More Information Wanted by Creditors: Ca-receiver to be Appointed The affairs of the Stewart Crane Ca., Inc., in liquidation, were the subject of further proceedings in the U. S. Court on Monday. His Honour Judge Lobingier heard a motion, submitted by Mr. W. Chalaire (appearing for Messrs. Andersen, Meyer & Ca., one of the creditors), objecting to the receiver's report.
Mr.. J. Schuh! represented the American Trading Ca., and Mr. H. D. Rodger, Mr. R. S. Haskell, Mr. ©. 8. Franklin and Mr. R. T. Bryan were for other foreign and Chinese creditors.
Mr. Chalaire' said that some time after the appointment of a receiver an arrangement was made with the America Trading Ca. whereby it took over various, construction contracts. The American Trading Ca. had been guarantors when the con-j tracts were taken, Objections were filed by the creditors because it appeared that in the agreement made by the receiver and the American Trading Ca. it was arranged that the Trading Ca. should have the proceeds and profits of the uncompleted construction work, namely the new ''North-China Daily News," McTyeire School and Amoy Customs buildings. At the second hearing the lawyer for the American Trading Ca. said it was impossible to furnish the in formation requested. Immediately after the hearing Mr. Shoop addressed a letter to the American Trading Ca. setting forth the situation. The receiver, however, failed to give a monthly report of the progress of the liquidation.
Mr. Schuhl said that on the _occasion mentioned Mr. Shoop, Mr. Haskell and himself were the only]. representatives of the creditors in Court. The American Trading Ca. were helpless in the matter. As to the information required by the other creditors, it could not be furnished because the construction work was uncompleted.
Mr. Haskell—We want to know how much money has been received and whether it has been put into the_bank.
Mr. Rodger—The American Trading Ca, have received all the money and spent it as they liked.
Mr. Schuh!—The American Trading Ca. are creditors to the extent of Tls. 200,000.
The Judge ordered Mr. Bowen, the receiver, to come to Court. On his arrival he was asked by his Honour if he wished to be relieved of the receivership, and replied that he did.
Mr. Chalaire said he would seriously object to such a course before the creditors received the information they desired. If the Court saw fit, he submitted, it could appoint a ce-receiver, who would preferably be an architect.
The Judge assented to this proposal, and ordered the lawyers to sign a stipulation agreeing to the appointment of a ce-receiver. When this had been done, a further order would be made for the supply of the information specified by the various creditors.
Text read from the printed page and cleaned; old type leaves the occasional error.