The Mason County journal. [volume] (Shelton, W.T.) 1886-1927, 1893-12-29
Receiver Sheafe's Final Report.

Z. M. Sheafe, receiver of the Wash.
lngton Southern railway, now being
operated under the management of the
| stockholders and creditors. Yesterday
says the P. l., filed in the superior
court his final report from the date of
his appointment, February, l, 1898. TO
December 10, together with his third
and hnal account current. The final
report details the actions of the receiy-
er from his appointment and shows
that the road under his management
mas Deen operated with a small profit.
While during the ten months preceding
1T was operated at loss. The current
account shows balance on hand of
@o,IoI94 IN notes and cash, although
the receipts fell below the disburse-
ments considerably, especially during
the months of September, October and
November. A recapitulation of the
account current is as follows:
Casn on hand last report 49,. $9l45 So
| 0 0? 81 ~ erIors ) 10
Total s14,s1O o.
| Disbursements, July to December L. 500 -
Balance on hand, cash and notes sS.76z o.
he account shows that of the bal
ance on hand 81, 414.O1 is in cash and
| the remainder in notes and accounts
| as follows: Mason County Logging
| Company's note, $2,213.9O; Mason
County Logging Company's note, S4o1, :
| as; Granger Lumber Company's note.
81, 40; various logging companies
| accounts for October and November,
S136.14. In the final account the re-
| celver asks permission to turn these
| notes and accounts over to the railway
company for collection after his dis
| charge Oy the court.
In presenting his final account the
receiver states that, counting the
pron1issory notes he mentions in the
| account current as cash, he had recei-
| we'd from all sources up to and includ-
| ing November 80, $41, o51.71, and had
disbursed $32, 967. 81, as shown by the
| general statement appended which is
as follows:
Receipts to November 80, 1888
March So, 1889; April, So, 143. o5; Nav.
S4,221.4S, June, 81 ,059.19; July, So, 15O-
SO; August, $1,73O.73; September, $780,
81: October, $296.13; November, 1882;
total earnings of road during receiver
ship, $50, $3.50; other receipts, bank
loan to pay interest, $14, 7O6.25; sale of
logging cars, $3.50; miscellaneous,
s., 7o6.77; total receipts, Sal, 95171.
Expenses up to November 80, 1893
Operating road, February, 81, ZOO. 80;
March, So ,O91.62; April, s., 333.67: May,
81, 086.32; June, $2,54O.68; July, $2O12;
August, 81 $4,000; September, $3.50. 80;
October, $454.96. November, 1884 81;
total operating expenses, ST., 484. So;
insurance, 1888; taxes due January 1.
1892, $4,282.29; interest on Northern
Pacific contracts, $5,431; labor, So, 846.-
70; total expenses to November 80, $32,-
967.67.
The receiver here explains that he
has hever been able to operate the
road at his full capacity, but that dur
ing March, April, May, June and July
the demand for logs was good and the
road was oper ated at a profit. By
September 1, however, the demand
had SO decreased that between 17,OOO.-
900 and 20,00O,000 feet of logs were ac-
cumu1ated in the bay at the terminus
of the road, and the logging companies
could no longer pay cash for freight
Since that time he has deemed it best
not to operate the road, which has
been, therefore, practically idle.
The receiver next gives a table
showing the comparative cost of oper-
ating the road during the ten months
of the receivership and during the ten
months immediately preceding. The
earnings during the ten months pre-
ccding the receivership were, accord
ing to the table, $51, 928. 80, and the ex-
| DenSes of ODeratiOn $50 III 10 def
cheney Of $4,242,8 9; while during the
receivership the earnings were $40, 500,
but the expenses only 81, 484 so, net
earn ing of $3.114.13, unless from it is
deducted 81, 484. 10 expended by the re-
ceiver for legal advice, reducing it to
$1,63O03.
The remainder of the final report is
devoted to statement of the affairs
of the road at present. An account of
all the litigation the receiver is now
involved in is given; it is shown that
claims have been filed with the re-
ceiver aggregating $8,424, none of
which have been paid the repayment
of money borrowed from the first Ma
tiona1 Bank of Seattle by the receiver
to pay labor claims and interest has
been arranged for in the settlement
with the creditors, and other small
matters yet remain to be fixed up.
In conclusion the receiver asks to be
discharged after his report is approved
and to be allowed not less than IS, 400
as compensation. He also asks the
court to allow his attorney, H. B.
Slauson, who has attended to all of tn e
litigation, 81, 484 as his just fees.