The Democratic banner. (Mt. Vernon, Ohio) 1898-192?, 1922-07-04
BALANCE IS PAID.
by PURCHASERS
.OF TIRE PLANT
Indebtedness On Knox Tire
and Rubber Plant Is
Wiped Out Today
BALANCE OF $55,0OO
PAID BY LEVERINC
Referee Greer Telegraphs
The News To Judge Safer
Of Federal Court

The property Of the Knox Tire ane
Rubber Company, purchased by the
group Of stockholders last February
is now paid for.
The balance on the property, S55,
900, was paid by the president of the
company, Judge Frank o. Leverinu, to
Referee In Bankruptcy r. M. Greer at
10 o'clock Monday morning.
Judge Levering rendered check
for $4,000 which was Immediately ac.
cepted by Referee Greer, who tele
graphed Judge Safer of the federal
court that the balance on the sale of
the property had been made.
AS stated In The Banner Saturday
application was made to Judge Safer
Saturday afternoon to extend the time
Of paying the balance until Monda,
morning. 1t Is understood that Judge
Safer granted the request, although he
formerly issued an order that the bal
ance must be paid before the close of
business on Saturday.
The chamber of commerce directors
so far have taken no action relative
to turning over the deed to the prop
erty to the new purchasers, although
1t is said the matter may come up at
the meeting of the directors sched
uled for this evening.
Now that the plant is paid for, the
purchasers are positive that the fac.
tory will be in operation within a
short time.
AT noon today, Referee in Bankrupt.
cy r. M. Greer paid over to Trustee
Asbaugh the check for $4,000, being
the balance due on the purchase price
Trustee Ashbaugh deposited the check
at local bank.
TO OPERATE SEPT.
That the purchasers of the plant
OF the Knox Tire & Rubber Co. hope
confidently to have 1t in operation by
September was indicated Monday af
ternoon' by Judge f. o. lowering, at
torney of the stockholders committee
and president of the new Knox Tire
& Rubber Co., to the representative of
the Banner.
Following the confirmation of the
sale by the referee it is the purpose OF
the purchasers to complete their or.
ganization after title has been vest
ed In the new company. The first ster
undertaken by the company will be
to select production manager tc
operate the plant.
The committee has had much cor.
respondence with several men who
wish to take the position. No definite
selection has been mare. This will be
done shortly.
The production manager will bring
with him his crew of subordinates
who will have charge of operations
Other labor will be recruited in Mt
Vernon.
Complete Switchboard
1t is calculated it will take not less
than 45 days in which to complete
the installation of necessary motors
machinery, switchboard, molds, etc
or these the switchboard will take
the most time to complete and tG in
stall. The switchboard intended for
installation in the plant was partial
ly completed when the crisis develop
ed in the affairs of the old company
At that time work on the board was
discontinued and some of the material
intended for 1t was diverted to other
uses. The builders of the board esti,
mate, however, they can complete il
and install 1t within a period of AZ
days.
To Make Good Tires
1t is the purpose of the new com.
pany to manufacture as good an au.
tomobile tire as it is possible to make
While Started on n ljmitad soolo ,,d