The Smith of this firm was Cornelius Smith, a brother of Winthrop B.
Smith. Cornelius Smith withdrew from this firm before 1861. In that year
the war broke out, and this New York firm, which as booksellers and
stationers had a large trade in the South, lost not only their custom in
that section, but were unable to collect large amounts due them for
goods. Clark, Austin, Maynard & Co. failed and Mr. W.B. Smith bought, in
1862, all their assets for the sum of $6,000, placed Mr. W.B. Thalheimer
in charge of the business and resumed control of the duplicate plates of
the McGuffey Readers.

From the location of Cincinnati on the Ohio river, then affording
the cheapest means of distributing goods to all parts of the South,
Mr. Smith had obtained, before 1860, a very considerable part of the
schoolbook trade in the Southern states of the Mississippi Valley.
The opening of the Civil War swept this trade away and left on the
books of the firm in Cincinnati many accounts not then collectible.
The continuance of the war and the constant fluctuations in the price of
materials, due to the use of paper money, joined to advancing age and
ill health, all combined to lead Mr. Smith to withdraw from business.

[New Firm Formed]

A new firm, Sargent, Wilson & Hinkle, was organized April 20, 1863,
with Edward Sargent, Obed J. Wilson and Anthony H. Hinkle as general
partners, and with W.B. Smith and D.B. Sargent as special partners.

These active partners had long been in this business, Mr. Sargent as
a partner and bookkeeper, Mr. Wilson as literary editor of skill and
judgment and also a forceful manager of agents, Mr. Hinkle as a
thoroughly skilled binder and manufacturer.