The Mill That Asked Workers to Wait for Lumber

According to the report of Frank L. Curtis, receiver of the Standard Mill Company, filed in the superior court yesterday, the company was capitalized at $100,000. The full amount was subscribed, but only $28,000 was paid in, leaving a balance due of $72,000. The books of the company, the receiver states, show the subscriptions and payments. The receiver says he has fully investigated the nature of the outstanding accounts and the notes held by the Seattle National Bank as collateral security for the payment of $1,300, and from the investigation it would appear that the amount to be realized from these notes will only about pay the bank the amount for which they are held as collateral. The outstanding accounts due the company are mostly of long standing, and it will be difficult to realize very much on them. The receiver says he can operate the mill the coming summer at a small profit by making a contract with the timber men, loggers and mechanics whereby they will look exclusively to the product of their labor for payment of the amount due them. The court is advised to hold the mill property together for the present, and until such time as the market for such property shall have improved. If the property were sold at present the sum realized would, in all probability, only be sufficient to pay off the first mortgage. Judge Langley signed an order instructing Receiver Curtis to pay 35 per cent of the claims for labor which have been filed against the company. The court ordered that the claims of J. A. Loggie, Charles Palmer and Oran Kiteley for $100 each shall not be allowed as preferred claims, for the reason that they are stockholders of the company and are indebted to it on their unpaid capital stock. The receiver was allowed $100 for two months' services.