Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1913-12-27
|SETS
CD FOR S1O,75O
mith's Defunct Firm Sold by
Trustee Quackenbush
: in Court Room.

Pie assets of the Home Ice Products
pmpany, of which Raymond E.
it'll, Roseville Trust Company's ex-
asurer, was president, were sold to-
" " for S10,750 by the trustee of the
q ankrupt ice company. The sale was
Bcondncted in the local bankruptcy
. court, and the amount realized was
$3.50 more than the appraisal.
Raymond E. Smith held 76 per cent.
of the stock in the Home Ice and
Products Company. The petition
which threw this concern into bank
ruptcy was the outgrowth of the
failure of the Roseviiie Trust Com
pany When Smith disappeared after
the State banking department an
nounced the bank had gone to the
wall the bank creditors began search
for Smiths assets.
George Furst was appointed re-
ceiver for the Home Ice concern on
November 6. He ended his connection
with the estate when Referee Edwin
G. Adams appointed as trustee Ernest
T.. Quackenbush. This appointment
followed a stormy meeting of the
creditors, and it was announced that
the referees decision would be
brought before the United States Dis
trict Court for RENEWAL. There has
been no hearing as yet on the appli-
cation to review Referee Adamss ap-
pointment.
The assets of the defunct concern
sold today consisted of an Ice plant,
fully equipped, at Little Cap, Carbon
county, Pa; another ice plant at
Johnsonville. Northampton county,
Pa, and the ice houses and other
equipment belonging to the concern.
The Little Cap plant consists of four
teen acres and a lake, while the john
sonville plant covers ia acres and q
lake.
The sale today was conducted by
Trustee Quackenbush and his attor-
ney, Spauldlng Fraser. Represent
atives of several well-known ice COM
panies were present. The successful
bidder. Thomas Brady, of Bayonne,
announced that he bought the defunct
ice concern for himself, although 1t is
known that he is connected with a
prominent ice and coal supply COM
pany.
An Outside Trustee.
The sale of the Home Ice Company's
assets is declared to be another evil
dence of the reform in the local bank
ruptcy practise brought about by an
Evening Star crusade of last year.
Trustee Quackenbushs appointment
represented neither the trustee nor the
creditors. He held the sale today in
public courtroom. His attorney con-
Quoted the sale. The former practise
was to hire an auctioneer, and the
sale would be attended by gang of
professional bidders who often con-
spired to keep down the bidding. This
practise resulted in the mulcting of
estates and depriving the creditors of
large sums which could be used in
Eettling just claims.
Similar appointments by the referee
would result in other sales being held
In the Bankruptcy Court, saving trav-
cling expenses and other incidentals
for the creditors. 1t is obvious that
the expenses of an auctioneer often
cannot be eliminated. declared law
yer today, but in many cases the truss
tee could have earned his allowance
by acting as the auctioneer for the
estate he was selling.
The sale of the Home Ice and Prod
nets Company assets will be brought
before Referee Adams next Monday
for confirmation.