East Oregonian : E.O. (Pendleton, OR) 1888-current, 1908-02-22

With assets amounting to $4,000
and liabilities aggregating $44,S63.91,
Lee Teutsch has gone into bankrupt-
cy and T. C. Taylor is now receiver,
ad interim. The store here has been
open today but just what disposition
will be made regarding it has not yet
been fully decided. Mr.. Teutsch him
self is i'll at his home on West Court
street and has been unable to be down
town for several days.
For some time rumors have been
afloat to the effect that Mr.. Teutsch
was in hard straits financially, but It
was hoped by his friends that bank
ruptcy proceedings could be avoided.
However, it seems that such could not
be prevented and yesterday Attorney
c. H. Carter, in behalf of Mr.. Teutscn,
appeared before Federal Judge VOL
verton in Portland and secured an or
der adjudging him a bankrupt and
naming T. C. Taylor as receiver, ad
interim.
AS shown by the bankruptcy petl-
amount to $44,S63.91, Of which s21,-
03S.96 is due on open accounts and
s23,S25 on notes, practically all to
the First National bank. The open
accounts are all with various whole
sale houses and vary from few dol
lars up to s11s3.S9 due Lindke, War
Der & Co. ]. V. Farwell & Co. have
a claim of $500 and Mayer, Scheuer &
Offner sS76, while there are innum-
cradle accounts ranging from 500 up
to $500 or $500. The petition states
that there are also outstand ng ac-
counts for Mr.. Teutsch's stores at
Sterling, ILL.,. and Preston. Idaho.
OF the notes due the First National
bank one for $4,000 is dated May 20,
1907, and has $4,000 payment. An
other given June 20, 1907, is for
$4,000; another dated October 2, 1907
is for $4,000, while one of October "a,
1907 is for $1,000. Aside from these
there is a note for $1,000 to Mrs.
Teutsch, mother of Lee Teutsch, for
money borrowed of her, and also a
note for $3.50 to the Pendleton acad-
emy.
Assets Are Greater.
AS shown by the figures Of the
petition, Mr.. Teutsch's as
sets are as follows:
Pendleton mercantile stock. SS5, 900
Sterling, H., stock ,......... 1900
Preston. Idaho, stock. ...., 10000
Accounts Observation-Disclosures. 1900
Household effects ..... ESQ
Lot in Eugene ............ so
lpldl s.s.... s...s'..s .'s.s. SfottVV
Taylor in Charge.
By the order of Judge WolvertOn,
made yesterday T. C. Taylor is named
10 have charge of the business until
4 permanent trustee is selected by
he creditors. Whether or not the
store shall be kept open is left to his
discretion. 1t is understood that
Judge Fitz Gerald, referee in bank
'uptcy. will shortly call a meeting Of
he creditors and at the same a trus-
zee will be chosen. In view of the
leavy interest Of the First National
,ank it is very probable that Mr.. Tay-
or viii be the trustee.
Failure Is Regretted.
Among fellow business men and all
other classes there is much genuine
'egret over the ill-fortune that has
lefallen Mr.. Teutsch. He is person.
lily one of the most popular of local
lusineSs mon and has ALWAYS haen n
eady worker for the good of the town
md county. 1t is generally hoped
hat his affairs can be righted in time
% that he may continue in business.
The failure is attributed to the
leavy purchases made IN Idaho and
illinois last spring by Mr.. Teutsch.
While the deals appeared very profit
BILE at the time it is understood that
he money stringency in the fall put
different aspect upon them and the
urden of obligations assumed by Mr..
'eutsch became too heavy for him,
sixteen Thousand Travel Free.
The state railroad commission has
aceived from the o. r. & ~, the
outhern Pacific the c. & E. and 9TH
r roads doing business in the state.
SITS of names of persons enjoying
zee transportation privileges over the
nes. The Southern Pacific has an
'oximately 5000 dead heads" on its
st. and the other 5000 being divided
tween the other roads-Salem