The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1900-11-03
Well-Krown Corporations Pass
Into Hands of Receiver.
THE ACTION NOT UNEXPECTED.
Seattle = san Francfseo Railway 4
Navfgatfsn Company and Green
River Cssstructfon Company Are
Said ~ stsckhoiders "a he In
soivent-Omcer of both Of the
Corporations II Pat In Charge.

On complaint filed by the stockhold-
ers OF the two companies. r. F. Guerin
vas yesterday appointed temporary re-
eefver Of the Seattle * San Francisco
Railway and Navigation Company, and
also OF the Green River Construction
Company. This action was not altogether
unexpected by persons familiar with the
condition OF the business affairs OF those
corporations
Ths complaints filed yesterday gave the
name OF r. r. Guerfn as plaintiff, and
slated that this action was commenced by
him in his own behalf. and for the
numerous stockholders and creditors OF
the companies. From the allegations II
appears that the interests OF the two
companies are 10 n large extent the
same. and that their business affairs are
interviewer no that the appointment Of
. receiver for one would necessitats
similar action for the other.
The principal object Of the companies
was the development OF the Leary mines
ana the transportation Of the coal TO
Seattle and other points To make
the cost Of transportation as small as
possible the company proposed 10 con-
sfruct railway lines for Its own use. II
n now operating some small sections
Of road constructed In accordance with
this intention.
II appears that tho corporations have
been a constant drain on the sharehold-
ers. as 0uerin states IN hts complaint
that he has advanced money on the
bonds Of the Seattle q San Francisco
company. ana has also made payments
10 the Green River Construction Com
pany. These payments have been ex-
pended BY tho corporations In the devei-
opmsnt Of properties and the construc-
t1on Of roadbed. buildings ana other ac-
ceaeories. The money secured from the
stockholders and others has never been
repaid, and u II alleged that each COM
psny owes moro than 100000
In addition TO this the Seattle 4 San
Francisco company n liable on bonds
issued by II for u. 900 90 and for various
other sums not particnlarixcd In the
complaint but mentioned only as large
Gums. The complaint does not state the
exact amount Of the liabilities which
have been contracted by the companies.
nor does II give the exact amount adj
vanced by the stockholders In fact, II
does not sven approximate the latter.
II n alleged also that the compan MES
possess large and valuable properties In
and about Leary. and that II matters
are allowed - continue as they have
been great deterioration In the value of
the property will result II IL stated that
Isrse numbers Of men are employed and
valuable machinery, tools and buildings
are under the control Of the companies.
On this showing Judge Jacobs yester-
day appointed r. r. Guerin temporary
receiver Of the two companies. fring his
bond for each receivership at G.ooo. These
bonds were Immediately prepared. APP
proved and nied. The order appointing
the receiver further directs that he shall
assume immediate control Of tho mines
and other properties and shall manage
them In the manner most calculated to