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Petitioned By Claimants of Crawford Loan and Abstract Company
A hearing was held in the circuit court Monday afternoon for creditors of the Crawford Loan and Abstract Company, and any others interested, to take up the matter of terminating the receivership of the company. About thirty-five attended.
The hearing was the result of a petition filed by McFarland and Haynes, of West Chester, Penn., who are the largest common claimants of the company, asking the court to defer until the end of the coming crop season, the contemplated sale of all assets of the Crawford Loan and Abstract Company, in order to terminate said receivership.
The McFarland and Haynes company was represented by Lee Montgomery, attorney, who stated they had two reasons for not wanting to end the receivership now. One, that the receivership is making a little money, slightly more than enough to pay expenses, and the surplus will go to the creditors. The second reason is that the assets, if sold later when conditions are better, will bring more money than could be realized at a sale now. The eastern company, McFarland and Haynes, will not receive any money from their claim until after all preferred claims are paid.
Judge Hoffman asked for questions from anyone present in order that any doubt they might have in their mind concerning the company could be cleared up. He also showed the last annual report, on file in the circuit clerk's office, and open to the public.
In answer to a question concerning the assets of the company Q. A. Morgan, the receiver, stated the most valuable thing is the abstract books. These were mortgaged to the Citizens bank for $13,000, but about three months ago he entered into a compromise with the bank receiver, whereby the books could be redeemed for $6,500. This he is endeavoring to do, he said, and if the receivership continues, the creditors should not expect dividends this coming year, for any surplus funds will be used to pay off the mortgage on these books, which will mean more money to them later on. He also listed other assets of the company.
Judge D. E. Kennedy, representing some of the creditors, also asked for a continuance of the receivership.
The court took the matter under advisement.