The Detroit times. [volume] (Detroit, Mich.) 1903-1920, 1908-07-20

| CAMEHON COHHlE.
excess of this amount, but It Is not
believed that over so per cent OF the
assets can be realized on, the deficit
| thus probably reaching a half million.
On the petition OF Cameron Currie,
Judge Mandell has appointed Freder-
lex G. Austin as receiver Mr.. Aus
tin took charge at 10 o'clock Saturday
morning and closed the doors of the
Office prior to taking an audit.
The failure comes as a surprise to
the members of the firm, as well as
to the financial men of the city gen
orally. 1t follows a looking-over Of
the books which was intended as
preliminary to enlarging the capital
of the concern.
All the banks with which the firm
did business are secured by deposits
of collateral and they will not lose.
Cameron Currie and Louis II. Case,
the general partners. will lose all
they possess, 1t Is probable, while
Clarence Carpenter, OF Colorado
Springs. special partner. will lose
his investment.
| The failure was precipitated by the
uncertain course Of the market. as
the firm carried many customers, who
are now unable to pay amounts due
in margins. In this manner the firm
has accounts outstanding of $1.045,-
900 of which. II is estimated. only
about half Is collectable.
| Mr.. Currie remained in his Crosse
Pointe home all day and would not
discuss the situation. Mr.. Case had
been engaged most OF the night In
going over the books of the firm and
was asleep Saturday when his home
was called up to ask for statement.
| 1t Is understood that Hayden. Stone
& Co. of Boston. one Of the largest
firms in the east. will open branch in
the present Offices Of Cameron Currie
G. Co., Monday. and that Mr.. Currie
will be placed in charge as manager.
The application for a receiver was
made by Mr. Currie on the advice OF,
and after an extended conference with,
seven close friends--Charles M. Swift,
Phillip II. Mcmillan, Russell A. Alger.
| Fred NJ. Alger, Frank II. Croul,
Strathern Hendrie and Henry B. Joy.
And all OF these gentlemen, except
Fred NJ. Alger and Mr. Joy are on
the receivers bond, which Is for $780,
900.
Mr.. Swift. In a statement to The
Times, gave the following explanation
of the failure:
Recently Mr.. Currie and his part
ner, Mr.. Case, discussed the advis-
ability of charging the concern and
getting In more capital. and with such
an end In view, ordered an audit of
their books by an expert broker. The
audit disclosed that a great many mar
ginal accounts due the Arm were
practically worthless on their face.
and these accounts ran into such
large sums that the discovery stagger-
ed the firm.
Friends Advise Receivership.
Immediately on learning that the
firms affairs were In such a state.
Mr.. Currie left for Boston to consult
eastern interests. On his return to
Detroit, Wednesday, he at once called
his friends into consultation with the
result that the application for a re-
ceiver was filed early Saturday morn
ing. While the bill names Mr.. Case
as defendant, that is largely a formal
| ity, Mr.. Case consenting to the plan.
THE firms books show, on their
face, that the assets exceed the liza
bilities by about 100000. Included
in the assets. however, are the
accounts against clients for overdue
margins, previously mentioned, which
aggregate 900. What proper
ton OF the accounts Is collectable re-
mains TO be seen. II 80 per cent of
them are good. Mr.. Currie Is solvent.
III only 40 per cent OF them can be
collected, he will owe 100000. IL
the percentage of good accounts Is
still less. he will owe more In pro-
portion.
Banks Not Affected.
1.-The banks of the city will not be
affected by the failure. We under
stand that they are all amply secured"
Both Mr.. Currie and his partner,
Mr. Case, feel the blow keenly. Both
will be heavy losers as result OF the
failure. They will be fortunate II
they save any of their property from
the wreck, their friends say.
The business OF Cameron Currie q
Co. was conducted as a general part
nership between Mr.. Currie and Mr..
Case, with Mr., Carpenter as special
partner. They were members OF the
New York Stock exchange. the Boston
Stock exchange. the Chicago Stock
exchange and the Chicago Board Of
Trade. They also did a banking busi-
ness.
The persons most affected by the
failure, aside from the members OF
the Arm itself, will be persons who
had credits on the firms books fer
profits OF for marginal deposits.