Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1911-09-28
WHAT BECAME Of
ASSETS? GRE D|TOR
DEMANDS ANsWE R
Election of Osborne as Trustee
in This Bankruptcy Case
Was Fought.

The hearing on the discharge OF
George r. Cooper as receiver Of Angus
tus X. Stlger Company, in the local
bankruptcy court before Referee Adams
today, was marked by the refusal oi
E. A. Whitehouse, of the ID. c. An
drews g. Co, creditors, to consent to
the discharge until the receivers sc-
counts could be produced showing what
had become of $4,000 worth of assets.
Senator Harry V. Osborne was elect
ed trustee in this case on August l.,
succeeding Mr. Cooper. This election
was fought by the majority of credit
ors who asked for a short adjournment
30 as TO amend the claims which Ma
than Bilder, now Osborne's counsel
had thrown out on objections. Referee
Adams refused the adjournment, and
creditors with claims of less than $1,000
elected Osborne, while those with ap-
proximately $4,000 worth of claims de-
clare they had no voice in the matter.
The receiver was put on the stand to-
day and questioned at length by S.
Solomon, counsel for D. g. Andrews &
Co There appeared to be a misunder-
standing between Mr.. Whitehouse and
Mr.. Cooper as to certain accounts Of
the receiver which were to have been
produced. The receiver claimed he
had not been asked to bring them and
Mr.. Whitehouse stated he had made
that request repeatedly Much feeling
L.. Al 1atra Cd Tsat tad MI
both men in the courtroom.
Referee Adams suggested the hearing
be laid over until next Tuesday, when
Mr.. Cooper would produce the required
accounts. Mr.. Wbitehouse later de-
clared he did not doubt that the re-
ceiver could account for the discrepancy
of $4,000, but as he had not done so his
discharge was opposed.
"Will there be anything left for us?
is the plaintive but appropriate slogan
which close examination of cases in
the local bankruptcy court show that
creditors in general might we'll adopt
As the case Of each bankrupt takes it's
slow and expensive course through the
local court there is more and more
reason for the query. The answer is
sometimes maybe" but oftener mo-
Creditors and their attorneys have
pointed out that II costs so much to
discover there is nothing left to be
distributed among them that in many
cases the entire proceedings seem a
waste of time.
That the proceedings are not waste
of time, however, certain attorneys and
their clerks, whose names appear as
officials in these cases with painful
regularity, will eagerly testify. There
is enough money in sight to pay the
fees Of a receiver and his attorney,
the trustee and his attorney, the ap-
praisers, the referees expenses and
the othe: incidentals which make up
the very costly "cost of admlnistra-
tion.' Otherwise only those who are
absolutely necessary are appointed.
When-as is often the case-the same
individual serves both as receiver and
trustee and has the same counsel in
each instance, the fees, if small, are
made worth while. Members of the
so-called Bankruptcy Syndicate may
well afford to have thick skins con-
cerning criticism, say outside attor-
neys.
Take the case of Gabriel G. Britton,
bankrupt, for instance. The trustee,
Leonard A. Duncan. then of Senator
Harry V. Osborne's office. received
from the receiver, Leonard A. Duncan,
$439 03. bit so heavy was the cost Of
administration that there was eventu-
ally but $199.40 left for the creditors,
whose claims aggregated s5.098.S4. In
the first place, the attorney for the
bankrupt was awarded $49.11. Receiver
L. A. Duncans fee was $50 Mr. Dun-
cans fee as trustee was s26.34. Mr..
Duncan recently declared that he re-
ceived his frequent appointments as
receiver ID trustee because he was
in Senator Osborle's office. When
asked if he turned over fees to Senator
SuccessfuI Business Show.