The Medina sentinel. [volume] (Medina, Ohio) 1888-1961, 1921-04-22
|FlOUNDERING IN
SEA OF TROUBLES
ERECEIvER OF SPENCER
COMPANY is WOE-BESET
President George G. Bouthihon, Dis
credited, Tdrns UP Missing Bank
ruptcy to be Adjudicated and Plant

|sduefs Co.,I have likened my Situa-
EtiOtl to a man who has suddenly been
|cas tsinto a sea without life preserver
and unable to swim"
n This Is what John B. Childe told d
Stntinel representative on Wednesday
when asked concerning the present
sepndition of the Spencer Company
Mr. Childe received his appointment
as receiver of the Spencer Metal Pro.
Sdncts Go. last week by Judge Weston.
shaver in Cleveland.
B this remark Mr. Childe let it be
sknoWn that he did not thereby wish
N tp be understood that the company
rs both down and out, but simply down
fciaporarily, on its back, but not rivet.
lid.
Rlimors current the past week that
the conpany's books, inventory, etc.
had been carried away, were denied by
Mr., Childe, altho he did state that
former Superintendent Geo. B. Bouthi.
non had disappeared and his where
labouts Gould not be learned.
TIN disappearance of Bouthinon
sat d time when his presence would
have been -of incalculable assistance to
RECEIVER Childe i'm Strengthening out
TIM affairs of the company, has thoro-
sly discredited that gentleman with the
people of Spencer, whose full conf
dence he had enjoyed during the years
she had been in Spencer and where he
shad been regarded as one of the vii
sl8ge''s chief spirits and bulwark.
sFhe regard with which he is now
held in Spencer was illustrated week
Eol two ago when F. c. West of Chi
seRgo, a director of the Spencer com.
paly, was arrested for alleged issuing
sofsa fraudulent check, and spent a
might in the county jail. 1t is stated
III Spencer that Vests Incarceration
was because of his own and his friend
sBOuthinon's inability to secure signers
Ifof his bond in Spencer, whereas, had
sthe trouble occurred in other days
eB0athinon's standing in the conmun.
.ityS ySwould have enabled him to obtain
Esiifnatures to a bond of most any size
4 was, two Medina men gained
xsyS release the next day, N
B sssiEh ling the present Aepidr,
able condition Of affairs, Receivel
aChitde expresses himself as optimistic
for the. future of the company if it cai
survive the ordeal in which it is pass.
ing, and for which there is well-de.
fined effort afoot for resuscitation
Mr. sChilde states that there are g
large number of orders at the factory
waiting to be filled, and he is ir
hopes that affairs may so shape them
selves within the next few days as to
warrant, the resumption of operations
The following is a copy of letter
sent to creditors of the Spencer Meta
Products Co. this week by the com.
-mittee appointed few weeks ago to
formulate plans for the projection ol
To the Creditors of the Spencer
Metal Products Co.
Gentlemen: While your committee
was working on plan for refinanc-
ing the Spencer Metal Products Com
;pany, with substantial aid from the
present stockholders, Mr.. Bouthinon
President of the Company, proceeded
to act contrary to the wishes of-vour
committee. Without our knowledge
he induced certain creditors to file a
petition in bankruptcy in the Federal
Court and, as we are informed, at the
same time, without ny>authority by
his Board, assigned the steering wheel
lock patent rights belonging to the
Company to certain outside parties
with whom he was associated.
1t was apparent that immediate ac-
ton was necessary Your committee
therefore applied fora receiver in the
bankruptcy proceedings and on Mon
day the 18th inst, John B. Childe, an
experienced man was selected by your
committee, was appointed receiver by
the Federal Court at Cleveland and is
now in possession of the property.
There will doubtless be an adju.
dication in bankruptcy within short
time and the property will be put thru
a judicial sale. We are working on
"a plan to have the property bought in
by syndicate to be formed among the
creditors. We are also working with
the leading stockholders with view
to having them finance re-organiza.
tion. All of these matters are now in
indefinite form but as soon as some
thing definite has been worked out
we will advise you further.
s William P. 1Witherow
2 RobertJ. Arthur
H. C. Haight,
Creditors Committee.
Since this letter was sent out, date
for adjudication of bankrutcy was set
for Thursday afternoon of this week
before Judge Westenhaver, at which
time it was expected that an order
would be issued by the court for a
sale of the property.
Disappointment over the unfortun-
ate turn Of affairs with the Metal Pro.
ducts Co, together with loss of faith
in its president, is keenly felt by the
citizens of Spencer. Former prosper-
iity Of the company was almost who'll
3ly responsible for the rapid growth oi
the community and the incorporation
sofsthe village two years ago, and
which pointed to the town ultimately
developing into a large and thriving
place. Without the concern, Spencer
seemingly must retrogrades as a com.
,rnercial center, as the community II
primarily an agricultural one.