Jasper County Democrat, Volume 21, Number 92, Rensselaer, Jasper County, 15 February 1919 — FARMERS’ ELEVATOR IN BAD [ARTICLE]

FARMERS’ ELEVATOR IN BAD

Francesville Concern Embarrassed Through Poor Management. 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 1 Farmers’ - elevator at Francesville had closed its' doors, and that the 'stockholders faced a probable loss of several thousand dollars 4 | However, many of the rumors that flew over U»e 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 ha» z been manager of the elevator, and was defended upon to be- almost the “whole works” at a rather low salary, is 'sfhted. » Recently some of the directors became suspicious that all was not well and a . from the hoard went to the elevator Jast week for the purpose of invoicing. Financial embarrass-

meat soon 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 comipany, 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 totaling $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 stockholders’ 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 iput it on its feet again. There are not 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 market would do next appear to be near the bottom of most of the trouble. —Pulaski County Democrat.