Evening Republican, Volume 19, Number 172, Rensselaer, Jasper County, 22 July 1915 — RECEIVER ASKED FOR MONTICELLO FIRM [ARTICLE]

RECEIVER ASKED FOR MONTICELLO FIRM

Two Suits Filed, One by J. D. Timmons, a Stockholder, the Other By J. B. Waddell, a Sub- — Agent for Sale of iStock.

Monticello, Ind., July 20.—J. D. Timmons today in the White county circuit court filed a petition asking far the appointment of a receiver for the Schultz Manufacturing Co. He alleges that the company is insolvent; that Charles A. Schultz, head of the concern, has used money of the company for his own personal use; that he has paid his employes excessive salaries; that the company owes the State Bank of Monticello a large sum of money and that the allegations of Mr. Schultz in regard to formerly having a factory in Portland, Ore., are untrue. The company was incorporated here during July, 1914, with $75,000 worth of common stock and $150,000 worth of preferred stock. It Imanufactures milling and grain cleaning machinery and at the present time is employing about twenty men. Mr. Timmons further alleges that Mr. Schultz conducts the interests of the company to suit himself and that he has named the board of directors and officers of the organization. Mr. Timmons is a director in the Farmers’ bank of this city and owns stock in the company for which he is asking a receiver. The Schultz Manufacturing Go., Charles A. Schultz and C. P. Ritter were made defendants in another petition for the appointment of a receiver filed by J. D. Waddell. Mr. Waddell alleges that the company owes him $l,lOO. He avers that he was employed to sell stock and that after he had located several prospective purchasers that Ritter went to them and sold them his own personal stock and not the stock of the company. '