The receivers took control on 8 July 1923 and discontinued freight service north of Perham Junction on the former P&R from 24 November 1923 until 1 June 1924, but passenger train service was continued over the entire system through that winter. For the next five years, winter freight and passenger service on the former P&R north of Phillips was discontinued from December through May. The former F&M remained in service for receiver Wing's mill in Kingfield, and for a Carrabasset wood veneer mill built by the Lawrence Plywood Company in 1924. The veneer mill used surplus World War I tanks to haul logs out of the woods.