The Detroit times. [volume] (Detroit, Mich.) 1903-1920, 1908-08-08
.CURR|E CASE MAY
GO TO FEDERAL
COURTS
OPPORTUNITY FOR REVIEW BET
TER THERE, THINK HAYDEN,
STONE & CO. RECEIVERS
STATEMENT DUE SATURDAY.

There Is strong probability that
the litigation arising out OF the failure
or Cameron Currie 4 Co. will be trans
ferred from the state to the federal
court at the instance OF Hayden,
Stone & Co, the Boston brokers who
are the chief creditors OF the defunct
firm.
Elliott G. Stevenson, attorney for
the Boston firm. against whom Judge
Mandell has Issued an injunction re-
straining the sale OF securities pledg'
ed by Currie a Co. said Friday morn
Ing that the transfer of the case TO
the United States court is being con-
sidered. This could be done on the
ground OF adverse citizenship, the
members OF the defendant firm be-
Ing residents OF the state OF Massa-
chusetts.
Mr.. Stevenson said that his clients
had not yet filed an appearance In
the suit and did not care 10 do SO un.
less there were opportunity to have
the verdict reviewed in case II were
adverse. This would be provided for
In the federal court, but not In the
state court. the supreme court OF
Michigan not being In session.
Receiver Austin says that he hopes
TO be able To present TO the court Sat
urday morning a statement of the as
sets and liabilities OF Cameron Cur
RE q Co. He declines TO give any in
timation as 10 what the statement
will show
The feeling that has existed for
some time In the creditors committee
that the receiver Is sitting on The
lid and keeping information In as
TO The status of the accounts of Cam
eron Currie & Co. has been intensified
10y the long time required In getting
cut the statement.
There is feeling expressed by
some members OF the committee that
the statement will not show the con-
dition OF the firm In full, which tie
appearance OF the report must either
confirm OF deny. 1t is taken that a
statement OF the debts owing the firm
viii not have the utmost value unless
II shows the probability OF collecting
these accounts.
The values OF many of the securities
held are also considered predetermined.
as some of the stocks, particularly
those for mining ventures. have no
general sale.
A further general meeting OF cred
TORS seems unlikely as most OF the
creditors are now represented by
council. 1t is possible that the attor-
nrys representing the bulk OF tho
.laf s,a- nd
ceiver's statement is cut and consult
rs to future proceedings.
Court Hears Petitions.
Judge Mandell heard arguments,
Friday from a number OF attorneys
representing clients who claim TO own
stock now in the hands OF the receiv-
er. In many cases the stock was paid
for in full. and in other cases there
are small balances due. which the pur-
rhasers are anxious to pay and receive
their certificates.
The petitions heard were those
where the stock is now In the hands
Or the receiver. Cases in which the
stock is held by Hayden, Stone & Co.
will be taken up at another day to be
appointed.
James o. Murfin. representing Louis
Levy, asked for an order permitting
him to pay $4,000 to j. B. Armstrong
4 Co., OF Pittsburg, who hold 100
shares of Westinghouse Air Brake
preferred as collateral for loan made
by Cameron Currie & Co. Levy still
owes this amount on the stock, and
he asks that II be turned over to him
when he pays the balance. Murfln
argued that the Pittsburg firm may
sell the stock at any time, in which
event his client would be out $4,000
which he has paid on account.
Attorneys for the receiver opposed
the granting OF the order. fearing that
up. The petition was refused.
The judge finally decided TO hear
only those cases In which the stock
was finally paid for. Mrs. s. 4. East
mans 225 shares OF Columbia Copper
was ordered returned to her after II
was shown that there was lien
against 1t. The received consented to
he order. admitting that Cameron
Currie & Co. had no claim.
William j. Higgins was given his
b1,J00 worth of stock which was de-
posted with Cameron Currie & Co.
% sell but the smash came too soon.
rhe receiver consented.
Charles +. Christian was refused
100 shares of Columbus Mining stock.
which Is now In the hands OF the re-
.eiyer. He admitted owing Cameron
currie e. Co. $1,000, but claimed that
they held collateral to cover that
He claimed that the stock
ne petitioned for was not part OF
that collateral. The order was refus-
I'd.
Samuel j. Serrell asked for the re-
urn OF draft which he sent TO Cam
eron Currie & Co. to pay for bonds he
asked them to buy. The smash came
On the next day, and he stopped pay
ment on the paper. The receiver
claimed that the books showed deb
ID of $1,000 against Serrell, but the
latter claimed he had never seen the
bonds. and that IL he were compelled
IN nav the draft, he would be paying
'or something he never received.
Vr~ry