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RHEEM TRUSTEES RECEIVE $16,538 Rumors That Three Split $125,000 Found Baseless in Examination. Although there have been several unfounded rumors that the trustees for the defunct Swartzell, Rheem & Hensey Co. have "split $125,000 three ways," an examination of District Supreme Court records reveals they have received but $16,538.28 for their services. The trustees are Henry P. Blair, Julius I. Peyser and Michael M. Doyle. They have served the ruined mortgage banking house in various capacities for the past three. years, devoting much of their time to salvaging what they could from the wreckage left behind by Edmund D. Rheem, executive head of the concern, when he went to Lorton Reformatory to begin a sevenyear sentence. Blair and Peyser were originally named and as attorDoyle was receivers designated for the company their ney. Justice Daniel W. O'Donoghue recently awarded a total of $6,094.23 to Peyser and Blair as receivers, and $5,000 to Doyle as full commission for his legal services. Three Named Trustees. After the company had passed through the receivership stage, the three men were selected as trustees to continue the work of liquidation. The recent order by Justice O'Donoghue allowed the trustees $8,269.14 for conducting the business and an additional statutory fee of $8,269.14. The order also awarded partial compensation of $9,000 to Joseph Sullivan, as attorney partial for compensation the trustee, and to $5,768.30 Fred J. Eden. referee in bankruptcy, for his services. These awards bring the total liquidation costs to date to $42,400.81, a comparatively low figure in view of the fact that the men have devoted nearly three years to the work. One justice recently awarded a similar amount to a single receiver who had served but a few months. Under the management of the trustees, a cash balance of $234,836.46 has been accumulated. In addition, they have paid off the second trust on the Hurley-Wright Building and made one secured loan for $35,000. Despite this showing. however, a number of the noteholders who lost their investments when the company failed have complained because they have not received any dividends. Payment to Be Made. Although declaring it would not be feasible to pay a dividend at this time. Doyle said yesterday a substantial payment would be made to the noteholders as soon as the Hurley-Wright Building and the company's Fifteenth street office building, the two principal unliquidated assets now on hand. can be sold. It was pointed out that the Hurley-Wright Building, obtained in a trade with former Secretary. (6 War Hurley, is profitably rented to the Government, so that no loss is being suffered while waiting for a buyer. Doyle said the bank moratorium last year killed a sale for the sumptuous office building. He said a well known local bank, desiring an uptown office, had negotiated for the was premove moraparing purchase to of the building in when and the torium was declared, leaving the bank in such financial condition that it decided not to go through with the sale. "I appreciate the feelings of the company's creditors," Doyle said, "and wish we could pay a dividend at this time. However, I can give assurance that if and when these two properties are sold, a substantial payment will he made."