The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-05
PETTIS STORE
CREDITORS TO
Get PAYMENT
Final Federal Bankruptcy
Settlement Will Be Made
Soon.

Final payment of creditors of the
Pettis Dry Goods Company. in fed
eral bankruptcy for almost three
years. will be made within the next
ninety days. A per cent payment
bringing the total paid to 22lz per
cent. is forecast.
Claims OF attorneys, trustee and
receiver for their services under
the bankruptcy total s52,S50 with
Sl02, 1864 cash on hand after reai-
zation on all valid assets.
A hearing of creditors will be
held at 10 a. m. Tuesday before Carl
Wilde, federal bankruptcy referee, in
room 233, Federal building, to
enable them TO give their views as
to whether the administrative claims
against the estate should be allowed
as requested.
Twelve Protests Received
Twelve protests have been re-
ceived to date by Referee Wilde
from 500 creditors.
Objections to the allowances to
administrative and legal officials for
final settlement Of the bankruptcy
must be in writing and be filed with
the referee at or before the time
for the hearing.
Administrative allowances sought
are as follows: Indiana Trust Com
pany, for services as state court re-
ceiver, $1,000; Eugene c. Miller, as
attorney for state court receiver,
$1,000; Bamberger e. Feibleman, as
attorneys for petitioning creditors,
$780,; Fred G. Dickson as receiver.
5000, and as trustee, $4,000; Mr..
Miller and the firm of Bamberger
e. Feibleman as counsel for the re-
ceiver, $1,000, and as attorneys for
the trustee, $4,000; Fesler, Elan,
Young 81 Fauyre, $3.50 as special
counsel for the trustee.
Creditors Paid 100000
The bankruptcy during the trus-
teeship and while Mr.. Dickson has
been receiver has paid to creditors
approximately S204,000 ar 17ls per
cent of total claims.
A petition in involuntary bank
ruptcy was filed against the Pettis
concern Dec. l, 1881, after the Indi-
ana Trust Company had acted as
receiver in superior court for a
short period. Mr.. Dickson was
named receiver In federal court
Dec. 4, 1881, and was elected trustee
at a meeting of creditors Jan. II,
1882.
Total liabilities of the dry goods
company we're shown in schedules
as Sl.1l1,298.50. Creditors claims
allowed by Federal Judge Robert C.
Baltzell totaled $1,O88, 331.53.
Store Operated 5 Months
For five months, the Pettis store
was operated by the trustee under
the federal court guidance with ex-
penditures divided as follows:
Merchandise, $3.50, 500; wages, s133,-
500; advertising, utilities and in
surance, $96,275; rentals, $4,000;
administrative expense, $1,000;
merchandise and wages in leased
departments, 1900.
Mr.. Dickson handled approx
mately $1,08l, 600 as receiver and
trustee.
He reports cash on hand at $102,-
1864. All other aSets have been
realized upon and the final pay
ment to creditors, as well as admin
istrative officers of the estate, must
be paid out of this cash.
Total assets of the company, at
the time the suit was filed, we're
fixed by it at 1901, 900. Three ap-
praiserS-Edmund H Kassing, o. l..
Miller and William T. Rasmussen
were named by the federal court to
appraise the estate and fixed a
value of $3S8986.25.
The sharp depreciation in assets,
through appraisal, was in merchan-
disc and accounts payable. The
company fixed the merchandise on
book value at $4,000, while APP
praiserS fixed the merchandise at
$751;, 314.39.
Accounts payable, based on face
value. were set by the store at
$4,000. against an appraised value
of S2l2,000 Furniture and fixtures
were appraised at $4,000, against
the ccmpany's book value of $4,000.
Goods Sold at Retail
At the conclusion of the stores
operation by the receiver, every bolt
of goods and piece of merchandise
was sold on the retail market in
stead of being sacrificed at whole
sale auction, Mr.. Dickson said. add
ing that a waSh-baSket would have
carried all the merchandise left
after the final sales.
A small account and a small parcel
of machinery are the only items re-
naming TO be sold by the receiver.
The referee will receive between
$4,000 and $500, under the bank
ruptcy statute, as his per cent of
claims paid to creditors. His ex-
penSes will not exceed $1,000.