The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1905-12-03
TAYLOR GIVES UP
Receiver Is Appointed for the
Curator Mills.
G. X. Holiday Is Named and
Gives $4,000 Bond.
LIABILITIES LARGE.
Aggregate Nearly One Hundred
Thousand Dollars.
Application for Receiver Came
From Small Creditors.
LIABILITIES LARGE.

Judge A. W. Dana appointed G. X.
Holiday receiver for the Taylor Grain
company and the Curator mill late sat
urday afternoon on the showing made
by John Brown. the head miller. who
has claims for labor aggregating 81. s59.
John Brown secured a Judgment against
the Taylor Grain company in the dis
trlct court Saturday for 81, 359 for labor.
An execution was placed in the hands
OF the sheriff who reported that he was
unable TO find anything upon which he
could levy. It was then that 7tion
was taken by Brown which resulted in
having a receiver appointed
The mill and. elevator are valued at
Sl5000O, while the outstanding indebt-
edness amounts to in the neighborhood
OF $4,000. Z. F. French holds a first
mortgage on the property for $4,000;
the Bank of Topeka has a second mort
gage for $4,000; T. B. Sweet. as trus-
tee holds third mortgage for s55 600.
there is mechanic lien amounting, to
$4,000 and a reservation of title on ma
chinery to the amount of $4,000 Aside
from these amounts the Indebtedness
is to small creditors who are unsecured.
It was these small creditors who forced
the appointment of the receiver. The
Judgment secured by John Brown, ST..
S5S, does not represent money due him
alone but this amount includes the wages
que other employees about the mill
which have either been purchased or as
signed to him.
Mr.. TayIOr's Statement.
Referring to the trouble which has
| brought about the appointment of a re
ceiver for the mill and elevator Mr.. w.
l.. Taylor who is the president of the
company said; While of course verv
much regret the action which was taken
I by these small creditors which resulted
IN the appointing of receiver it may
/ be the best thing for all of us in the
| long run. My illness which kept me in
the hospital is really the cause of the
property getting into its present con
/ dition. If L had not been taken i'll I
would have had plenty of money with
which to settle all of the outstanding
! Indebtedness. When [ was i'll the small
| creditors became insistantand demand
| ed what was coming to them and I was
/ not in condition so that I could get
out and close the deal which 1 had
| pending. As soon as was able to be
| about 1 began doing all in my power to
raise money with which to settle all Of
| the debts had made arrangements
with the Title Guarantee and Trust COM
pany of New York City to issue q, trust
| deed for $125,00O. This deal was about
| closed and if I had been allowed three
/ or four more days I would have had
this sum with which to pay off our out
standing Indebtedness and would have
\ had a surplus of $4,000 with which to
work AS it is there is now on deposit
1 in the Bank of Topeka. $4,000 in bonds
which I would have been able to draw
/ on as soon as the stock is certified IN
/ the east stayed off the appointment
/ of a. receiver until Saturday when the
4 clamor of these small creditors be-
! came so strong that was compelled TO
submit to their demands.
! 81 received an offer of so cents on
/ the dollar for the bonds which are now
( on deposit in the Bank OF topeka, Dut
did not feel like making this sacrl-
flee as they are worth 50 cents anu
will bring that amount yet There IS
\ a trust deed on file in Kansas City for
! S125.OOO held by the United States
Trust company, but that has all been
/ paid off with the exception of two I'VE
hundred dollar coupons.
( It own 100000 worth of the capital
stock of $4,000 and / feel sure that
/ the mill viii pay dollar for dollar on
/ the investment The total assets of the
property foot up S164.S0O. while the
liabilities amount tot but $4,000 out
/ side of the paid up capital stock, ma X
ing a total of S1S2,0O0 OF nabtlltle' =
I leaving an apparent deficit of ST.
| 200 and the mill will earn that in 80
days when running. There is S1O,ta0
| vet due from stockholders which has
| not been paid. When this amount
which is due and is an asset is paid u
1 the deficit amounts to but S6'42V. -
turned the keys over to Receiver Holt
dav Saturday night and viii do what
! ever lies in my power to assist him in
| strengthening out matters
ST feel that no better choice of a re-
ceiver could have been made than Mr..
! Holiday. since the condition of affairs
| seemed to demand such action. but
/ believe that the receiver viii be dis
/ missed inside of the next three months
I know what the earning capacity Of
! y, f- n 7
with a full knowledge of all of the
I conditions which viii confront the re-
/ ceiyer-
Holiday Takes Charge.
Mr.. Holiday, the receiver who was
appointed late Saturday evening. Inn
! mediately gave a $4,000 bond and
took possession of the property In
! speak king of his course he said
'sOf course this is pretty early to say
| exactly what 1 am going to do. I sup
nose the first thing to do viii be To
/ make arrangements for some money
with which to meet the operating eX-
/ penses of the mill. I will say, how
/ ever that the mill will be opened at
once and run to its fullest capacity
/ The property is one of the best in the
west and should be a paying invest
ment"
The Curator mill is 700 barrel mill.
which was dedicated last January, and
| it is located on the north side OF the river
] inst east of the Union Pacific depot. The
! mill is one OF the most modern in the
/ country and was built BY the Wolf Mill
| ing company as a model and has been.
( used by them as q sample In selling 9TH
/ er mills Seven mills of q similar con
! structiOn have been sold since this mill
was constructed and used as a model.
4 The process used IN this mill IN making
/ flour is considerable shorter than the old
/ method IL use IN many OF the larger mills
/ about the country and Is for that reason
much more economical Mr.. Taylor, who
( is the president and manager of the efe-
I vator has made strenuous efforts to keep
the mill in operation, though It has been
known Ior some time that the institution
/ was in hard financial straits.
The officers of the Taylor Grain COM
J pauy are: President. ". l. Taylor. vice
J president, Edward A. Austin: secretary
: IL u