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A VOLUNTARY BANKRUPTLiabilities Arc Nearly $5,000, and the Assets Close to $3 000, Mostly Book Accounts—Had the Confidence of a Larjce Class of People.From Thursday’s Daily.Nick Scheuer. the implement dealer on East Fifth street, has filed a petition in the bankruptcy court and was today adjudicated a voluntary bankrupt, and the case was referred to W. P. Hoxie, referee of this district, for settlement. The schedules filed show the total liabilities to be $4,816.95, of which $4,439.45 is unsecured to the creditors. The total assets amount to $2,902,50, which consists in the most part of money due on open accounts, the amount of cash on hand scheduled being only two dollars and twenty-five cents. Exemptions under the law to the amount of $360 are claimed, and also the cost of adjudication, as the petitioner has no means other than shown to _ pay the costs. Making these deductions, together with the -secured claims, it is not probable the unsecured creditors will receive over twenty cents on the dollar at final settlement.A detailed statement shows the following creditors:First National Bank, Waterloo,1267.50 secured by note $ 550.00J. D. Weaver, secured by mortgage................. 110.00Whiteman BaraeB Co. Chicago, account ....... 131.40Deering Harvester Co. Chicago 639.50Dubuque Plow Works, Dubuque ............ 250.77Hamilton Bros., Cedar Rapids. 491.15Jno. Ernsdorff Sou, Dubuque ......... 7.00Morrison Mfg. Co., Ft. Madison 191.80Janney Mfg. Co., Ottumwa, la. 1,245.00A, Wood Sons, Waterloo ----134.03Farm Implement News Co.,Chicago................*— 2.00Acme Mfg. Co. ....... 20.30A. Geismar, Waterloo.. .......15.00Union Mill Co., Waterloo .....54.00Waleh Oltrogge............. 50.00Total........................$4,816.95The assets scheduled are as follows: Real estate (mortgaged to J. D.Weaver for $110)........... $ 175100Cash.... ........... 2.25Notes and interest due......... 409.00Stock............ 50.00Clothing, etc. ......... 36.00Blacksmith tools ..... 150.00Miscellaneous................. 13.00Due on open accounts. ..... 2,067.25Total........... $2,90.2.50Exemption is claimed for the real estate, $175, because used as residence, and tool8 and clothing to amount of $186, a total of $361.Mr. Seheuer, whose business failure is chronicled in the above petition in bankruptcy,has been in the farm implement and machinery business for several years and is well known, having the confidence of a large class of people, especially among the German farmers. He is a skilled blacksmith, and about eight years ago established a shop and added implements and machinery, and then made that his exclusive, business. His friends will regret to hear of his financial downfall.
Newspaper Details
Semi Weekly Iowa State Reporter
Waterloo, Iowa, US
Fri, May 04, 1900
Page 5
Full Page
Clipped by
Anonymous
MO, USA 04 Jun 2025
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