Long-Bell Petitions to Reorganize Hold Annual Meeting Under New Federal Law

The Long-Bell Lumber Company, on June 9, applied to the Federal Court to be brought under the provisions of the corporate reorganization law which was signed by President Roosevelt on Junb 7. The petition was signed by M. B. Nelson as president of The Long-Bell Lumber Company. This will bring to the forefront a reorganization plan long shaping.

Judge Merrill E. Otis sanctioned the company's petition and set July 3 as the date for a Federal Court hearirg. In the interval Judge Otis specifically authorized the lumber company to carry on under its own management but with instructions to close its books as of June 10 and to open new books as of June 11. He allowed forty days for a complete statement of assets as of June 10.

The purpose of the new law is to reduce expense and delay in corporate reorganization and to permit distressed and debtor corporations, and their creditors, to reach amicable readjustments. The law permits a debtor corporation to be the finallj' reorganized corporation and makes it possible for the debtor to remain in charge of property operations.

The Long-Bell Corporation escaped receivership through the stalwart battle put up try the late R. A. Long to keep his company intact as a functioning corporation. The new reorganization law formed the backbone of the plans he turned over to his associates.

The annual meeting of the Philippine Mahogany Manufacturers' Import Assn., Inc., was held on June 11 and 12 in the offices of the corporation at Los Angeles. Officers elected for the ensuing year were W. G. Scrim, Los Angeles, president; M. S. Chapin, Providence, R. I., vicepresident; F. J. Dunbar, San Francisco, secretary-treasurer, and G. P. Purchase, Los Angeles, executive secre' tary.

Roy Barto, Los Angeles; J. Raymond Peck, Philadelphia, and Daniel R. Forbes, members of the executive committee, were re-elected. Directors elected for the coming year were W. G. Scrim, F. J. Dunbar, M. S. Chapin, Roy Barto, J. Raymond Peck and Daniel R. Forbes.

Visits Klamath Falls

Fred S. Palmer, manager of the Pine department of the Santa Fe Lumber Co., San Francisco, recently spent a few days in Klamath Falls, Ore., where he visited the sawmill of the Kesterson Lumber Corporation, for which the Santa Fe Lumber Co. is exclusive sales representative.

Mel Salomon Southern California Visitor

Mel Salomon, sales manager of the Smith Lumber Company, San Francisco, accompanied by Mrs. Salomon and their two sons. were recent Southern California visitors where they spent a week visiting the various points of interest.