Pine Bluff daily graphic., 1912-01-28
NEWMAN BUYS ''.- CLIO PROPERTIES C CHICAGO FINANCIER BIDS IN FORMER RUTHERFORD HOLD- INGS AT MASTERS SALE FOR
 $475,0OO.
WILL DEVELOP THEM
Many Attended Public Sale Here Plans of Purchaser for Future
 Not Perfected.

A. B. Newman, Chicago finan- cier, who came here at the request of the Rutherford interests, former |, owner of the properties, yesterday purchased sll of the property of the Clio Lumber Company, including 45,- GOO acres of land in Jefferson, Grant and Cleveland counties, the Ander- &sdA and Saline River Railroad, saWmill of large capacity at Clio, Ark, and the contents of a mammoth commissary at the same place.
 The property was purchased from Durand Whipple, standing master in an order of the United States court for the Eastern District of Arkan- sas. MT. Newman agreed to pay all secured claims, receivers certifi- cates and costs, aggregating $475,- 900. The money is to be paid in cash at Little Rock on Monday, $10,000 certified check having already been given to MT. Whipple to show good faith. ',
 The sale attracted many financiers to this city from various cities over the country Attorney. Ringer, of Chicago, chief counsel for the New man interests, bid in the properties. No- bid less than $300,00O was enter tained. In addition to the purchase of. the property holdings the commits sary stock of the Clio Lumber com- pany was also bid in by Mir. New man for s7,000, bringing ninety per cent of the invoiced cost. J. D. Goldman, the St. Louis financier, at whose request the properties of the Clio and Bluff City Lumber Com- panies were placed in the hands of the Mercantile Trust Company, of Little Rock, as receiver, some months ago, was also present at the sale. This action was taken by MT. Goldman, as trustee for bond hold CTS, to secure bond issue of $225,- ; 900. The claims filed against the companies at that time was $S00,00O, vklue of the property purchased to- day being estimated at more than million dollars. One clain of $94,- 963 of the Grant Lumber Company was also secured with the Goldman claim.
 The properties have been operating successfully despite the receivership proce deings. MT Newman states that he has outlined no plans for the future in regard to hi snew proper ties, but added that the big mill 1t Clio and the railroad would be operated without interruption. It is known that Mr. Newman has much money and that he intends to develop the Clio interests. In the proper ties he has acquired are 25000 acres of virgin timber and 240,0o0,OOO fee. l of merchantable timber.
 My plans are yet to be perfect ed in handling the Clio interests" said MT. Newman. "I fully realize NudC uOLu1uS Cdu UO AdU0 d SuCCCSS unless intelligence and capital are used and that conservative and busi- nesslike methods are practiced. Of course we intend to develop our new holdings, but for the present can make no definite announcements"
 Since coming to this city in recent weeks, during which time, at inter- vals, he has inspected the Clio plant, Che railroad and surrounding timber. MT. Newman has made many friends. He is deeply impressed with the ad- vantages offered by this section to investors. He is regarded as one of the most successful business men in Chicago and is at the head of many banking and business houses there. He is young mana young bache- Tor 1t might be said-of jovial dis position and he firmly believes In and it's great future. MT. Newman expects to spend much or his time in Pine Bluff in the next few months.
 
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