The Detroit times. [volume] (Detroit, Mich.) 1903-1920, 1908-08-11
ASK TO HAVE CURR|E
& co. DECLARED
BANKRUPT
THREE GENERAL CREDITORS
FILE PETITIONS IN THE FEEDER
AL COURT, FEARING PREFER
ENcE FOR MANY CLAIMS.

move to drag the Cameron Cur
tie a. Co. failure into the federal
court was finally made Monday eve.
ming. when Charles II. Hatch. of
Graves, Hatch e. Massey. acting for a
number of creditors. filed petition
asking that the failed firm be de-
Slared an involuntary bankrupt.
Louis III. Case, one OF the members
of the Arm. was served Monday night,
End service was had by Deputy L. 5.
Marshal Cassius p Taylor on Gamer
On Curric after / o'clock Tuesday aft
ernoon. Taylor met Currie by appoint
ment at an attorneys office and service
was voluntarily accepted.
Judge Knappen may be asked to
come over from Grand Rapids to act
In the matter In the absence of Judge
Swan. When an application for re-
ceiver il made. the attorneys In the
case will be consulted. There is a
strong feeling in behalf of the contin.
uation of Fred G. Austin as receiver
at this time and until IN adjudication
Is had or refused
In case the court appoints any one
else, il is likely to be enc OF the three
local trust companies.
The Times learns that the petition
ing creditors are Gustav Rosenthal
Themes Henderson and Charles
Becker They are All general
creditors. and their reason for
desiring the frm thrown into bank
ruptcy is the fear that as result OF
the many claims for preference be-
On. In, no m
state court, the interests of the gen
eral creditors might be jeopardizeG
II is said that the petition Is based
on two grounds-insolvency and al
legged acts OF preference.
The petition recites as a specific act
of bankruptcy the appointment OF a
receiver 10 take charge of the bust
pess OF Cameron Currie Co.
This proceeding does not imme-
diately suspend The authority OF the
state court. In fact. il may be some
time before the matter Is removed
10 the federal court. II AT all. Re
ceiyer Fred G. Austin will proceed
with his work of cleaning up the al.
fairs OF the old firm in the meantime.
Cases Course Uncertain.
Robert Gray, attorney for Louis II.
CAGE, Junior partner in the firm OF
Cameron Currie & Co. says II has
not been definitely decided whether
his client will contest the attempt To
force bankruptcy proceedings. Currie
and Case are entitled to have trial
before Judge and jury before any ad
Indication in bankruptcy is made.
A defense which may be set up
10 haln N
exceed the liabilities and that there
is chance OF such collections being
made as TO settle all proved. claims
on basis OF 100 per cent. This
would depend upon the success OF the
receiver in suits against margin debt
ors.
1T seems unfortunate IL the peti'
ton OF three small creditors can upset
the whole course OF the settlement at
time when everything is proceed
ing speedily and satisfactorily to almost
all the creditors" says Louis II. Case.
81 am doing all | can TO help the
receiver and think that the best
course has been taken so far. What
nv course will be with regard to the
bankruptcy proceedings. ! cannot say
mt this time"
What Bankruptcy Means.
II an adjudication is had in bank
ruptcy. IL will mean that the transac-
tions of the firm for four months pas,
will be subject to review. This pro
vision of the law refers particularly
10 transfers OF valuable securities TO
secure certain creditors claims Such
transfers would be set aside II the
preference appears TO be wrongly
taken and the general fund made so
much .rger thereby.
The return day On the bank
ruptcy papers Is Aug. 20, at which
time the temporary disposition OF the
case will be determined In part by
the action Of the creditors before Ref
Free Davock.
One result of the bankruptcy pro
ceedings may I've TO take the lid OF
che whole matter and lay bare the
secrets OF the firms transactions. II
has been understood throughout that
influential persons were heavy traders
through the firm and they have been
protected 10 q certain extent by the
suppression OF names in the state
court proceedings
According to Harlow r. Davock, ref
tContinued On Page six.)