Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-08-30
st. John Lumber
Co. Sends Letter
To Its Creditors

Lewiston, Aug. ZS-Mucn talK mas
been made for several weeks about
the affairs Of the st. John Lumber
Co. doing business on the st. John
river in Aroostook county.
This is a gigantic business-one Of
the largest in Maine. Its paper is
in many banks. Its stock always
gilt edged Is owned all over Maine.
of the paper of this company as
well as of the private paper of its
heads. who are considered as among
the ablest and most secure men of
Maine. Meetings have been held in
Portland to consider the condition
of the company which had vast
properties in lumber, logs. etc.,
which could not be turned into cash
on the prevailing market. It has
been believed that the company was
perfectly solvent and really possess
sed of great balance on the right
side.
The following letter has been IS
sued relative to settlement Of The
sale of logs and lumber has been
sent out. There are a number of
ton and Auburn. None Of it's paper
Is in Lewiston banks.
August 2S, 1924.
To all Creditors of Saint John
Lumber Company:
In compliance with Section 6,
Chapt. ia, Revised Statutes of
Maine, 1915, notice is hereby given
that the undersigned, The Wood
stock Lumber Company, a corpora
ton under the laws Of New Hamp-
shire, having an office at 131 State
street. Moston, Mass, has entered
into a contract with Saint John
Lumber Company for the purchase
of all the logs, lumber and lumber
products of Saint John Lumber
Company now in or at its mill, mill
yard and holding grounds at Van
Buren,. Maine, and for the lease of
plant, mill yard and holding grounds
and its machinery, tools, equipment
and appliances in or about the same,
all on the following term, wiz
Purchaser to pay one hundred fifty
thousand dollars ($15O,0OO) cash
for all manufactured lumber and
lumber products as shown on inven-
tory of August /, 1924, net receipts
of sales since said date out of such
inventory less agreed loading
charges and less ten (1O) per cent
of balance SO obtained to be cred
tied on purchase price.
Purchaser to pay fourteen dollars
($14) per thousand feet, board
measure, for all cedar logs, and
nineteen dollars and twenty-five
cents ($19.25) per thousand feet.
board measure, for all other logs,
logs to be scaled as sawn and pay
ments to be made on the tenth of
each month for all logs sawn dur
ing the preceding month. Fifty
thousand dollars ($50.OO0) to be
paid in cash and applied against
price of last logs sawn. Payments
to be completed by July 10, 1925.
AS part of consideration for above
purchase, purchaser to have use OF
above described leased property till
July /, 1925, and use of such part
of yard and equipment as is neces-
sary to store and ship lumber on
hand July /. 1925 till January l,
| 1926 IL needed for that purpose.
Copies Of inventory of logs, man.
ufactured lumber and lumber prod
ucts and of contract as executed
| may be seen by all creditors at Of
fees of Saint John Lumber Com.
pany, Van Buren,, Maine, or oSo
| Commercial street, Portland, Maine
or office of The Woodstock Lumber
Company, 131 State street, Boston,
Massachusetts.
The Woodstock Lumber Company,
BY HARRY w. WRITER'S
This is one of the largest contracts
ever taken over in Maine.