Akron daily Democrat. [volume] (Akron, Ohio) 1892-1902, 1900-12-20
IMPORTANT
Case Was Submitted.
Will Determine Owner
ship Of Stock
Given to 0. C. Barber by
A. T. Paige.
Creditors File Claims Against
Dora Theken.
Property Will be Re-Appraised-.
Court House News.

i A case that has attracted n great deal
of local attention was submitted to
Judge Nye today.
1t was the suit for money brought
several years ago by Mr.. o. @. Barber
against Mr.. A. Il. Paige.
The Democrat herewith presents
summary of the claims made by the
parties to the action
4 In 1901 Paige, Carey & Co. were
constructing the Croton aqueduct in
l New York and after time found them
i selves in deep water. The firms ac-
count at the state National bank at
Cleveland was overdrawn and 1t be-
came necessary for additional means
to be provided with which to carry on
the work
,
her to lend the firm sufficient credit to
enable ii to meet its obligations. Mr..
Barber made n note for $4,000, pay
able to Mr.. Paige, which the latter took
to the bank and had discounted.
To secure the note Mr.. Paige gave
Mr.. Barber lot of stock in which he
had an equitable or direct interest,
including shares in the Barberton Belt
Line Co., the Barberton Land & I'M
provement Co.. the Stirling Boiler Co.,
the United Salt Co., the Barberton
Aluminium Co.. and the National Sew
or Pipe Co., claimed to be worth $780,
O0O
The note was renewed from time to
time for about n year.
In addition to the above collateral Sc
curity Mr.. Paige gave to Mr., Barber
$4,000 of the notes of Banker John
Huntington Mr., Barber in the follow
ing year claimed that this paper was
worthless and wanted some change
made. Mr., Paige went to Cleveland
sold the United Salt Co. stock for Sl2,-
600, and paid that amount upon Mr..
Barber's note, reducing the principal
to S3S,0 900, ana making new note for
that amount Az additional security he
gave Mr.. Barber a second mortgage for
Sl5, 900 on tile Albert Hall block in
Akron
When the $4,000 collateral was first
turned over to Mr.. Barber II Is claimed
, that he gave Mr.. Paige n receipt show
Ing that he held It as collateral, Mr..
Paige paid the interest ON the note ms
long as he could, paid assessments up
on the stock, and the matter ran along
, awhile until Nh. Barber sued to fore
close the mortgage on the Albert Hall
property. About Sll 800 was realized
from the foreclosure proceedings to
apply on the note. shortly aftcrward
MIR. Barber brought suit for the bal
ance due him on the $3S000 note,
, In his answer and cross-petltlon Mr..
Paige asked about the stock that had
been pledged as the original security
for the note.
Mr. Barber's reply was that he did
not take the stock as collateral but
that under the agreement with Mr..
Paige he Barberl became the abso.
Lutte owner OF the stock and under no
obligation TO account to Mr. Paige for
its disposal
Mr. Paige claims In the suit that tile
$ stock given as collateral was worth
?, al least S20,OO0 In excess of the
amount of the obligation secured by
II aud that upon an accounting Mr..
Barber will owe him about 100000.
L Sonic time ago MIR. Barber, claiming
2. to be n creditor, began proceedings to
have Mr. Paige declared "A bankrupt
but the court denied the application
i, until II was determined whether Mr.
Paige owed Mr., Barber anything This