Evening Republican, Volume 23, Number 274, Rensselaer, Jasper County, 16 November 1920 — RAUB GRAIN COMP ANY IN RECEIVERSHIP [ARTICLE]

RAUB GRAIN COMP ANY IN RECEIVERSHIP

As an aftermather of the Lee Kelley speculation on the board of trade, the Raub Grain Company was forced into the hands of a receiver this week The suit to have a received appointed was brought by Arminda J. Anderson. The Raub Grain company owes her the sum of $6,017.55 for grain. • Charles Teagarden, of Raub, who is the present manager, was appointed receiver in court Tuesday. Ihe grain was represented in person ana Hon- Edmond Hall appeared for Mrs. Anderson. The Raub Grain company owes approximately I* 7 >£oo to farmers for grain and $12,000 to the banks. The assets, are about $30,000, the liabilities and assets balancing outside of the amount claimed as owed to Sawyer’s Gram company and McCardle knd Black ss a result of alleged gambling of Lee Kelley, the former manager. The Raub Grain company has found it extremely hard .to do business with the Sawyers and McCardle and Black claims hanging over their head. The Sawyers Grain company and McCardle add Black will Probably file claims for the Kelley shortage but these claims will probably be disallowed because time and time again it has been held in the courts that margining on the board oi trade is gambling and gambling jdjbts are noncollectable. : The business will probably be •sold at a receivership sale and the I original stockholders will lose their ►entire investment and it is not •probable that they will {company and reorganize/it. 1