The Sunset of the Port Madison Mill Empire
A Seattle bank moves to seize the vast assets of W.P. Sayward as allegations of fraud shadow the collapse of a regional timber titan.
The story, cleaned up
A cleaned-up reading of the newspaper page: spelling and layout repaired, one story lifted off a crowded page. It follows the original closely but it is not a transcription. The original page is below; read it if a detail matters.
The property of W. P. Sayward, owner of the Port Madison Mill Company, situated in King, Pierce, Kitsap, and Mason counties, will be attached today on a suit brought in the superior court yesterday by Dexter Horton & Co., to recover $227,768.86. Harrington & Smith were the original owners of the claim. For the past eight or ten years, Harrington & Smith have furnished supplies, cashed time checks, and otherwise transacted large business with the Port Madison Mill Company. The claim was assigned to Dexter Horton & Co. on October 9, 1891. The plaintiffs filed bond for attachment in the sum of $500,000, and a writ was at once issued. Last night some of Sayward's property in King County was attached. Today, the mill and property in other counties will be placed under attachment. W. P. Sayward is now in Victoria, but his home is in California. The complaint alleges that he has recently transferred some of his property for the purpose of defrauding his creditors.
“The complaint alleges that he has recently transferred some of his property for the purpose of defrauding his creditors.”
This 1892 financial collapse highlights the boom-and-bust instability of the timber industry that built early Seattle. Much like today’s battles over corporate transparency and creditor protections, this case illustrates how large-scale resource extraction firms often left behind complex legal webs when they retreated, leaving local employees and suppliers to fight for their due in court.
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