The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-02-03
TEMPORARY RECEIVERS
FOR TWO TEXAS CONCERNS
Kirby Lumber Corporation and
Houston Oil Company in the
Control of the Court.
TO CONTINUE BUSINESS

HOUSTON. Tex. Feb. 2-B. T. Bonner.
the personal representative Of John H. Kirby
and y. w. Mcleod of St Louis, has been
appointed temporary receiver Of TIE Kirby
Lumber Company. one Of the largest corpo-
rations Of its kind in the Southwest. f. a.
Reychardt, cashier OF the Planters and Me-
chanics National Bank. of this city. OF
which JOAN H. Kirby is president, and
Thomas II. Franklin. of San Antonio. have
been appointed temporary receivers of the
Houston Oil Company
Floyd MCGOWAN, of the firm of Derman
Franklin & MCGOWAN. made this statement:
There is no need whatever for any undue
excitement on account OF the temporary re-
ownership. 1t was brought about by the
fact that the Maryland Trust Company,
holding timber certificates of the Kirby
Houston Oil Company, upon which interest
was not paid when due. is itself in the
hands of a receiver, and ii was on this ac-
count that action was taken Plans for q
settlement have been pending for several
weeks past and yesterday / received advices
from the Maryland Trust Company stating
that negotiations were near a settlement
The TACT or the matter Is that this applica-
ton was prepared more than a month ago
and has been held back, il was the gem
eral understanding that it would be with
drawn. 1t is quite evident that the receiver
ship is merely for the purpose of holding
the properties of the two companies intact
until an amicabe adjustment, pending ne
gotiations. can be brought about. L believe
this will be done before Feb II, which is
the day set for the final orders in the case
The business of the two companies will pro-
coed usual and no other interests will be
involved thereby"
The Kirby Lumber Company is capital
lied at $4,000 900, of which 50. 000, 900 Is pre-
ferred stock and 100000 is common stock.
OF the Houston Oil Companys capital stock
of $50 100000. $l0,0000O0 is preferred stock and
S20OO0.O0G common stock. The property of
the KIRBY Lumber Company consists of
stores, all i'm Texas 142 miles of railroad,
200 cars, 50 locomotives, 10000 acres of pine
land logging outfits tie and piling outfits.
This compeny's inventory shows 81 600 900
worth of lumber on hand. Its assets are
claimed to be S12,500,000 in excess of liabili-
ties.
The Houston Oil Company owns 10000
acres of pine land, valued by experts at
$G0,O00,OOO. and oil property of enormous
value. 1t controls large part of the Corsi-
cana oil fields, the Sour Lake area and the
Nacogdoches oil fields.
When the news of the receiverShip was
announced here to-day run was made on
the savings department of the Planters and
Mechanics National Bank, but not on the
bank proper, where the deposits were much
in excess of the Withdrawals. The other
banks of the city at once made tenders
of assistance, but they were not accepted.
The savings department was kept open I'M
I'll o'clock for the accommodation of those
wishing to withdraw their savings, but
little business was done after 8 d. m, the
scare having, to great extent. subsidized.