The Telegraph-courier. [volume] (Kenosha, Wis.) 1888-1946, 1905-09-28
R. E. Sutherland & Co. Make a
Voluntary Assignment for
Benefit of Creditors
ASSETS EXCEED LIABILITIES
III. B. Kotz is Appointed as Assignee
for the Company and the Large
Stock Will Be Closed Out as
Soon as Possible

Late Tuesday afternoon the firm of
r. b. Sutherland & Co., the well
known Main street dry goods mer-
chants, made voluntary assignment
of their business for the benefit of
their creditors. The assignment was
made in the circuit court and Judge
Be1den has appointed H. B. Kotz as
assignee. Mr.. Kotz at once took pos
session of the stock, and the store has
been closed for general inventory.
It is probable that the store will be
opened in about twenty days at which
time an effort will be made to close
out the stock for the benefit of the
creditors.
Unusual conditions have prevailed
at the Sutherland store for the past
year. During this time it has been
the plan of the two members of the
firm to close out the business, but the
conditions have been such that re-
tail disposition of the stock has been
practically impossible. After mature
consideration it was decided that the
best possible plan would be to make a
voluntary assignment of the stock to
the creditors and in this way bring
about the end desired. ~ s'4 g
In connection with the assignment
it is stated both by members of the
firm and by the assignee that the.
creditors will not lose penny by the
assignment as it is claimed that the.
assets Of the company are far in ex-
cess of the liabilities. At the last in
ventory of the stock made year ago
the stock was valued at a little over
$50, 600 and this did not include the
book accounts of the company nor was
there any statement of the value of
the fixtures of the store. The total
liabilities have not as. yet been made
public, but it is stated that they are
only little over half as much as the
stock inventories at the last general
inventory.
For many years the company has
been one of the best known in Keno
sha and it is thought that the state
ment that it will pay dollar for dollar
will be relied upon by the creditors.
II 49, Z n
The largest creditors of the company
are here in Kenosha and the largest
claims will be for borrowed money.
The book accounts of the company
with outside firms have been largely
paid off in anticipation of this step so.
that the entire amount owed to these
firms is decidedly small in comparison
with the assets of the company;
It is stated that the book accounts
of the firm are considered very va1u-
able asset, as nearly all of them are
well known people of the city and
county. In announcing the move in
the business the company has sent
out the following letter to the credi-
tors:
Kenosha, Wis, Sept. %, 1905.
Gent1emen:-It is with great regret
that the undersigned announce that
by reason of prevailing conditions
they have found it advisable to make
creditors. Mr.. Henry B. Kotz, man
experienced in retail dry-goods bust
ness, has been appointed assignee,
and the affairs will be administered
under the direction of the court as
economically as possible. You will
be formally notified of the time for
filing claims and your interests will
be fully protected. We believe that
the assets will exceed all the liabi1i-
ties of the firm and we ask your
patient indulgence until our affairs
can be adjusted.
Thanking you for past favors, we
remain, Very truly yours,
RE. SUTHERLAND & Co.