The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1897-05-16
NEWS FROM TACOMA
LEDGER COMPANY GOES INTO THE
HANDS or RECEIVER
In Debt nearly $4,000, Of which
$4,000 ~ Dee for Labor-O. B. Hay
aen In Charge al the Property
The Government To station . Tea
Ex.miner IT Taeoma-sailer Acci-
aensally. Shst.
r.acor,a Bureau Of the Post-Intellsgencer,
1f1 Pacific Avenue

xs f.nraxxzrv passed into the hands OF q
receiver this morning, Judge Carroil. OF
the superE,r court. granting the petition
and aDpoIn.ing Maj. O. b. Hayden 70 take
charge Of che property. e. r. benhett
uas appotzated attorney.
The news n AT the paper had PASSED IN
IN a RECEIVERS hands was not much OF
surprise TO the public. as runors that
such an action was contemplated nave
been flying about for several days
These rumors however. were emphatieai-
" denied By C. A. 6nowdon, managing
editor. and members OF tne iacoma Lana
COMPANY. which Is supposed to be the
owners OF the concern. Not only were
these denials made 10 the newspaper cor
RESPONDENTS but TO several OF the en-
proyes TO whom are due sums OF money
for wages ranging as high as 500. Just
why these persistent denials were mace
especially TO the creditors. Is not known,
unless IL was TO throw them OF the track
TO secure the appointment OF receiver
who would be satisfactory to the pro-
prietors.
This In what the creditors claim. and In
making such claims several of them are
not averse TO criticssing Managing Editor
Snowden severely. Major Strong, Wen
known I'm Seattle. Is one OF these. the
major has been holding down the teie-
graphic desk and doing considerable heavy
something like $50. When he heard that
there was movement on foot to place the
business In the hands Of receiver he i'm
me1iateiy went to Mr.. Sn0wden and IN
auircd IL such was the intention OF the
company. The managing editor IL said 10
have sworn by all the powers on earth that
such was not the intention The major
however, did not intend 10 take any
chances. and placed his interests In the
hands OF a lawyer with Instructions TO
watch things and take q hand IN the ap-
pointment OF receiver. If such were TO be
the proceedings.
This morning as soor as court convened
j. NJ. Blaine. cashier of the company ana
also business manager. by his attorney.
Frank w cushuan asked for Judgment
against the Ledger Publishing Company
amounting TO $3.50. alleged TO be due Tor
services. The company was represented
by Lockwood & Shackieford. who consent
ed TO the judgment being entered. which
was accordingly ordered by the court
Lawyer TitIow. representing some OF the
creditors, spoke for his clients. his line OF
argument being that 1t was not necessary
TO appoint a receiver Immediately. but TO
look about for a person agreeable TO all
concerned.
Judge Carroll asked him IL he desired
TO protest the appointment of o. b. Hay
den as receiver. Mr. Titiow said be did
take more time.
Attorney shackleford spoke at this
tuneture, urging the appointment OF Mr..
Hayden without delay. for the reason that
the paper would have to suspend publi-
cation until receiver was appointed.
The court evidently colncided with the
views of the petitioner and Mr.. Shackie-
ford. for he ordered the appointment OF
Maj. Hayden as receiver OF the Ledger
Publishing Company forthwith, stating
that he would name the attorney during
the afternoon session, which he did. the
plum falling to C. p. Bennett. John p.
Judson, prominent Democrat, wanted
the place. resigning an appointment made
by the court yesterday. but he failed to
get II.
The best indication Of the affairs of
the company Is to be had from the petit
ton filed by Cashier Blaine. which Is sub
stantlally as follows:
THAT for a long time the business has
been Improbable. and the company has
been obliged to and has borrowed large
sums OF money for the use OF the business;
that 10 Is largely indebted for borrowed
money and supplies. laborers' wages. etc,
in a sum aggregating xs9.s43.T7; that the
wages due employees amount to more than
5000. that the costs and expenses of
operating and maintaining the business
have been very large. that a large share
of the indebtedness IL long past due and
unpaid and the company is wholly unable
THAT the assets OF the company consist
OF Its Associated Press franchise ac-
counts and bills receivable. amounting APP
proxtmately To $1,000. the rewspap.r
plant. Including press the printing ma
chine. type machinery. furniture and fix
lures: that these assets could no. be sold
or converted into money without DESTROY
Ing the business. as they are Absolutely
necessary to the conducting of the same.
that owing 70 the general depression ex.
isting the business Is not earning sufii-
that the assets are very much In excess
OF the liabilities: that the company ts In
solvent and wholly unable to pay its debts
Ia the ordinary course of business. that
n he. the petitioner, caused an executions
10 be issued upon the Judgment a levy
made upon the property would be unavaii-
Ing, for the reason that all OF the prop-
erty and assets OF the company are Nv
reason OF the insolvency trust fund for
the heneftt or the creditors
THAT the value OF the property fran
clsses. etc. rests largely in the ,.antsr,,ss
operation and publication OF the rsnSr.
that any sScppage or break in the pub
fury: that the paper i unahse Ia nav nav M ~,
current expenses or continue th,s s,,,hif~
cation OF the newspaper that the fran
cliisc. property and plant are in danger
Of being lost or materially Injured IN
less a receiver aaall be appointed to take
pcseSs .,s 2, sns na.asess that The ex-
reduced ard earnings 80 increased as "a
conduct TIE paper at a profit"
Almost SIMULTANEOUSLY with the fling ef
Biaines petition for receiver was the
rling in the auditors office by w. G. Hell
lar, money lender. Of a ehattei mort
gag~ on the entire plant for s.. ea This
mortgage bears date OF July . lssss ana
A made 20 run six months before falling
due IN case OF default by the cs,ssapsny.
she mortgage has tha right 10 take tsnrns-
date possession and iorooiose on the
property. T'his mortgage Is signed hy
Charles 5. FoSs as president 90 the con-
pany, and hy ". Il lockwood, Secre-
tary.
The creditors OF the company shake
their heads duhiously when sooken ~
about the fllsng OF the mortgage and the
fact that IL Was made sn July az las,
year. and fied only today. This they con.
slider an attempt 90 not only do the
mortgages. but 10 become Indebted to ths
ferce IN an amount close on 20 s. 90 IN
the meantime Should the MORTGAGE rre-
vail the employees will. % course -,
cnly a porticn Of what IS coming 20 ,her
That they Will sef something no matt,
which way the ease goes IS a sareg,sr,
CONCLUSION. A recent decision BY re s,,.
uFgsaa court entitled them 20 three r,,op,h.
hack pay as a prvfssvnsiaI clatr. T.ss.
win give the men a gooa portion o. wsat
il d.se them. although the '.xhoSt has
not walkrsa" for q nsuch longer p~r5g-i
than that.
Receiver HAYDEN has not Announce,
What his policy will - in tae .nanass.
rscnt OF the paper. preserriax % look late
the matter hrst
sailor Mcnamara shot
TACOMA. May iS-Fraak ycNsrnsra
enc of the crew 81 the southern Paeiae