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RECEIVER SOUGHT FOR BANKING FIRM Application Filed by Three Unsecured Creditors of Crane, Parris & Co. Application was made today to the District Supreme Court for the appointment of a receiver for the investment banking firm of Crane, Parris & Co., 821 Fifteenth street. Justice Jesse C. Adkins issued a rule on Eugene E. Thompson and B. Ogle Harper, said to comprise the firm, and on Thomas W. Brahany, former member of the firm, who retired March 13, 1931, to show cause next Tuesday why the receiver should not be appointed. The suit is filed by Charles A. Carry, 1311 G street, who says he has $108,000 on deposit with the firm; M. Virginia Devine, Wardman Park Hotel, described as a widow 81 old, who claims that stock worth years approximately $50,000 belonging to her was hypothecated, and the George Washington Masonic National Memorial Association, which claims to have had $107,000 on deposit with the bankers. Would Cancel Contract. Through Attorneys Alexander H. Bell, Fred McKee and O'Brien & O'Brien the plaintiffs ask the cancellation of a contract made October 23 last, whereby the three creditors, being the only unsecured creditors, agreed not to prosecute any suits against the firm and to allow liquidating trustees to settle the affairs of Crane, Parris & Co. At the time of the signing of this agreement, the bill of complaint alleges, misrepresentations were made to them concerning the assets and liabilities of the company. It is also alleged that a recent audit has disclosed that the firm is not in the solvent condition that was represented. There was no consideration for the agreement, the plaintiffs assert. Assets Pledged. The claim is made that the present assets of the firm consists almost entirely of bonds and other securities pledged as collateral for loans of Crane, Parris & Co., the income from which, it is alleged on information, is not sufficient to pay the interest on the loans. A large of the assets of the firm, it now is alleged, part is in possession of Brahany, as manager of E. A. Pierce & Co., and that the shares of stock belonging to Mrs. Devine were pledged with the Pierce Co. as collateral for a loan to Crane, Parris & Co.
