numbering about 60 pep4
sons. composed of creditors of the de-
funct brokerage firm of Cameron Cur
RE 4 Co. and attorneys representink
creditors, met In the Hotel Pontchor-
train Tuesday morning to decide On
action to protect their interests. A.
torney Guy l.. Miller was elected
chairman. He advised that no hasty
action be taken. He said that pro-
ceedings In the state courts might bar
the creditors from subsequent actioa
In the federal courts.
j. w. Chapman. creditor. als4
counseled moderation. He suggested
that committee of three be appoint
ed to learn the facts and report to
second meeting. He said that this
committee could undoubtedly uncover
assets. IL dishonest transactions ON
the part OF the members of the defunct
firm were shown then criminal as well
as civil proceeding could be instituted.
he said there seemed no doubt but
that stocks put up as collateral had
been rehypothecated with the banks
and their ownership was now q matter
OF question. Stocks are now advancing.
he pointed out. and the rise might
help the firm to meet its shortage.
Committee Named.
After some further discussion. Mr..
Chapman's motion for the appointment
OF committee of three was adopted.
The committee. in addition to MIL
Ter and John N. Anhut, who
are chairman ana secretary.
respectively, il composed or
j. w. Chapman, Attorney Harry Helf-
man and Attorney John j. Jackson.
This committee meets Tuesday after
noon in Jackson's office.
II Is probable that the creditors will
decide on bankruptcy proceedings un-
less the receiver makes a satisfactory
showing.
One disgruntled creditor went to the
length Monday afternoon OF consulting
one OF the judges of the recorders
court relative TO the issuing OF war
rant for the members of the defunct
| firm on the charge of larceny by con-
version. He was referred to the po-
lice justices. He said that early in
July he bought 10 shares OF Union Pa
cific at l4S. paying $500 down. About
July IL he paid the balance, $3.50, but
hasn't got the stock
John n. Anhut, who was chosen
secretary of Tuesday mornings meet
ing. tells of somewhat similar case.
Early In May his client bought stock
making part payment. Later he
was advised that the stock had ar
rived, and visiting the brokerage ONCE
he paid the balance. He was then
told that the stock would have to be
forwarded to the transfer ONCE, and
he has never received 1t. 1t is claimed.
| After the meeting, number OF
creditors went TO the old brokerage
office. now operated by Hayden, Stone
a CO.. OF Boston. as a branch. Here
there was further discussion. II was
notable that very few deals were be-
ing made through the new firm.
Opposes Bankruptcy Proceedings.
}. w. Chapman, who had taken q
leading part In the meeting, told the
other creditors whom he met that he
hoped bankruptcy proceedings would
not be started
! The vaults shere are full OF stock.
| am told, that the Arm could not
raise money on" he declared. They
were holding great quantity Of curb
stocks which the banks would not
take as collateral. There Is a rising
market now and these stocks will APP
preciate In value II held, so that the
debts may be all wiped out
Many were the stories OF losses told
by the creditors who met in the Pont-
chartrain. One OF the gravest charges
made was that a man who had ordered
100 shares OF Steel Common, had paid
SO, 500 for the stock Friday afternoon.
This check was said 10 have been paid
over to one OF the local banks but
payment was stopped on IL Saturday
morning and litigation may result.
A number OF men stated that they
| had paid for stock in full but had not
received II. Others said they had Sc
cured their certificates after weeks or
months OF delay. one OF the extreme
cases was that OF a man who bought
copper stocks when they were high.
but had difficulty In getting them even
after they had fallen greatly in price.
A source OF dissatisfaction seemed
To be that neither OF the partners In
the firm had come to the Offices to
talk things over with their creditors
since he failure.
This would never have happened IL
Frank C.. Andrews had served out his
full term" declared one excited cred
itor.
II was manifest from the start that