Ballard Electric Goes Under
A receiver is appointed for the Ballard Electric Light Company as its debts overwhelm its assets.
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 Ballard Electric Light Company went into the hands of a receiver yesterday on application from David M. McMullen, who claims to own 53 percent of the stock. The application recites that the company was incorporated in 1891 with a capital of $25,000. It is claimed that the value of the property is $7,000, a sum inadequate to pay the outstanding debts, which amount to $11,000. The business has been running behind, and in the interest of all concerned it is requested that a receiver be appointed. Judge Osborn, after listening to the statement of the attorneys in the case, appointed M. Boyd receiver, placing his bonds at $10,000.
“The business has been running behind, and in the interest of all concerned it is requested that a receiver be appointed.”
Ballard's identity as a separate town—one that would be annexed into Seattle just over a decade later—is often forgotten. This story captures the volatility of early utility start-ups during the 1893 depression era.
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