Evening Republican, Volume 22, Number 45, Rensselaer, Jasper County, 22 February 1919 — FARMERS’ ELEVATOR OF FRANCESVILLE REORGANIZES [ARTICLE]

FARMERS’ ELEVATOR OF FRANCESVILLE REORGANIZES

At a meeting of the stockholders of the Farmers’ Elevator Company of Francesville, which was held this week at Francesville, it was decided to reorganize it as a cooperative company and increase the capital stock from SIO,OOO to $25,000. The elevator was placed in the hands of the receiver a few weeks ago, and W. F. Brucker of Monticello was named as assignee. The shortage or losses, it is said, will reach between $15,000 and $25,000, and it is mostly due to a sharp drop in grain prices, and a disregard of instructions, it is reported, by the manager, Mjelvin Maxwell.. The latter is reported short some in his accounts also, but his father, Sidney Maxwell, of near Delphi, and his father-in-law, B. F. Slenker, of Francesville, have assured the directors that they will make good any losses of funds.