Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-07-01
LOSING INVESTORS
! STRIVE TO RECOUP
Shareholders Of Wrecked Inter.
national Lumber and Develop
ment Co. Organize
NEW DIRECTORS CHOSEN

More than two hundred shareholders
OF the International Lumber and De-
yelopmpnt Co. which was wrecked sew
eral years ago following the arrest of
It's promoters, met yesterday in the
Parkway Building and formed the
Tropical Products Co. The new organi-
zation ,was started in the hope of re.
gaining some Of the money and property
lost when the lumber company went on
the rocks.
II was a stormy meeting. marked by
considerable confusion on the part of
the shareholders. many of whom were
women. at the conclusion Of which tn"
following Board of Directors was
chosen:
George W Edmonds. Representative
in Congress from Pennsylvania the
Rev. ]. NJ. s. Isenberg, pastor of
Trinity Reformed Church: Harvey u.
Narrignn. acting president Of the com.
pany Richard II. Riley. Jr.. Drexeil
Building. and Felipe Beltramo. OF
Wayne. Mr.. Beltramo holds a mort
gage on the company's property III
Mexico for 5000. 600.
More than 200 shareholders Of the
company, formed by the late p. Clar,,
ence Glbboney to save what he could
from the sc. 900 900 wreck Of the In
ternational Co., were present when the
meeting was opened by Mr.. Narrigan.
Questions were fred broadside Mt the
chairman as soon as the meeting was
called to order. They concerned the
present status Of the company, the par
value of the stock and cash resources.
Has $500 in Bank
A report Of the companys activities
read by Miss G. T. Pfershing, secre-
tary and treasurer. showed the com
pany at present has cash balance IN
the bank of $500; that 22S6 stock
holders in the International Co. have
exchanged their shares for stock In the
new company, and that these share
holders have paid into the new COM
pany S250, ,4Sf Total receipts since
the organization Of the Tropical %, on
August 1 1919, to date, were S263, IT.
and total exendltures S262, ,2S2.
DR.. Robert Walter. former proprietor
Of the Wernersville Sanatorium. insisted
upon receiving an explanation tor his
failure to receive his new stock. 1t was
nointed ont that although he had for
warded his old stock to be exchanged
he had failed to pay the transfer charge
of 81 per share. He lost SO 900 in
the international company failure.
Gibboney Management Arraigncd
Mrs. Chares F. Michener. 452S Re-
gent street, whose husband. now dead.
bought $4,000 of the International com
pany stock, severely arraigned the Glib
honey management of the property.
Mrs. Michener questioned the par value
of the Tropical compCny's common
stock, which is S5 a share.
1t was explained that Mr.. Beltramo
had been paid 500 900 on account of tn"
1892 900 due him from the company a:
that by an agreement reached before
the sale Of the property to Linn he had
agreed to turn it over to the company
when the account was satisfied. and the
prospects of the company were very
bright.
A suggestion that the capitalization
Of the company be reduced from $500.
900 to $3.50, 900 was agreed to by the
stockholders.
A glowing report of the company :
prospects was made by Harry NJ. Dus-
sell, former Florida fruit grower. who
has been selected as general manager of
the property in Mexico. Many i'm
provements, according to the general
managers report, have been made, and
he says the land contains an almost un
limited supply of dyewood. for which
buyers are anxious to contract. The
estate, he says, also contains large
quantities of lumber, chicle, Henequer
and coconut and 400 cattle.
The report says the company has en-.
tered into contract with a well know
oil man to drill for oil. The contract
is on lease basis and will not cost th,
company cent.