The sun. [volume] (New York [N.Y.]) 1833-1916, 1910-11-13
THE MACEINNON co. FAILURE
MILLS ar LITTLE ftILS 10 b.
OPERATED m THE TRt SIZES.
Tue Hearing on Mackinnen's r-t~ss~Si
NE Discharged In bankruptcy shown
That Investment in NsninE ~io"h>
PLAYED Part In Ills soiIaIs.r

rICA. Nov. u AT a hearing b|for"
Federal Judge Ray at Norwicn today e
was announced that the chief crsd.tor,
! OF Robert Mack!nnon. tn" 1l,tl" Falls
knit goods manufacturer who failed re-
/ Gently with liabilities nf 81 .Ooo.on". nav"
reached an understanding as a result 1T
! W hich she big mills Of the corporation At
! Little Falls will shortly resume opera
! tons under the direction Of ths trustee.
Representatives OF majority u: th.
creditors met in New York city yestsr-
day and an agreement was reached AZ
To DAVIS hearing IN court this agreement
vas submitted tn .Judg. Ray, and II met
with his approval
The operation OF the mills by trustee
means that the wheels will continue in
operation until the sale Of the large prop
erty, which probably will follow within
the time allowed the trustee for operat-
ing This action will result in a better
price for the property when II Ia sold.
The. examination to-day of Afr Mackin-
non on his petition TO be discharged in
bankruptcy brought out some inside facts
about his investments in mining ventures
which are claimed to have played a part
in his financial collapse. Inc principal
Questioning was done by Attorney Hart
field. representing New York bank credi-
tors Mr.. Maokinnon said he had made
some investments in tho Juarez Mining
Companv of New Mexico. He said he had
a. 900 shares. par value 81 share. He
paid so cents a share for the stock He
also said he had made loans to the mining
company. but his memory was n little
weak until MIR. fairfield refreshed 10
with the aid Of the audit report on 5hs
Niackinnon company's books. He finally
told MIR fairfield that in 1919 he loaned
the company $685. 900. taking notes ~
the company, which he said were in Little
Fails. but had not been turned over to
his trustee Some Of the notes, he said.
he gave to his sister about two years ago;
he did no, know the date of the trans
action There was ash agreement. bur ~
was never acknowledged He said IN"
notes were of no value
Mr. Mackinnon said between December
l. 1905 and December !, 1909. he received
Sic 600 from the mining company. ana
after December /. 1879. he received about
S32 COO. This money. he said. h- turned
into the business Of Mackinnon 4 Co.
The money was IN part payment oil the
notes. He received SAC on an account
of $4,000 from the mining company.
The mine. he said. hadn't been orerat"d
in the last twenty years. He said ther.
was no value TO the balance OF the notes
The Juarez company. he said mad"
money for two years going through two
nav veins. When il struck the third Level
there was nothing Attorney Hart:elft
then brought ont partial admiss ions ""
Mr.. Mackinnon that the payments from
the mining company Were received 10y
him the last summer He could not recall
a talk with Nice-President Sherman m
Utica two years ago. when he said he
wasn't Interested IN mining venture
I told Mr.. sherman" he said. that the
mining matter was an affair of honor.
that OF her people had put up money on NV
advice and that | stayed by il because
the funds 81 friends were in II