Large Action
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LARGE ACTION
from the Victoria Daily Colonist, 14 Jan 1904, pg.8

Receiver Appointed for Pacific Steel Co., Because of Swaney's Death

The first legal action which comes as a result of the wreck of the 'Clallam' was begun yesterday at Seattle when the First National Bank secured the appointment of a receiver to care for the interests of the Pacific Steel Company, of which Homer H. Swaney, who lost his life in the wreck, was the active head. M.J. Carrigan, who was intimately associated with Swaney in the conduct of the concern's affairs was named as receiver, and his bond was fixed at $5,000, which he promptly gave.

The petition for the receiver was made by Lester Turner, president of the First National Bank, to which the company is indebted in the sum of $23,000. Turner set forth in his application that the company owns blast furnaces, 320 acres of land, several coke ovens and other property situated in Jefferson county, and that it had, during the past year, borrowed considerable money with which to conduct and enlarge its operations. Arrangements had been made by President Swaney, through Eastern capitals, to secure large sums of money with which to further the plans of the company, but many of its plans were not perfected at the time of Swaney's death.

For fear that minor creditors would attack the property and cause it to be dissipated, the bank requested that a receiver be appointed in the interests of all concerned until such a time as the company can recover from the effects of Swaney's sudden taking off. The petitioner recommended M.J. Carriagn is peculiarly well fitted for the position on account of his intimate knowledge of the company's affairs and the Court promptly named him as receiver.