Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1916-07-07
FAIR STORE ASSIGNS
FOR IT'S CREDITORS
&, o, HAMILTON TRANSFERS AS.
SETS INTO CHARGE OF
TRUSTEE.
LIABILITIES $4,000;
ASSETS ARE $4,000
Owner Of Dry Goods and General Mer.
chandise Store Makes Voluntary As.
sisnment Of Assets to w. II. Pruden,
Credit Man For Marshall Field G.
Co., Chicago, Large Creditor.

! E. D. Hamilton, doing business as
The Fair. dry goods and general mer
chandise. Thursday made a voluntary
J assignment of his assets for the bene-
! fit of creditors. The transfer was
] made to W. H. Pruden, credit man for
Marshall Field & Co, one of the
largest creditors. whose representative
: is in charge of the store, which is
! liabilities total between $4,000 and
$50, 900, and the assets in stock of
merchandise would invoice about
$4,000, with additional assets of
book accounts and merchandise Of
about $1,000 more.
Creditors Are Notified.
Letters notifying creditors that the
assignment had been made. that an
inventory was in progress, and that an
effort would be made 10 sell the stock
as a going business, was mailed TO
creditors Thursday night. If all the
creditors are satisfied with the as
signment and trusteeship. probably no
effort viii be made by any TO throw
the business into bankruptcy. \ state
ment of assets and liabilities is to be
furnished creditors when the invoice
is completed.
In the circular letter received by
creditors the latter were asked to in
dicate whether or not they approved
of this method Of adjustment and
liquidation. Mr. Hamilton thought to-
day that probably none Of the credit
ors would raise objection.
Combined Conditions the Cause.
The appointment Of the trustee was
made after consultation with the
largest creditor. Marshall Field & Co,
and the First National Bank, this city,
and with their approval.
In a statement made for the T.-R.
this forenoon Mr.. Hamilton said that
combined conditions were responsible
for the failure. One Of these was Mr..
Hamilton's III health and the other
was extraordinary MERCHANDISING con-
ditions.
During good deal Of the last
year" said Mr.. Hamilton, my health
has not allowed me TO give nearly as
much time to the business as it de-
manded.
Conditions in the merchandising
trade have been abnormal and diff
cult. It has been hard. and even i'm
possible some times TO procure mer-
chandise Of certain kinds. Both these
causes have seriously affected the
business.
81 have taken this step before it was
too late so as TO protect my creditors.
liouidate the business pay my bills
and perhaps have something left for
myself"
Believe Will be Surplus.
Mr.. Hamilton said he thought sale
of the stock and the business as 60
ing business would furnish money
enough to pay all bills. The invoice
as far az il had been made. was hold
ing up 10 estimated values. he said.
He had. he said two or three pros
poets for the sale of the stock in bulk.
There are no preferred or secured
claims. Mr. Hamilton said, other than
such as were secured by his personal
promissory notes. Mr.. Hamilton said
he had no partners or any other In
terests in the business but his own.
Most Of the creditors are wholesalers
Of dry goods. garments, and general
merchandise.