Evening journal., 1915-07-08
S73S.735 ASSETS
FOR LUMBER CO.
Appraisers Fix Value Of
6O0-acre Mexican Rubber
Tract at 81
PROMOTERS ARE
SERVING SENTENCE

The total valuation of the Mexico
property of the bankrupt international
Lumber and Development Company, of
which four officials and promoters are
now serving sentences in the Eastern
Penitentiary for using the mails To de
fraud stockholders of more than S6000
600 amounts 20 only $73s, 1880, accord
ing TO a report filed yesterday in the
United States District Court, Philadel-
phia. by the appraisers. In one pros
pectus issued by officials of the company
a total of 1927 100000 was placed upon
this property.
John o. Sheatz, the receiver, who
spent "a days on the plantation with the
appraisers, Frank l.. Moister, William
N. Little and Charles r. Lane will re-
port at later date on the advisability
Of continuing the plantation in Mexico
as a going concern.
A half million rubber trees were val
ued in the company's pamphlets at So,
100000. According 20 the appraisers,
the entire 600 acre rubber plantation is
worth just 81. The principal assets of
the company are the 292 ,544-aore San
Pablo plantation, at Campeohe, Mex,
and a henequen field covering 1898
acres. The plantation is appraised at
81 per acre and the henequen field at
$295 $50
According to the appraisers, there has
been no sale of land in the Campeohe
district in recent years, such as might
indicate the value OF the international
Lumber Company's holdings. But on the
basis Of including in it's value the tim
bor, dyewoods. etc. 81 an acre is deemed
reasonable. The promoters said they
had expended s4,O0OO0O ON the develop
ment of the property. In one folder the
lumber was valued at Sl3O00000 ac-
cording TO evidence produced before the
United States Appellate Court by John
il. Hall, Assistant United States Dis
triot Attorney, when he argued against
new trial for the promoters and off
cials.
Buildings and store in San Pablo,
where the company's business was
transacted. are valued by the apprais-
ers at $3S.375, while camps are ap-
praised at S7437. The rubber planta-
tion. on which the folders issued by |
promoters placed such a high value. |
is deemed practically worthless and |
a cocoanut plantation also is listed |
at only 81. Two fruit plantations are |
valued at $500. The value of tram |
lines owned by the company is placed |
at S26.S75. a portable track used for
temporary laterals in the henequen
fields, S1O62.5O, and rolling. stock
$4,000.
Part Of the pamphlets Of the Inter-
national Lumber Company was de-
voted to glowing descriptions of the
"harbor facilities" of the plantation
and the company's fleet"
According to the appraisers. the
boats used IN transportation OF pro-
ducts Of the plantation arc worth
$1,000 The cattle there are valued
at S14,474 This stock IS claimed by
Felipe Beltramo, who now is operat-
ing the plantation. A manufacturing
plant Is appraised az S31 $3.50 and l3O
bales of manufactured honequen at
S64S0. The balance OF the appraisal
includes tools, equipment, Office and
furniture.
Former officials and promoters OF
the bankrupt company now in tho
Eastern Ponitentiary are John Mark.
ley, Isaiah B. Miller. A. G. Stewart
and Charles NJ. Mcmahon. They were
convicted of defrauding stockholders
through fraudulent statements of the
development work being done on the
plantation and the earning capacity
OF the concern II was brought out
at the trial that dividends to the
amount of S1,5OO,00O had been paid
out of the capital stock and not from
the earnings.