The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1891-01-15

The latest Developments IN the Oueotr
aseignment. fully sustain the article pun
Iished in the extra edition OF the NEWS,
DEMoCRAT, issued this afternoon az
Tbe interview given below. is official
and approved by the Board OF Irade
committee.
WA. LYNcH's STATEMENT.
William A. Lynch was interviewed az
o,cloclS this afternoon as counsel OF lne
BOARD of Trade. He said a committee on
the board of Trade began their labors py
tnakinu n careful examination INTO tue
affairs and standing of the Dueber Watch
Case Manufacturing Company ana OF .uS
Hampdeu Watch Company anu .rnral ,oau
that both concerns are wealthy corpora
tions. each having a large surplus OF asse!s
over ibeir liabilities and that their assets
are Of n character which with ordinary
care will realize fully the values placeu on
them by the Board Of Trade commlttee'
The assets OF the Dueber Case Watch
Mannfacturino Co. amount to I,199,OOO;
its liabilities are $4,000, leaving surplus
OF assets over liabilities, SIo9,OOO.
THE Hampden Watch company's assets
amount to $l,4t0,0O0, the Liabilities are
500, 900, leaving surplus Oh assets over
liabilities 81, ,20S,OOO.
It will be seen that the assets of the two
companies together amount to S2,6O9,OOO,
the gross indebtedness $4,000, leaving a
surpius over liabilities of the two com
panies Of, say S2,0O0,OOO.
In view of the fact, however, that OF the
Dueber Indebtedness $4,000 is owing to
the Hampden company, the real excess OF
assets OF the two companies over their
liabilities is not less than S2,l0OOOO.
In view of this remarkable strong con-
dition of the two companies IL has been
matter of surprise to the committee that
Il was deemed necessary by the Dueber
Company, or by Mr.. Dueber to make an
assignment. As to MIR. Dueber's personal
affairs, outside of the company, il is un-
derstood that while he has considerable
estate, Sons,sinT OF cincDnnS yaig@6LG FSSi nnd
elsewhere, and real estate in Canton, he
is substantially out of debt, other than
his endorsement upon the Dueber and
Hampden companies paper.
There are some facts, however, that
doubtless had bearing upon this ques-
tion, First, neither Mr.. Dueber nor his
company have been large borrowers, and
had never sought to build up credit as
borrowers in financial centers,where only
considerable sums could be secured in
times of such stringency as has prevailed
during the last few months.
Again though Mr.. Dueber and his fam
ily are practically the sole owners of the
Dueber Company, and Mr.. Dueber has
purchased something over one-halt the
stock of the Hampden Company; he was
ln0pntefi To Mr. OudTlts W lNbOl, lEOlll
whom he purchased it, in the sum of S9S,
600, balance of the purchase money on
said stock, having heretofore paid
Mr.. Rood S250,00O on the purchase,
Mr.. Rood retaining for his security
for the $4,000, all of Mr.. Dueber's stock
in the Hampden company and thereby
having in fact the controlling interest in
the Hampden company, until the pay ment
In addition to the $4,000 Mr.. Rood also
held this stock to secure him for certain
monies owing to him by the Hampden
company and to indemnify him against
endorsements, which he had made
for the Hampden company. These
liabilities added to the $4,000
made Mr.. Rood's interest IL the stock
S22s, 900. The S9S,0O0 is to fall due in
nearly monthly payments, beginning jan
Is, 1891, and extending to April, 1892, for
the last payment. His claims against the
Ham pden company and his endorse
ments fall due within the coming few
months.
il Is probable some differences existed
in the views of the heads of these two
establishments upon questions of general
management, but the committee was
was not the slightest disposition
on the part of either, to injure or destroy
the interest of the other. This is said
because of unjust criticisms which have
been indulRed in by outside parties.
The efforts of the Board of Trade com
nittee have been directed to assisting Mr.
Dueber in the matter of his Indebtedness
upon his purchase of the Hampden
stock and to put the Hampden com
pany in such situation that Mr..
Dueber and his estate would be relieved
from any embarrassment in regard to it.
Mr. Dueber and his company being both
endorsers upon nearly the entire amount
of the Hampden company's indebtedness
,r fV.Na hgkyv
the Board of Trade committee and its
counsel, Mr.. Rood and his counsel, Judge
Wells, of Springfield, Mr.. Howard Doug
lass, the assignee of the Dueber
Company and Mr.. Dueber personally,
Mr.. W; A. Moore, the secretary of
Dueber's personal friend and Judge
Day his counsel plan Las been agreed
upon and perfected by the actual signing
OF the papers, subject only to the formal
approval of the Probate Court of
Hamilton county and the signature of Mr..
Dueber and of his company, all of which
the parties are confident will be secured
on Monday.
The arran cement in substance is this.
Mr.. Rood agrees to extend time for pay
ment on his 900 for one year, so that
the first payment will become due
April 1888. To secure which extension
the fullowing-named gentlemen have
signed an agreement guaranteeing the
payment of the $4,000
w. w CLARK,
JOHNSON SHERRICK,
L.V. BOCKIUS,
w. A. LYNCH.
WIN. DANNEMILLER,
p. H. BARR.
E. 5. RAFF.
M. G. BARBER.
w. j. PIERO.
G.E. COOK.
r. A. MILLER.
J.E. KITZMILLER.
4. G. SNYDER.
j. A. RAYNOLDS.
II. III. * w. b. SHANAFELT.
I'D. FRANK.
w. L. ALEXANDER.
j. DICK.
w. r. DAY.
ISAAC HARTER.
As part of the plan Mr.. w. w. Clark
has consented to take charge of the
financial management of the Hamp-
den company during the operation of
the agreement and the banks of the city
of Canton have pledged themselves
TO his assistance to an extent
which leaves no room for doubt
will be Immediately resumed and carried
on without interruption and
fully as large as heretofore.
To secure the guarantors and generally
to secure the carrying out of the whole
arrangement, tie Hampden stock, now in
the hands of Mr.. Rood Is to be placed !n
hands of Judge William r. Day
as trustee with the full voting power. and
subject 80 the stipulation that in voting
for directors of the Hsmpden company'
he Is to vote for three directors TO be des.
iOnatQd nv the twantv puarapto., ~'l