Evening Republican, Volume 15, Number 89, Rensselaer, Jasper County, 14 April 1911 — RANSFORD STORE CLOSED ON DEMAND OF CREDITORS. [ARTICLE]

RANSFORD STORE CLOSED ON DEMAND OF CREDITORS.

Stock to Be Invoiced Before Bankruptcy Proceedings are Instituted By Any of Them. . , - v . . ■ * E. V. Ransford’s 99-Cent Racket Store has been having financial difficulties for some time past and in a final effort to clean up his indebtedness the proprietor began a closing out sale several weeks ago. The creditors have been closing in all the time, however, and Mr. Ransford realized last week that he would be un'able to avert the crash. Monday representatives of many of the creditors met in Rensselaer and took the initial steps towurd throwing the proprietor into bankruptcy. None of the., men cared to take the initiative, however, and the store remained open until Thursday morning, when Mr. Ransford closed it voluntarily to permit an invoice of the stock to he made. It is understood that E. L. Hollingsworth, of the First National Bank, which institution is understood to be the heaviest creditor, is in charge by selection of other creditors and is superintending the invoice. There are said to be upwards of sixty creditors and that the liabilities will be between $14,000 and $15,000. The stock will probably invoice about SIO,OOO. The bankruptcy proceedings have not yet been instituted and will hinge upon the probability of insolvency following the invoice.