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Show NELDEN DRUG CO. 1 RECEIVED HANDS Directors of Long-Established Firm Decide to Discon-' Discon-' tin ue Business. The W. A. Xeldcn Drug company, one of the oldest and largest concerns of Its kind In Lhis city, la In the bands or a receiver, .ludgo C. W. Morse yesterday designating Georgo K. Ford to 'usiiumc chargo of the company's affairs. A bond of AlTu.OOO is required of the receiver. The. receivership closely followed the granting of a Judgment yesterday against .tho drug company In fuvor of O. R. Peters Tor 310,508 90. Thl3 amount represents rep-resents principal and interest on a. not'i of 30550 executed July 1 to Joseph Young and payable on demand. The application for a receivership was filed by Peters, who declared that the liabilities of the company are 5115,000, and Its assets Jl 60,000. lie suggested that tho beat interests of the i-redltoi-3 would he to avoid the multiplicity of nulla -which would be filed when the compunv proves unable to take up a large portion of Its Indebtedness now almost al-most due. Voluntary appearance was mado on behalf of the company by L. R. "Darling, its vice president. Tie waived service and tlmev to plead and gave the consent I of the company to tho rccolvershlp. The court then made tho appointment of Mr. Ford to be rccelvor for the company. The directors of the W. A. Nelden Drug company decided, at a meeting held last Saturday, to dlscontiliuo the business. busi-ness. The company Is said lo have a good business but a limited capital. It was foundod In tP0 by tho lalo W. A-Nelden. A-Nelden. Thrcft years ugo a change of management was made, and since then the company has made some good strides toward siicccss, but Iti expensive location loca-tion a.nd rapidly Increasing business were thought to be too much for Its present capital. Advantageous opportunities opportuni-ties to dispose of the assets of the company com-pany without loss to the creditors also had something to do with the decision to close the business. |