The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1903-07-03
CREDITORS WANT RECEIVER FOR
STRUCTURAL STEEL CAR CO.

sary to insure the running of the plant,
once 1t should be started. It was plan
ned by Howe to possibly issue more
stock, but Messrs. w. II. and c. l.. b.
Tylee favored the bonding plan alone.
They wanted to secure the issue of
100000 securities which the Inter-
national Trust Co. of Pittsburg offer
ed to float at low rate of interest.
This money would be paid to the com
pany in monthly installments of $780,
600 EACH At the expiration of the
payments, 1t was believed that the
plant would be running full, with or
ders ahead.
THE BONDING PLAN.
What some stockholders say was de-
liberate obstruction were placed In the
way of the Tylees by other of the
stockholders. The directors demanded
proof at meeting last Friday night,
that the bonds would be issued Mon
day G. w. Smith. president of the In
ternational Trust Co.. with Offices in
the Arrott building, Pittsburg arrived
in the city, and submitted the bonding
proposition to the Canton men. The
latter were unwilling to lose control
of the plant. Smith demanded that
the bonding company should control
tho affairs of the company until 1t was
on paying basis. Tylee seconded this
demand, and stood ready to pay over
So, 900 cash, to be held in escrow until
the bonding company should have full
filled part of it's agreement. A round
of objections met these propositions.
The local stockholders, while absolute
ly helpless in their present status,
were yet unwilling to aid Tylee In his
plan to put the company on paying
basis. On Monday night a meeting
was held and the stockholders modi-
fed their demands slightly. They ask
ed a stock issue, which Tylee was un-
willing to grant.
WOODCOCK TO ENTER SUIT.
Meanwhile from another quarter
comes more trouble for the company.
W. II. Woodcock left Tuesday after
noon at o'clock for Cleveland for
consultation with his Cleveland attor-
neys. He is said to have stated be-
fore he left that he would institute suit
In the United States court against the
company to recover his patent rights
He believes that receivers sale Is
imminent. Action in Stark county
courts by creditors for the appoint
ment of receiver is daily expected
Should a sale be held, the plant would
bring far from its real value.
Wednesday Mr.. Woodcocl is in con-
ference with Pittsburg parties. He has
received offers to locate a new plant
within 80 days, il the local company
| should go to the wall
A COLD RECEPTION.
wv II. Tylee, a brother of c. L. B
Tylee arrived here Friday morning
at 10 o'clock. Although he had pre-.
viously wired to local directors Of the
company to meet him. no one was al
the depot and an apparent effort was
made to avoid Tylee until after bank
ing hours. If this was the plan, it was
successful, as not until o'clock did
Tylee hear from the stockholders
Then several met him and introduced
themselves.
IL am glad to have met you, gentle
men," said Mr.. Tylee. 81 am glad not
only to have made your acquaintance
but also that did not invest a cent in
your company" He left for New York
on the next train.
MAY LOCATE IN CANADA.
Since the organization of the cal
company, Woodcock has obtained
eight additional patents which he
claims will enable him to manufacture
the cars independent Of the patents
controlled by the Structural Steel Cal
Co. Failing in his plan to establish
a factory at Pittsburg, the cars will
be built in Montreal under Canadian
patents which he owns. In both of the
latter propositions, Pittsburg parties
are backing him.
At present the company is in a very
nebulous condition. One of the mos
insistent creditors is Contractor De
j vault, who has claim for building
part of the plant He has pressed hi
claims from the start. Many of thu
stockholders have expressed their dis
approval of further delay, and favo
almost any means of obtaining SOM
kind of q settlement.