The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1893-12-14
RECEIVERS APPOINTED
TO ADMINISTER UPON c, AULTMAN q
cos. AFFAIRS.

Km bsrrasIed Finsncisl oondition-Cred
itors Threaten Protest OF Papers and
Bis Suits-No Money to Hun the Plant
President Lewis Miller Protests and
Wants Receivers Appointed.
President Lewis Miller. Of Akron, at an
early hour Monday morning filed petit
tion in common pleas court. asking Tor
rt ceiver for G. Aultmnn d Co. Judge
McCarty appointed Messrs, William A.
and upon the filing and acceptance OF
their bonds OF $4,000 each, they were
qualified, and the immense concern, one
of CAnton's best and oldest industries was
turned over TO them for operation till
sale of the plant can be affected or the
various obligations Of the company met.
Day, Lynch q Day as attorneys for the
stsntialIy explains the court proceeding.
The paid up capital of the company is
S1,500,C0O. Tne defendant corporation in
the prosecution Of its business has con-
nected Indebtedness to various individu
ala aud concerns in . sum exceeding one
million dollars, and is possessed OF real
and chRttel property and other security.
Its bills receivable amount to over two
millions Of dollars, and accounts receiva>
BILE to over seven hundred and tifiy thou
sand dollars.
Plaintiff AYERS that with proper manage
ment the assets Of said company will
pay its indebtedness. The continued
monetary stringency and difficulty In
collecting moneys due, has caused the
concern to be unable to meet its debts az
they matured, and IL 10 averred there 10
now past due a large sum to its creditors,
which the company cannot pay. Notes
have been protested, suits threatened, but
g "A. % aND d
closed down, and its embarrassed con-
dihon caused their business greatly to
/, Is alleged that II the assets
be not taken In charge by
the court appointing receiver,
and affairs duly administered according to
law, certain creditors will bring suit, pro-
upon said property, destroy. lts business
sacrificing the same at judicial saies 10
small quantities, and through
scattering proceedings in different
parts OF the country, will break up and
dismemb n its plant, factories and asen-
it's assets will not realizs sufficient to pay
its debts and creditors whose demands
are due or soon to become due will obtain
upjust advantage and preference in the
payment of their debts to the prejudice
and injury OF the plaintiff
and other creditors and epdorsers.
the impsrabIe ip Jury of the plaintiff, other
creditors and sureties, and the dissipa-
tion Of it's assets.
Plaintiff AYERS the directors are power
less to preserve It's property and prevent
its sacrifice, and IL will be necessary to
sell said property, ss said business cannot
be conducted without loss.
The plaintiff, Louis Miller, owns $2oS, q"
900 stock in said concern and 10 creditor
in the sum of 1,460.87. He prays the
court that he may be saved harmless, as
an accommodation indorser and surety
on large amount of bills payable, that
accounts be taken, and a receiver admin
lister upon and collect it's assets, and that
demands and that the rights OF all parties
be protected.
Mr.. LYNCH MAKES A STATEMENT.
Mr.. W. A. Lynch was seen by reporter
and furnished the following statement
for the press:
found Il necessary today to suspend, and
the president of the company, Mr.. Lewis
Miller, of Akron, and also q stakeholder
and principal endorser of the company
took steps to place the concern In receiver
chip for the protection of oil its creditors.
The company has large indebtedness,
VI hDOut pl,OVOONO, Dut ~ hhu
Office assets such as notes and accounts
receivable to tne amount OF $2,250, 900. II
also has about 25 acres of land In Cant0n
which is valuable and has very extensive
factories upon IL which are
worth several hundred thousand
dollars, also tools, machinery, materials,
completed machines and those In process
of completion, also amounting to several
hundred thousand dollars more, In short,
1t has abundant assets to pay its debts
The cause of the failure 10 their inability
to make collections, as this fall the col.
Iections have fallen to about one-third
those of the corresponding month last
year.
A plan for . general extension was con,
aidered and submitted TO some of the
larger creditors in the east, and was re.
ceived with favor, but some of the smaller
creditors threatened suit, doubtless sup
posing they would thereby secure imme
diste payment, and II was deemed expe-
dent TO have q receiv ership for the time
be submitted to vhe creditors, and IL ac'
cep,able, the receivership will be va
L Gated"
When asked about the starting of th,
| factory, Mr.. Lynch said shat il would un
| doubtedly be run to some extent during
| the year '94, but probably not as much al
heretofore, as the country seemed to bi
| overstocked with machines at present
How soon the factory would start b,
could not venture statement. Mucl
will depend upon whether or not an ex
| tension ca q be arranged with the credi
tors" Toe force was paid this morning
before the receivers took charge. Every
body 10 laid of from the office and works
ANOTHER RECEIVER.
| Word 10 received late this afternoon
that Lewis Miller took the sams sctiol
this morning. against the Akron Iron CO
As against G. Aultman q Co. Ia this cag