Evening Republican, Volume 22, Number 38, Rensselaer, Jasper County, 14 February 1919 — ELEVATOR IN RECEIVER HANDS [ARTICLE]

ELEVATOR IN RECEIVER HANDS

FRANCESVILLE FARMERS’ CONCERN IS IN FINANCIAL DIFFICULTIES. t i ■ The Pulaski County Democrat contains the following account of the affairs of the Francesville Farmers* grain elevator “A sensation of no small size was created over the southwest part of the county the latter part of last week by the announcement that the Fanners’ Elevator at Francesville had closed its doors, and that the stockholders faced a probable loss of several thousand dollars. However, many of the rumors that flew over the country were* either not founded on facts or were exaggerated, and it now appears, with the concern in the hands of a receiver, that the rocks will be passed without serious difficulty. Melvin Maxwell has been manager of the elevator, and was depended upon to be almost the “whole .works” at a ratherlow>salary,it ia. stated. Recently some of the directors became suspicious that all was not well and a committee from the board went to the elevator last week for the purpose of invoicing. Financial embarrassment 500 n.,, became apparent, and the house was closed. Then William F. Brucker, a Monticello elevator man, was engaged to become trustee and assignee of the concern, and the place re-opened under his management this week.

Papers were filed in the recorder’s and clerk’s offices Monday whereby the company, by Ed Detamore and Dr. W. C. Richardson, as president and secretary, transferred all of the property to the trustee. Its value is placed at $25,000. Book accounts totalling $7,700.66 are also scheduled, making the total assets about $32,000. The liabilities are not given in the court papers, but they are said to be far below the assets. The great trouble, it seems, is that the company has not been making any money, and all of the working capital has been tied up in- the business. The cause is a disputed question, said by some to be on account of the elevator’s policy of paying extra high prices for grain. A stockholder’s meeting is to be held Saturday of this week, when, it is declared, the matter will be pretty well straightened out. One of the officers stated Tuesday that the concern is perfectly solvent, and that a little time and some new working capital will put it on its feet again. There are no specific charges of crookedness against Manager Maxwell, although there -have been rumors to the contrary. He visited his father near Lafayette during the invoice, but is now (back on the job as an assistant to the trustee. That he has been thoroughly trusted is evidenced by the fact that he has not been under bond, nor have the accounts been audited regularly. Wrong guesses as to what the markets would do next appear to be near the bottom of most of the trouble.”