The Democratic banner. (Mt. Vernon, Ohio) 1898-192?, 1922-07-07


bankruptcy could make his final dis
position, and as the stockholders were
the only fellows whose interest was in
jeopardy ] say that fairness at least
would require they be given the op-
portunity to pay the balance Of this
purchase price without being required
to advance the same and pay interest
thereon when the money was provided
for by these agreements among the
stockholders. This however seems
not to have appealed to the little click
above referred to; petition was pre-
pared having for its purpose the set
ting aside of this sale and after urg-
ent effort the names of these individu.
ais were signed to this petition, their
holdings being less than one.twentieth
of one per cent Of the outstanding
stock, and this petition championed
by Mr.. II. c. Devin as their spokes-
man was presented to the referee and
urged that he set the sale aside; the
grounds stated was because the com
mittee were delaying in making their
payment for the purchase of the prop
erty. This was very refreshing Incl
dent particularly as it came from the
chairman of the Memorial Building
Committee who has large stockhold-
ing, and is President of the Bank
where this memorial building fund is
on deposit, $250,000, and will there re-
main until some sweet time in the fu-
ture when this building commission
may possibly" decide to build a Mem
orial building, and which the taxpay-
ers of Knox county have been assess
ed, and which is being paid by them
along with their other taxes and to
date the only beneficiary is the bank
that has this fund on deposit. This
criticism of delay comes with poor
grace under these circumstances, how
ever the committee have raised and
paid the full purchase price for the
plant and having done so, feel that if
the letter from the Chamber of Com.
merce which was read at the time OF
the sale, meant anything that now
was the time the Chamber of Com
merce should act, and for that reason
request was made from the presi
dent of the Chamber of Commerce
asking that the title to this property
might be turned to the purchasers
The response that was received is
copied in your article in Wednesday,
paper and need not be here repeated
| wish to further add that the pur
chasers have for some considerable
time been considering and carefully
going over plans for placing tins plan
in operation at as early date as the
same can safely be dOne, and theil
plan is for the manufacture of as goot
tire as is possible to make, and place
the same upon the market without ex
pensiye advertising but rather to le
the production do the advertising
this would mean in the start some
| what limited production but they have
many opportunities for the manufac
ture of other tires and other rubber
porducts so that in short time If the
plant is ready for opaption fthey
would hope to be able to be in sub
stantial and full operation. TEeil
provisions for funds to finish the in
stallatiOn of machinery and providing
working capital for the production
they have in mind does not necessi
tate the perfecting of this title, but
they have many opportunities for the
manufacture of other rubber products
which if made would require additions
al capital, and as this could be the
most easily provided by way of a bond
issue it was their desire that this
deed might be made to take care OF
such future contingency, but for
reasons only known to themselves, the
Chamber of Commerce has again de-
cided to disown it's child.
The stockholders who have pur-
chased this property have first in
mind the saving of Their investment
and in doing so are using their very
best endeavors to make the plant prof
table; it would seem that this should
receive the assistance and encourage
ment of the Chamber of Commerce,
am sure it would be beneficial to eY-
cry business man in Mt. Vernon as
we'll as beneficial to the public in gen.
eral, but instead Of making this deed,
even after the money has been fully
paid by the purchasers, Mr.. Kahrl and
a hand picked committee, as we are
advised, made journey to Dayton,
Ohio, to interview the court in an at
tempt to have the court refuse to ac-
cept the payment made by the stock
holders and order deed made to