The Democratic banner. (Mt. Vernon, Ohio) 1898-192?, 1922-06-30
Readiness OF Purchasers OF
Knox 7. & R. Plant, How
ever, Is Conditional
THEY ASK c. OF c. TO
GIVE A CLEAR TITLE
Have Money With Which To
Make Final Payment OF
.$55,0O0 To Court

That the stockholders committee ls
ready to complete the payments on
the purchase Of the building, plant
and other property Of the old Knox
Tire G. Rubber Co. was announced
Thursday by local member Of the
committee. This readiness, however,
10 conditional upon the Chamber Of
Commerce, through its trustee, giving
a clear title and deed to the real es-
tate.
At the time of the sale made by
Trustee Ashbaugh the committee rep
resenting the stockholders in the old
Knox Tire & Rubber Co. offered the
highest bid, $175,00O, for the proper
ty. At the sale and before the bidding
began the Chamber of Commerce,
through it's secretary, Hoy l.. Russell,
in letter made known the entire
readiness of the Mt. Vernon Cham
ber of Commerce to cooperate fully
to what extent lay within it's power
promising to give to the purchaser
of the property clear title to the
real estate upon which the building
stands.
Since the date of the sale the stock
holders committee has made a series
Of payments to Trustee Ashbaugh un-
til total of $15O,OOO has been paid.
In the interval certain other stock
holders, dissatisfied at the rate with
which the purchasers have been ad-
vancing the purchase money sought
before Judge Safer in the federal court
at Columbus to have the sale set aside
on the ground of non performance.
The motion was presented and argued
before the court but still is pending
Judge Safer never having handed
down a decision
Now come the members of the
stockholders committee with their an.
nouncement they are ready to make
the final payment and ask the federal
court to confirm the sale, provided,
they are given, as they were promised
clear title to the real estate.
1t is understood a meeting of the
board of directors of the Chamber Of
Commerce is to be held Friday even.
ing at which time the policy of the
chamber in respect to the sale and
purchase of the property will be de-
fined
Speaking of the purposes and inten.
tions of the stockholders commit
tee the Banners informant said his
committee now Is in position to
complete its payments They are rea-
dy to place the $4,000 still due in
escrow in the First National bank of
Mt. Vernon. They ask the Chamber
of Commerce as represented by its
trustee to sign and give deed to the
real estate, this, also bing placed in
escrow in the First National bank.
Upon the confirmation of the sale by
Judge Safer the deed automatically
passes to the stockholders commit
tee.
This Is the situation as it stands.
The purchasers are ready to complete
their payments when they are assured
q clear title to the real estate upon
which the building stands.
A pardonable measure of elation
was manifested by the spokesman of
the stockholders committee as he
told of the success that has rewarded
their efforts.
The work the committee undertook
has been one of great difficulty They
complain with some evidence of bit
terness that their work was made
more difficult by certain opposition
they encountered. They do not stop
even at describing the methods of the
opposition, as involving "misrepresen-
tatiOn." However fair or unfair,
whether the facts have been as pre-
sented or lave been distorted, the
members of the committee now are
giving vent to feeling of genuine ella
tion over the final success of their
work.
The members of the committee rep
resenting the Observation-Disclosures
are Messrs. John Robinson, Barton,
C. F. 'VandervOrt, Yellow Springs, F.
X. Knobloch, Massillon, Johnson, Lex.
ington, KY, Stephens, Columbus,
George Ball. Bellaire, Ezra Turney, H.
M. Lybarger, G. H, Jones, F. B. Spen-
Ger and T. o. lowering. Mt Vernon
Judge Levering, who served With the
committee as its attorney, has been
made president of the reorganized
Knox Tire & Rubber Co.
"a OF the plans for the operation Of