Jasper County Democrat, Volume 23, Number 66, Rensselaer, Jasper County, 13 November 1920 — RECEIVER FOR RAUB GRAIN CO. [ARTICLE]

RECEIVER FOR RAUB GRAIN CO.

Aftermath of Lee Kelley Speculation on Board of Trade. As an aftermath of the Lee Kelley speculation on the board of trade, the Raub Grain company was forced into the hands of a receiver on Tuesday. The suit to have a receiver appointed was brought by Armlnda J. Anderson. The Raub Grain company owes her the sum of 36,017.55 for grain. Charles Teagarden of Raub, who is the present manager, was appointed as receiver in court on Tuesday morning. The grain company was represented In person and Hon. Edmon Hall appeared for Mrs. Anderson. The receiver was ordered to conduct the business until further orders from the court. The Raub Grain company owes approximately 317,000 to farmers for grain and 312,000 to the banks. The assets are about 330,000. The liabilities and assets practically balancing outside of the amounts claimed as owed to the Sawers Grain company and McCardle & Black as a result of alleged gambling of Lee Kelley, the former' manager. The Raub Grain Co. has found it extremely hard to do business with the Sawers and McCardle & Black claims hanging over their head. The Sawers Grain company and McCardle & 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 thq court that margining on the board of trade is I gambling, and gambling debts are non-collectable. I The company will probably be sold at a receivership sale and the orlgi Inal stockholders will lose their entire Investment and It is not probable that they will buy in the company and reorganize it. —Benton Review.