The Detroit times., 1908-08-01
RECEIVER 5 REPORT
WILL D|SAPPO|NT
CREDITORS
SHOWING IN cuRRlE CRASH NOT
LIKELY TO BE AS FAVORABLE
AS WAS EXPECTED - MORE
PETITIONS FILED.

Within a day or two, IL is expected.
Receiver Fred G. Austin will have
completed his report on the affairs
Of the firm OF Cameron Currie & Co
Such light as has been thrown on the
business by the proceedings SO far In
court would indicate that the report
is likely 10 be much less favorable
than the early statements gave the
creditors TO expect
An attorney who has been looking
into the matter on behalf of some OF
the creditors gives expression TO the
opinion that the settlement will be d
very low one. He does not agree
with the statement by Louis II. Case.
junior partner OF the firm. who de.
clared that all margin traders who
were carried by the firm could be held
for the full amount Of their transac-
tons
Such a collection was never maue
in the United States" declares this
attorney. Margin trades are gamb-
ling transactions pure and simple.
and the customer could be held only
where 1t was shown that the deal was
a bona flde purchase"
Ii this contention Is correct, and IL
is the general one among attorneys
in this city, the book accounts will
amount to very little and the assets
for division among the general cred
itors will be only the equities in the
stocks put up as collateral and tn
which title cannot be proven by
purchasers. and the stocks in the
hands OF the receiver to which no
claim Is laid.
This showing makes less likely the
possibility OF intervention by the
wealthy friends of Cameron Currie
and Louis H. Case to settle matters
up and start the firm anew. A low
settlement would destroy confidence
in the firm for years to come.
Helen b. and Reynolds Fisher Sc
cured an injunction, Thursday, to
prevent the sale of certain stocks by
the Security Trust Co. They claim
the stocks, which were put up as col
lateral by the Currie firm. are their
property.
Even into the far-off kingdom OF
the mikado has the effect of the Cam
eron Currie failure reached, and in
petition was filed on behalf OF May
Colburne Keane. now resident or
Yokohoma. but formerly OF Detroit.
asking for the return of stock which
she claims TO have owned since 1891.
Mrs. keane claims to have purchased
90 shares OF Michigan Mining Co.'S
stock in December, 1901 through
Cameron Currie a. Co. rhe stock
- ..,f, al hat tv...
Mrs. keane thinking she would dis
pose OF IL soon. No sale was ever
made and last May she claims To nave
made demand on Cameron Curric <
Co for the stock. but ii never was
turned over to her She says il was
fully paid for. 1t is now In the hands
OF Hayden. Stone & Co.
Manley Bower, OF Charleston, Mich.
claims to have purchased stocks
through Cameron Currie & Co. IN
March, 1907. for which he paid 81,
COZ so. In October OF the same year
he invested $275 more through the
same firm. He says that demands
both written and personal were made
for the stock, but 1t was never turned
over TO him. and It is now held b.
Hayden. Stone * Co.
William j. Higgins says that In
June, 1908. he deposited with Gamer
on Currie & Co. 100 shares OF Peter
SOP Lake Mining Co. stock. for the
purpose OF making sale. The sale
was never made. and Mr.. Higgins now
wants the stock returned. Ii Is in
the hands of the receiver.
An order was made by Judge Man
dell Friday morning ordering the re-
ceiyer TO turn over TO Catherine Fish
err nine shares OF Calumet & Hecla
stock. and to John Hugart four shares
of Norfolk & Western, which the re-
ceiver found when he took posses
sion. There was no claim against he
stock