The Detroit times. [volume] (Detroit, Mich.) 1903-1920, 1908-07-23
CURRIE'S BROKERS
ENJOINED FROM
SELLING STOCK


Continued from first paHeJ
II has established itself here In the
old quarters Of Cameron Currie & Co.
IL was also the medium OF the largest
accounts.
No fraud or misconduct Is charged
In the bill.
Many Attorneys Present.
More attorneys than have assembled
In court room In years, except at a
bar meeting, were present when Judge
Mandell took up the case Thursday
morning. Almost all OF them repre-
scented clients who had bought stocks
outright, but had not secured the GER
tificates.
Receiver Austin intimated that he
favored an immediate sale OF the Sc
curities held by the Boston Arm so
that there would be no chance of a
| drop In the market that might depre-
ciate the value OF the assets. Judge
Mandell stated that the court could
not authorize any holding OF the Sc
curities In the hope OF rise In prices
as that would be speculation.
| Elliot G. Stevenson. representing the
firm OF Hayden. Stone X Co., stated
that his clients were very little con-
cerned as to what was done as they
have big margin OF security on the
stocks held. He was inclined to din
miss the arguments that various claim
ants were the owners Of specific stocks
bought through Cameron Currie & Co.
and Hayden, Stone & Co.
AT one time list OF stocks shown
by the books OF Cameron Currie & Co.
TO be In the hands OF the Boston firm
was produced by the attorneys for the
receiver.
Does any one claim any Of these
stocks?" inquired Stevenson.
A chorus Of Affirmative replies
came from the lawyers.
Yes" I'VE do" They're ours
shouted various ones.
The attorneys who made the prin.
cipal arguments against an immed-
date sale were Orla B. Taylor. +. H.
Canfeld,- Frank f. Robson. and 8. b.
Douglas, each OF whom represents
persons who bought stock which they
never got but which Is claimed to
be held as security for loans, made
by Cameron Currie & Co.
Robson argued that, II the securi
ties are sold. the entire sum realized
should be paid into court and tina
Hayden, Stone & Co. should share II
the division the same as other credi
tors. This was vigorously disputed
by Stevenson, who maintained that the
Boston firm has the right to sell the
stocks and protect itself first. paying
over any surplus to the receiver to be
divided among the other creditors
He also refused to Ale list OF the
securities held. with the date when
they were bought.
Two Glasses OF Creditors.
f. w. Stevens. appearing for the re
ceiver, stated that 1t was probable
that the creditors would be divided
into two classes. the preferred credi
tors, who had bought stock and paid
for il and those who traded on mar
In. To the general creditors. the re
ceiver would probably issue certin
Gates showing the amount OF theii
claims 1t was stated.
IL have ten men working on the
books now to straighten things ou'
and will report to the court as soor
as I have any chance to do So de
clared Receiver Austin after the
court session.
| There are In my possession now
large number OF stock certihcates-a
whole deskfull-which l have not nae
time TO classify and catalogue as YET
I cannot tell what they are wortf
until they are listed and compared
with market prices. They may bt
worth great deal or very little.
One question which may be raised IL
as to whether Cameron Currie co
were clients OF Hayden, Stone & co
or co.agents In purchasing STOCKS
There IL evidence that the commls
sions were split between the tw'
firms, and this may be the basis o
suits to determine whether the tw'
firms did not Jointly act as agents io'
the purchase OF stocks.
BIo Legal Fight In Sight.
There is every probability that oit
legal struggle will grow out or the Ell
forts OF stock purchasers TO get theii
certificates from the assets or Cam
eron Currie & Co. Attorneys arr
working on the theory that the &C
counts between Cameron Currie a. GO
and their connections in other citie
were old open accounts.
Stocks which had been original.
pledged to secure payment OF loans
were withdrawn, II Will be claimed
and other stocks substituted. III thes'
stocks we're the property OF innoceh
purchasers. the plea may be made ina
the brokers and banks taking thes'
| -, -. o,,iiotaral on omen account
cannot retain them as security.
In case the stock purchasers car
show possession OF the stocks, the.
claim. the securities which have Dee'
hypothecated In the east VIII be -
reduced In volume that they may no
canal the amount OF tho loans, an
thus there will be no equity remain
Ing for general creditors nom tnei
sale.
The assertion 10 ,ncuc tnat me &C
count OF Cameron Currie Il co. VIII
the Boston Brokerage house OF hay
den stone Co. is one OF seyera
years standing. and that the locs
Arm had no right 10 deposit STOCK
bought I'm good faith by customers re
Gently to guarantee II.
One dificulty In identifying stock
held NV the banks and other broker
will be I'm determining whether tn
stocks are the same that were Dougn
ON any particular order. In an az
tempt TO do this. attorneys Tor severe
creditors have applied TO the receive
for permission to consult the Cameron
lCurrie & Co. records. thus determinih'