The Hattiesburg news. (Hattiesburg, Miss.) 1908-1917, 1909-03-22
DEAl IS PERFECTED
BY THE RECEIVERS
Creditors Are Asked to Ratify the Ac-
tion, and the Indications Are That
N , - ,.,,..,u
the Transfer Will Be Made WIthIn
a Few Days.


saw mill property valued at more than
81 100000 will change hands within
the next week or ten days, according
to we'll laid plans which are now about
to materialize.
The immense holdings of the Camp
& Hinton Company, embracing more
than 24O,000,000 feet of standing pine
timber, a 100000 feet capacity saw
mill located at Lumberton, twelve
miles of logging railroad, teams and
other equipment, now in the hands OF
the Hibernia Bank & Trust Company
and c. w. Robinson, receivers, will be
sold outright to Samuel H. Fullerton
and associates, of st. Louis.
The Camp & Hinton Company, one
of the largest owners OF pine timber
in South Mississippi. went into the
hands of receivers during the panic
last year, and the receivers now report
that market conditions and expenses
have made it practically impossible
to manufacture the timber of the
debtor company into lumber and dis
pose Of it at a profit after setting
aside S3 a thousand feet to apply to-
ward the bonds OF the company, which
are secured by prior deed of trust,
and that they have found it impossible
to meet the first instalment of these
bonds due or June 1 and amounting
TO $50 600. For this reason, and to
avoid the possibility of foreclosure,
the receivers have bargained to sell
10 the Fullerton syndicate, of St Lot
all Of the sound timber of the Camp &
Hinton Company, standing and down,
at 81 per thousand feet, lumber scale,
and the purchasers to cut and pay for
at least 30.000000 a year and to take
IN and carry the bonded indebtedness
of fine company until the same is liq'
uidatcd. Permission of the creditors
for ronsummation of this sale is be-
inc asked by the receivers and it is
stated that practically all of the cred
irors have already agreed to approve
the sale.
According to the estimates OF the
aopraisers there are 200,O0OOO0 feet OF
standing and 3O,O0O,000 feet of down
timber on the lands belonging to the
Camp & Hinton Company, but actua
ovperience of manufacture since the
estimate was made indicates that this
will be materially increased, the acre
age cut during the past several weeks
exceeding the estimate by twenty pc
cent.
The proposition of the directors o
+be Camp & Hinton Company to thu
Fullerton syndicate, which has beel
accented, includes the use of the mil
Of Tumberton and all of the equipmen
of the Camp & Hinton Company unit
timber is consumed, the purchasers t
maintain the insurance on the plan
and keep it in repair.
The average selling price of lumbe
is now S14.O5 per thousand feet, and
is on this basis that the purchaser
agree to pay 81 a thousand feet fo
the standing and down timber. Shoul
the average price of lumber advanc
to $1S.O5 the purchasers agree to pa
for the timber at the rate of IS pc
thousand feet.
The letter addressed to the gener,
creditors of the Camp & Hinton Con
pany, advising that the sale of the r
ceivers be ratified is signed by ].
Jones, Gu]fport, Miss, and W. G. Da
Albert Baldwin. Jr, w. o. Hudse
and John B. Fain. OF New Orleans, Il
largest holders Of unpaid claims.
If the deal is consummated. agsno