The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1900-11-17
Corporations Now Controlled by
Him Gan Be Made Solvent.
MINES SAID TO BE VALUABLE.
AHafrs 81 Green River Construction
Company ana seattle 4 San
Fran cisco Railway Company
Are Clearly Explained-The Coal
workings Are Practically Unde-
veioped NJ the Present Time.

Frederick Bausman. who was. recently
appointed temporary receiver OF the Sc
attic q San Francisco Railway company
and the Green River Construction CON-
pany, by Judge Moore, yesterday nleo
HIS first report as such officer.
The report deals more with the anairs
OF the Green River Construction Conn
pany. and is made under the title Of the
case in which that company IS defendant
and r. f. Guerin and other phainuns.
II will be recalled that two actions were
originally filed, one In the affairs OF each
company, and that on the showing nEaue
by these complaints the plaintiff, r. F.
Guerin. was appointed temporary receive
err. Owing to the fact that II has been
repeatedly decided that an interested
party should not be made receiver OF any
property in litigation, Judge Moore der
cided that 1t would be best to remove him
and substitute some disinterested party.
In conformity with this belief the pres
ent receiver was appointed two weeks
ago. and the report filed yesterday -
his first account TO the court.
Mr.. Bausman begins his report with the
statement that the affairs OF the two
corporations OF which he has been made
receiver are 30 involved that report on
one must or necessity include many ref
erences to the business and standing OF
the other. He then states that he finds
the construction company to be a WASH
ington corporation, having capital
stock OF $4,000. The objects Of the COM
pany are detailed, and then It Is stated
that up to the present time its work has
been confined to opening the Leary coal
mines. For this. its means have been
found insufficient and expenditures OF
from $4,000 to $4,000 will still be neces-
sary. 1t Is said that a Philadelphia firm
has furnished most. Of the cash here
tofcFc expended. ana .,. that til this firm re-
revenue and embarrassed the company
In further work
He. states that the company owes SEE
debts are distributsd Amongst the Seat
tie 4 San Francisco Railway Company.
overdrafts and general accounts. To the
iisst e owing Sc, 900 &c On r. the second 1850
the company consist Of 2A bonds. 2o3 OF
which are up as security, and twenty
three Of which are in the company safe
sse 81 thc report p There s' Is s coal Of the
value Of $1,000 on hand. and coal accounts
ne r.ir~y com n ga " it Il stated, was
bonds in the amount Of 1,5oOco, bus Of
these }5Q0,000. available for the construc-
tlon Of ships only, are unsoid. The ves-
an coliiess between Seattle and San
Francteco. II II found that the company
has contracted a bonded liability Of 1884,
900. and has no cash on hand. or in
The. report STAGES. however. that very
valuable assets exist. Two thousand
acres OF coal land are enumerated, and
. value OF $1,000 900 placed on the tract,
az conservative. In addition, the COM
pany owns houses and mine equipment
at Leary, some railway track rolling
stock. valuable franchises from the city
and county, bunkers and other assets.
From these conclusions the receiver
draws certain deductions which should be
very comforting to the creditors of the
two companies. He states II as hts belief
that the expenditure Of $500 or 10000
for improving the properties. will place
both. companies again on a safe fnan-
cial basis. and will also put them where
they can pay handsome dividends on the
than % cents share, but the receiver sa hes sss
lieves that. the suggested expenditures
would 30 far improve the value OF the
property as to make them worth at least
par.
IN explanation OF these conclusions the
receivcr submits a plan. of the workings
at Leary. which shows that the coal min
ting done there 10 date has been super
nciai. The mine has more than paid op-
Grating expenses, and additional money
resulting from the work has been spent
in further development. AT present about
@0W feet Of tunnel exists and from
diagram submitted With the report It
only small part OF the coal deposit. TIE
receiver explains that the additional x75.-
900 which he believes should be expended.
viii be used IN driving shaft 400 feet
deep and putting In a tunnel about 30o0
feet in length at the foot OF this shaft.
n these proposed workings can be opened
he states that the property viii be mada
valuable s;I,,. enough 70 settle al existinx
the cDrp0rattpns fntereMpd