The Birmingham age-herald., 1922-02-10
KiIby Would Call Extra
 Session of Legislature
 If Mine Bid Accepted
Coontinued From Page onel

Coontinued From Page one)
 of various statements of coal opera tors force me, as representative of the people, to give the facts which caused the state of Alabama to pro pose purchase of all property of the Montevallo Mining coYnpsny at price which would pay every creditor dollar for dollar and would pay the company the full value of the assets above liabilities as listed with the bankrupt court
 "The state of Alabama is one of the largest creditors of the company and the people of the state are as much Interested in the protection of the l. obligations of the company as any other creditors. The state is the po- tential creditor of the company to the amount of s26O 900, this being the ap- proximate return to the state from the convict lease contract to the time of its expiration December 31, 1922. Therefore, 1t has right to partici- pate in the adjustment of any finan- cia1, difficulties of the company.
 GlRring Inaccuracies 'N, Comparisons between te schedule of assets as listed by the proposed bankrupt and the statements to & commercial agency as well as returns to the state for taxation show glaring inaccuracies somewhere, so glaring one is made to ask why and how such inaccuracies have occurred.
 Tn the schedule of assets, sworn to and filed with the bankrupt court the company listed it's real property at 31s0,00O, S100000 being for inn provement and S90.0o0 for the coal lands. In the tax returns for 1921 tho company listed it's real property including coal mines and improve ments in Shelby and Jefferson coun- ties. at &112,50o which under the law iE supposed To De GO per cent of it's real value. This would indicate that the schedule of assets as submit ted to the bankrupt court is approx imately correct.
 State Would Pay s18O,OOO "In an effort to bring about an ad- iustment of the company's financial difficulties and at the same time protect the interests of one of the companys largest creditors, tho peo- pie of Alabama, the state proposed to take over the property at the list . value of 31s0. 900, paying all debts or tho company as they become due and delivering in cash at once the re- mainder of the value of the assets over liabilities, which was placed in the schedule by the sworn statement of the proposed bankrupt at ss4,- : b5i.B1.
 ~Ths offer of tho state, therefore, means that every creditor of the com e pany will be protected to the amount of avery penny involved. If accepted, f it will mean the adjustment of all financial difficulties, the retirement t of the company from the bankrupt court with all obligations met and 5. clear record established. How many 2 times has any corporation. company or individual gone voluntarily into a { bankrupt court, filed a sworn state s xnent of assets and liabilities, admit 5 ted It's or his inability to protect creditors and obtained the opportu- Z nifty at once to walk out of the bank rupt court with every obligation met and every creditor protected2 The ; experience of Alabama business men ; has been such that they regard luck . with them if they obtain even oo per cent on the dollar.
 Lowell Statement
 i "But we find MT w. S Lowell, pres j ident of the Montevallo Mining com < pany, quoted as expressing an un- B willingness to make settlement ? which will give every creditor dollar Ifor dollar and the stockholders a : dividend of SS4,00O. He is quoted in the Birmingham Age Herald ot February as follows:
 :. "I do not regard the preffer of ] the governor to buy the Montevallo property for several reasons. In the