The Bourbon news. [volume] (Paris, Ky.) 1895-19??, 1920-08-27
RECEIVERS APPOINTED FOR
LOCAL CONCERNS

c. L. Bell, recently of Paris, pres
ident of the Bourbon Oil & Develop
ment Co., and the Cooperative Land
e Development Co., of Paris and
Lexington, which were recently
placed in the hands of a receiver by
order Of Federal Judge A. M. J.
Cochran, of Maysville, has been made
joint receiver with C. C. Bosworth
of Lexington, who was appointed
by the Court, and will assist Mr.
Bosworth in making an appraise-
ment of the properties affected. Mr.
Bosworth has qualified by furnish
ing the required bond, but Mr.. Bell
has not yet given bond, although
he will do so this week.
Messrs. BOswOrth and Bell have
gone to Lee county to make an ap-
rraisement of the properties of the
two companies located there, and,
after an examination of them, if
| they find conditions favorable, will
make a report recommending that
operations be continued, according
to a message from Attorney ]. A..
| Edge, of Lexington, who represents
the joint receivership
Several days ago the two cOmpa-
MES, which are closely allied in a
/ business way, suffered a fire which.
destroyed their power plant, thus
Gripping their production. Two
strings of tools which have been
drilling in Lee county are now tied
up with Fishing jobs, and as the
company did not have enough ready
cash to bridge over these difficulties,
the receivership was precipitated by
some of the stockholders. Attorney
Edge says that the receivers are
hopeful that the properties will
be found in such promising condi-
ton that the companies will be per-
with their development work.
The Bourbon Oil & Development
Company was capitalized at $780,
900, with the par value of the stock
placed at 81 per share. OF this
amount, it is said, about one-half of
the stock was sold at prices ranging
from 10 cents to as high as 81 per
share. The remaining 100000
shares CT the stock is said to have
been held for distribution as a stock
dividend, and was being distributed
as SUCH Aside from Mr.. Bell, the
President, and Mr.. Sam Booth, di-
rector. the other officers of the
Bourbon Company are said to be
non-,esidents of Paris.
The Cooperating Land & DeveI-
opment Company also maintains
Offices in Lexington and Winchester.
1t was organized January 8, 1919,
with the following board of direc-
tors: G. L. Bell, C. B. Mitchell,
George w. Wilder, r. w. Strother
and H. S. Redmon, Paris. E. G..
Buckley. Danyille, and w. M. Buch-
anan. The directors elected the fol-
lowing officers: c. L. Bell, presi-
dent: c.. B. Mitchell, vice-president,
and H. S. Redmon, secretary-treas-
urer. Shortly after c. B. Mitchell.
George w. Wilder, E. G.. Buckley
and H. S. Redmon severed their con-
nection with the company.
The Cooperating Land e Devel-
opment Company is capitalized at
100000, par value of the stock
being 81 per share. OF this issue,
it is said, 1,68S,814 shares of the
stock has been sold at prices ranging
from 10 to IS cents per share. A
large amount of this stock, it is said.
is also held by Paris and Bourbon
County people. Mr.. C. L. Bell, is
likewise president of this company.
At the annual meeting of the
stockholders January IL, 1920, the
following board of directors was
elected: w. NJ. Buchanan. Myers:
F. B. Thomas, Fred Weckesser. R.
w. Strother, ]. N. Teager, Paris.
and F. M. Kerns, Carlisle. The Off
GERS elected were C. L. Bell, presi.
dent: S. English, Lexington. vice.
president, and J. H. Stivers, Paris,
! seer etary- treasurer.
Numerous suits were filed by
creditors of the company in the
Bourbon Circuit Court. Attachments
were issued against The furnishings
of Mr.. Bells home and were to be
sold by the Sheriff on August Court
day. but the attachment was lifted
when Mr.. Bell paid the claim.
Later they were again attached ana
advertised t. be sold September
Court day.
The company also operated chain
of stores for the sale Of merchan-
ldise. It is stated that the appoint
Iment Of receiver for both compa-
| MES was done at the request OF
President Bell to stop litigation.
which was hampering the operation
and development of the two compa-
MES and destroying their assets.
The capital stock Of both companies
is owned principally by Central
L.