The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1875-12-16
.......S6A.927 80

| hl.sssst
Mr.. saxton, of the firm of Mcdonald 20" tnen
made statement Of his individual assets which
embraced western lands mining properly 'ni'
| nroyed farms. stocks OF various kinds city lo's'
patent claius, notes, &C., and footed up sSSl''
55 co. He owed individually abouts2,SOO. Nj D'
Hatter. of Mansfield, interrogated Mr. saxtOn quite
closely as to the benefits he had derived ilom NC
Donald & Co.. and what his knowledge oil lne
business was. Mr. saxton answered very frankly
all questions nut to him. In regard TO compro-
mise he said that he had thought of Offering MY
cents on the dollar, payable In one, two threeanu
four years. without security and without interest
but would hesitate about making 1t final lie
smoke of paying some $4,000 due to women, in
hn As to giving his three children property, he
said he had given them about $4,000 each during
the last Eve years He said he was an ehdorser
of McDonald's paper 100000; they owed MN IN.
diyidualy over sO,0O0, and that he intended
going into bankruptcy, believing that settle
mept with all the creditors would be Impossible
He made an assignment at the beginning OF thls
trouble To prevent snv creditor from taxing au'
vantage of another. He had never received q
cents worth of profit from Mcdonald q Cor mo
ROYALTY had been paid in notes. aud the report tha
he had received enormous sums from license ices
under patents was false,
There being disposition "a, know something
further of the inside workings Of the business
here. at Mr. saxton's suggestion 1t was moved
that the Chairman appoint committee OF nYe
who should select another committee OF hVe' en-
towering them with the right to examine the
members Of the firm, bookkeepers, look over the
books. ascertain the real condition Of affairs ana
report the same at future meeting OF ihe creuiI
ors the compensation Of said committee to be
their actual expenses, and whatever else the cred
itors NAV see fit to allow. The committee Of Sc
lection were composed Of Messrs. A. L. Conger Of
Akron; ; r. Hanna, of Cleveland A. G. wales OF
Massillon J. H. Kauke and CIV, Hard, OF Woos-
ter. They appointed Messrs. M D. Harter, OF
Mansfield: A. L. COnger, OF Akron; Henry kal'
denbaugh, of New Philadelphia; f. L. Baldwin,
of Massillon, and Lucas Flattery, of Wooster as
the committee of investigation, A motion was
sfterward carried to add the name Off. X. NC
Bride, of Wooster, to that conn ittee'
Mr. Mcdonald was then called out to answer
such questions as might be asked He said the
partners put Ill SlO,uOO ehCh 10 VaPi'"i "h'i NY
commenced business. Royalty was paid to Mr.
saxton ON all machines sold. Business iourished
until 1865 when they first felt depression IN the
market. Some machines were carried over that
wear. His duties had been to entertain custom,
ers, sell machinery, and give advice generally
The Superintendent dNd the purchasing. lie had
always regarded the firm as being ableto pay its
debts up to within fortyeight hours of the assign
ment ,....-..-...
Capt. NJ. L. Benhsm was called for and related
what his duties in the Office had been. For the
last FIVE years he had been the financial man OF
the concern. At the close Of each year the bal
ance sheet showed prosperous business, Could
not say it was entirely correct Nothing Of spe-
cial interest was ELECTED from his examination
Noon having arrived the meeting was ad'
iourned until the call of the investigating com
mittee.- Wooster Republican. s.n 4