The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1905-04-25
GROSSLY '.Iiaq
INADEQUATE D Q|:|.
So Far, Is What Referee
Remington Says
Have Been the Proceeds
From the Sale of the
Aultman Assets.

a HaIt Ordered IN tne fToCeeuiHSS
Until the Best Plan to Dispose of
the Property Can Be Arrived at.
At the hearing of the Aultman COM
pany held at Cleveland Thursday Ref
cree Remington expressed himself as
feeling that the proceeds from the
sale of the Aultman company assets
were so far grossly inadequate. The
sale of $150,0OO of the company's
property in Minneapolis for 16 per
cent of its value was what called
forth the remark. He also referred to
the new appraisement of $1S2,000 OF
doubtful notes for $1,000 and the
equity of the $410,000 of farmers notes
held as collateral by various banks to
secure S260,000 of loans as of $4,000
value. S
Referee Col. j. j. Sullivan was the
witness on the stand and from his evil
dence it was CLEANED that there is no
probability of the Aultman company
pant in Canton ever being operated
again. There is some hopes of SELL
ing the business and re-establishina
the plant somewhere in the west. HG
advised the selling the plant and as
sets in its entirety on the new ap-
rraisement of $2S7,0O0 for all.
The referee expressed his dissatiss
faction with existing conditions. He
felt that If the. property was offered
as whole at public auction, with but
cne bidder, the creditors committee
that the. assets would shrink ito such
point as to afford little il any divi-
dend to the creditors. He concluded
to reserve his decision relative to tho
method of sale until Saturday next al
12 o'clock. He suggested that in his
judgment it would be well to have the
lids taken on May 9 at Canton and
see If anyone will take the property
at the appraisement either in whole OF
in part.
In his examination before the ref
cree Col. Sullivan stated that he had
| collected from all sources about
| $4,000 since the failure. The collec-
tons of accounts had been in the
hands of party named Barrett who
mad resigned recently when his wages
was reduced and a young man who
had been under him now had charge
of that department. He knew of no
customer in view other than the cred-
itors' committee. He did not believe
there was any probability of the plant
ever being operated again as the loca-
! tion and freight rates were against
the plant as 1t Is. He thought the best
| way to sell was to interest some one
in the same line of business and had
talked to the Russells of Massillon but
could not interest them. He thought
the plant should be offered as a
whole. He stated that the term
farmers" notes was a misnomer, as
the threshers were generally sold to
those who made a business of doing
work for farmers and were not as re-
sponsible. The machines had been
sold with no payment down, payable
in three years, the first one-third due
the fall following the purchase This
statement of the business methods OF
the company produced a sensation
If the plant was sold in detail he did
not believe 1t would bring any. more
than If sold in bulk. He did not be-
lieve the creditors would realize more
than five per cent on their claims
4 The debt outside of the debenture
bonds was about four and one-haIi
millions of which about 100000 was
secured.
The referee after the testimony took
occasion to inform counsel that ht
was acting in his capacity for all the
creditors and that the creditors com.
mittee could not be viewed in any
] light different than those who were
outside of it. He was of the opinion
that II the property was to be sold al
ruinously low prices that the trustee
might as well demolish and sell thu
Plant piece-meal and collect what ht
could of the outstanding notes. He
desires the trustee to ascertain II nos
sible what the creditors committe,
would give at private sale so he coult
Lass judgment upon the same Coun.
sci present stated that the creditors
committee would not make an offer a
Private sale but would use their dis
: cretion and bid what they felt proper
at the public sale. s+es
/ The referee stated that In his opin
ion the trustee should proceed with tn,
collection of the notes in place n
selling them with the property.
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