The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1906-09-17


the proposit on,
The statement mad by the AmerI
cau~l.nmberman that the railroad runs
through the timber of the f. Il. Creel
man Lumber K Mfg CO. Is not true
Most Of the company's timber lands
are from two to FIVE miles from this
railroad
AS soon a ! became convinced that
there was no money to be made ont of
the railroad work | took stops 10 be
released from it With the approval of
he court a contract was made with
said p A. Rutledgc nc associates by
which they were to take over the mill
and equipment at Melville and oper.
ate at their own expense. The profits.
If any, TO be divided equally between
them and the Cgeelman es.ate. II was
/ also provided that the bankrupt com.
pany should be released from MI
J claims on account Of failure ia ner
| form the original contract This ar.
! rangement was made in the latter
part Of July. and Rutledge began work
under II about August t. Tha Ameri.
can Lumberman states that the mar.
ties to whom the contract was trans.
ferred are said 10 be handling il in n
very profitable manner wish this
could be true, bat I'm afraid the
Creelman journal has made another
bad guess. Today am in recepi of a
notice from Rutedge and associates
that the mill and outfit will be re-.
turned TO me. The reason they give
in the notice for this surrend ar of the
properly for work uncer tae contract
is, to quote their language, We have
atiShed ourselves there is no profit
in il for us" The notice also states
why there is no profit in il for them,
but I ref ain from pre- senting hat
statement because no possible good
can come TO the estate from it.
The American Lumberman takes
exception to my purchase of the ex
pert report of J, ID. Lacey & Co, about
the timber upon the Louisiana lands
of the i, Il Creelman Lumber & Mfg
Co. At the urgent request of a number
of the companYs creditors, r7pres emf. |
ing over two-thirds of the claims
against it, | asked the courts permits |
sion To purchase the Lacey report | |
was directed to secare it. provided it |
could be had for $4,000, although |
Creelman had agreed to pay $500 for
/, J. p. Lacey & Co accepted our of.
Ter OF S2.0l0. Notwithstanding the
American Lumberman states that
$500 was paid for it. Many of the
,reditors thought thar the value fixed
lpon the c3mpany's land in Louisiana
~ the appraisers was much Zoo low
md they We're very anxious to have
he information which the Lacey re
,ort would disclose, They wanted tc
seertain ii possible, just what timbe.
vas upon the lands For that reason
he report was procured. These credi
oTs have thought that if anything was
o be saved out of the wreck it would
lave TO come from these Louisiana
aEds, because the company's other {
roperty was clearly insufficient to +
ield anything like a SUBSTANTIAL divi. q
end
The F. L. Creelman Lumber & Mfg. q
o. seems to have title to about 90 =
DO acres of land near Melrose. La. :
inject to large bond issue and IN. q
crying liens. Mr.. Creelman claims a
lat the company also owns 10000 or q
1000 acres in addition, subject to the h
iyment Of certain purchase mon ays. II
sincerely hope that this claim will -
established. although it is very evi.
mt that the balance of the purchase
oney to he paid is a considerable
m, and no deed has ever been exc
ted for this latter tract. The Lacey
innate however, covers a total of u
900 acres, including the 10000 or Il,
900 acres for which the company 10
s no deed
The estimate shows nat there is a 70
tie over 10000, 900 feet of ash. & -,
,hes and mp at the top of the first oy
foot log, on the whole $4,000 acres. hi
10 American Lumberman saws il 49,,
n easily be marketed for double the -,
l9unt of the appiaisement of the en- IA
G property. If Mr. Defebaugh be no
YES that this can be done. il is r.,
out time that he a director in thi. In
npany. was taking some effective ha
ps 10 Secure this result for the 49,
'ditor.. In tlis connection it GER
My is not out of place to ask why do
has never attended any of the an
etings of creditors. sir. Defebaugh. ;n,
far as / know has done absolutely ~
hing oward advising with or a. no.
ing The people who aaye lost hun. c,,
DIS OF thousands of dollars through !
; company, of when he l. direc 800
Apparently he does not think that asr
is under any sort of moral or legal tbo
cation TO the creditors. although co.
permitted himself to be made a v.s
nbar of the board Of directors OF
company.
have upon a number of occasions III
le the statement that in my iudg
It the general creditors would not "
ize more than 10 per cent of Their
ms out of the assets of The com
y which are now in sight. / know T.,
o reason why ! should modify that
ement al this time. If a large.
iend is to be paid, il will only be
.use property All he found Of