The weekly tribune and the Cape County herald. (Cape Girardeau, Mo.) 1914-1918, 1916-03-03
PUXICO DRY GOODS
FIRM A BANKRUPT.
Doors Closed After Assignment,
stockholders Order Petition
Filed.

Mems Bureau last month, voluntary
petition in bankruptcy yesterday vas
| filed in the United States District
Court which was referred to Referee
in Bankruptcy o. A. Knehans for adj
Indication.
The United Mercantile Co., which
recently was the Hayden e. Curd mer-
camille company, is the largest bust
ness house in Puxico, and it has had
its doors closed for several days as a
result Of the men to whom the bust
/ ness was assigned.
The petition in bankruptcy was
made OIL the part CT the firm by the
president, William A. Tibbs, and
George ". Murtlock, secretary, after
the stockholders Of the company last
Mon:!3y passed resolution authoriz-
ing the action ard ordering Mr. Tibbs
to employ an attorney to represent the
company in getting its affairs straight
enod out
The total assets of the company rs
listed on the schedule filed with the
petition in bankruptcy is $16,731.1S, of
which $4,000 is listed as the firms
stock in trade.
The liabilities arc listed at $1O,-
G63.2I and represented IN unsecured
claims against tie estate.
On January 81, last, tn, officers of
the company, Tib5s, MurtIaci- and Fred
Spanglcr, treasurer, mad IN assign
mcnt OF the entire busine& % Edward
PrcssbIrg and Charles D. West, both
Of s.. Louis and representing the st.
Louis Credit Mems Eurc%'
Tho .irm had bcco 70 financially en-
barraSsad ard tho asaiG ..lcnt was
made at the impo- .une.rcIt of the
creditors and in an cnde%ycr to liqui-
date The firm at minimum ~xpnnsc.
1t was the uEdsrsta- ding = the time
Of tho assignment, i. f. williamson,
Of Puxico, attorney for IT, officers Of
the firm, declared cs.o.,;iay that
President Tibbs vas t. r. @.,,;de man
aCer Of the store and tire business was
20 BE- conducted in much thc samc man
ngr as before only under the direct
supervision Of the two st. Lcuisans.
After Tib5s had been in barge OF
the place for about 4 wee, ;nder the
new management, tho men present
ing the creditors, locked & ;2crs.
Monday til, officers ard ,.,ckhold-
crs, Who include the three o.: $ nam
sd and Z. Copeland Of P.-,,iyr, held
meeting in which they d., up a
motion that was attached t. the copy
of their bankruptcy petition ard sched- |
ulc.
In this document. thcy ,32e!ared that !
the assignment %.a5 conditional on the |
promise that the business should be !
pcrpctuated by the a'e1 10 v~hom the |
business vas turned over.
"Aftcr an inv. tication by the !
stockholders, it We fourI.7 tie docu-
mcrt reads, that - great nart of the |
creditors refused to participate in the !
assignment
The independent Packing Company !
and other concerns. creditors of the
company, sued the .:orcart:ic concern
for recovery of amC.;nts due them on
bills co!lccta6le, Tho notion declared.
The stockholders discovered that the
business was rot being perpetuated in
conformity with the tcrms Of the as
,ignm@nt, the basin = was being de-
stroyed and the doc locked, so that
he stockholders passed unanimously
Inc resolution Tor voluntary petition
in Bankruptcy.
ii" United Mercantile Co. occupies
he largest business corner in PuxicO
md e "ailurc : @;crGdy was regarded
n local financial circles as one OF the
acgest failures in recent months in {
his part OF the tate
The creditor Of the company who {
ave claims amounting from few dol y
ars to account; of more than $780,
two local CAP, Girardeau wholesale !
Houses, the Doopsey Grocer Co., and
he Mcyer-AlbcFt Grocery Co. are I
amcd as creditors in the schedule of |
-cra,,,.oI II. Lil.IiCc
Outside of -, unsecured claims,
here were four salary accounts
rairst the firm rs follows: salary for +
.bor to Mr.. Murdoch, sc; salary to
IT.. Tibbs, 50; salary to Mr.. Louis Dill
N, $3.50; and 10 Flora Hank, 81
ents
In the list of assets, the schedule T
amcd Il deliver wagon as being c
orth $50 and stated that the firm had n
pen accounts coflcctable amounting to K
j711S. u
Attorney Williamson declared that
le value of $4,000 placed upon the
ock III trade in the possession of the
IN, was based Upon an actual inven-
nv made by tho cCun1nr- at tbo fI.-t | -,