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Ralph Huddlestun, founder of Huddlestun Lumber Company.
Mr. Huddlestun was a veteran of World War I. Here is the content of the letter:
After returning from service with the A E F, I taught school in Illinois until March, 1924. On March 11, 1924, I became associated with Wirt M. Hazen, Inc. as manager of its Schoolcraft branch, (which position) I held until May of 1926, when I was taken to the General Office and put in charge of its sales, which position I held until 1932
By 1932 the Corporation had become heavily involved with with banks and trade creditors and was unable to meet its obligations promptly, this brought about a strained condition between the banks and W.M. Hazen who was then President of the Corporation. This condition grew worse and it was decided by the banks that there should be a change in management. I had taken no part in the management and finances until this time but, by mutual consent of the creditors and W.M. Hazen, I was chosen.
An investigation disclosed that the Corporation had never had an audit, and that its records were in-adequate. An audit was made and more adequate records set up in November of 1932.
Liquidation of direct bank indebtedness was accomplished in 1935, contingent liabilities, consisting of customers notes endorsed with re-course to a bank which by this time was receivership, was completed in 1936.
While this was being accomplished the corporation was being operated so that its indebtedness was paid without the liquidation of its capital assets.
The enclosed balance sheets reflect the true condition as of November 1932 and later periods.
Mr. Huddlestun changed the name to Huddlestun Lumber Company, Inc., in 1948. He resigned as President in 1970, continuing as Chairman of the Board until his death in 1982 at the age of 87, when he was succeeded by Lynne Cerrone, his granddaughter, and Richard H. Dozer, his grandson.