West Virginia argus. [volume] (Kingwood, W. Va.) 1877-1946, 1904-06-09

'f'ptfiJ nom" 'vt bIieS Aihooht
Of indebtedness II i,lacfd ON the
Markei--peiail> % IN, faiiurr :.
From, The Mors sn,own - mn.ias
'rhe financial eDharr.s~mrn, Of
tie Oliver Lumber Compan, :eecb-
ed a c,isis yesterday when gener.l
meeting Of all the creditors was held
in the offices Of Cox & Baker and
an attempt was made to arrange Tor
settlement II is liabiuiss II
has been generally known that the
affairs Of the Conpsny were IN bad
shape avhen the piymen, Of wages
amounting to 81, 900 or So, 600 was
suspended last Saturday, the rrgu-
lar pay DAY Il w,s stated then
that The embarrassment va, OIL,
tempnfary AID that the company
~"mid probably lie able io ..r,sber
the storm. For mar rcas y no pub
llc announcement was made - r.
gard to the situation. DELAYED col
lec,ions was given IS .ne cause
TUESDAY, however he whob. si'-
uation became public whca tie
creditors meeting WAS called An
assignment or bankruptcy YEAS i'm
minent and could no longer be
evaded. The meeting of the credi
tors was one of the largest ever
held. Not only the attorneys re-
presenting large claims being pre-
sent, but laborers, teamsters, mill
men and in fact all who had claims
against the company being admit
ted. The meeting continued far
into the night.
1t was found that the liabilities
of the Company will reach sI6o,-
900. This includes a number Of
large claims secured by mortgages
and deeds Of trust held by financial
institutions and individuals, about
.$IA 900 due as wages for labor end
hauling, and sum for groceries,
and supplies.
The assets of the company are
difficult to estimate. They include
chiefly over s 900 acres OF fine tim
Der, yet untouched by saw or axe,
two modernly equipped lumber
plants tram roads, camps and
other items.
Attorneys representing creditors
arc anxious TO avoid bankruptcy
proceedings. They say that the
property woulds bring only small
part OF the Indebtedness il offered
for sale now, but il operated and
developed by competent receiver
will meet all of the liabilities, and
Surplus. This course will doubtless
be the one pursued.
j.. c. Kendall, formerly owner
of great deal OF the property, and
practical lumber man, gave bond
yesterday in case now pending in
the Circuit Court. He will prob
ably be selected as general re-
ceiver at the meeting of the attor-
neys al two O'Clock this afternoon.
He is secretary and treasurer Of the
Houston Lumber Company from
which the Oliver Company pur-
chased their holdings
A committee consisting of J. l..
Keener, for the Farmers and Mer-
chants Bank, w. G.. TAFT, for the
Federal Savings & Trust Company
and A. B. McCrum fos Preston
county creditors, was appointed
yesterday to ascertain the items of
Indebtedness as nearly as possible
and report at the meeting this after
noon.
Men who know something Of the
situation say that the Company's
embarrassment is due largely to the
fact that about Szs 900 Of the work.
ing capital has been expended in
building roads end preparing to get
the lumber to market. On this
nothing has been realized, but it
will pay big returns in time.
II is also stated that the
company required the property at a
high figure aud that inflated values
we're placed on Il when It was offer.
ed for security for loans. These
values are not exaggerated, if the
holdings are properly developed
and she timber marketed.
The Company's assignment viii
not cause any unusaI enbarrass.
meni in other quarters. The ma
jority Of the claims arc properly
secured and with The exception Of
The workmen, ahase wages arc wilh
held, none will suffer.
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