Seattle daily post-intelligencer. [volume] (Seattle, W.T. [Wash.]) 1881-1888, 1884-07-24
cnAMsER OF COMMERCE MEETING.
Impertanf Basiness Transarted-The
Rafsread Fusd Subscription Com.
mlifee VIII Go 20 Work nj once.

hsar and act upsn the report OF the
of lawyers appointed the
evening previous to confer xith John l.
Howard as TO the form Of the contract
under which subscriptions TO tie rail.
road fund are TO be made.
Mr.. Gatzert. President of the Cham
Der, called upon Mr.. Hartford. chairman
of the Law committee, for report. Mr..
Hanford stated verbally that the CON-
mittee had looked into the affairs of the
Columbia and Puget Sound Railroad
Company, as far a. possible. and found
that the company owns the wharves,
water front, right Of way. road bed. saw
mill. etc, and owes nothing, although
ats stock Is held by the Oregon Iu-
provement Company. and hence il was
deemed advisable 10 deal directly with
the Columbia and P0Ret Sound Com
pauy. he farther stated that the COM
pany and Mr.. Howard had agreed upon
the form Of
CONTRACT,
Which be proceeded to read, as folloxs
|. We, whose names are hereunto sub
scribed. agree to pay 10 b. r. Briggs,
trustee, on the conditions as herein
specified, and at the time, ard In the
sans herein specified, the amounts set
opposite.
IL. The money subscribed aud paid
By the undersigned Is to be used only in
the clearing, grading, bridging, tre.tle
work, tIeine and track laying on what Is
known as the Cedar River Railroad in
King county, w. T., from The point
Ebere it Is nov completed 10 what Is
known as the Franklin mine.
III. When one fourth of the entire
work Is done, one-foorth Of the several
amounts subscribed by rs shall be due
and PAYABLE, and upon satisfactory
proof being presented to b. +. Briggs,
trustee as aforesaid, the same shall be
paid by as to said Il. f. Briggs. and by
him paid to the Columbia and Puget
Sound Railroad Company. 1t Is special
ly agreed that if the money so paid
shall De used for any other purpose,
voluntary or otherwise. it shall invali-
date the entire subscription and make
this agreement and the sums subscribed
by rs null and void. The second, third
and fourth payments are to be made by
the subscribers on the same proofs of
con- pletion of one-half, three fourths
and the entire work. respectively, and
the same forfeiture IN case the money
is used for any other purpose as speci
lied above. The Columbia and Puget
Sound Railroad Company agrees TO use
the money paid to II by B. F. Briggs
aforesaid for the purpose aforesaid,
md for no other purpose or purposes.
The Columbia and Puget Sound Rail
road Company, in consideration of the
aforesaid promises of the subscribers.
agrees TO have one-fourth of the entire
work done not later than the first day of
October, A. ID. 1884 one half not
later than the first day of November, A.
ID. 1884 three fourths not later than
the first day of December, A. ID. 1854,
and the entire work fully completed not
later than January /, A. ID. 1885.
". The said Colum ia and Puget
Sound Railroad Company agrees to is
sue to each subscriber for the SUMS
paid by them. and at the time of pay
ment a scrip paper showing the amount
of the payment, and containing prom
lse to repay the same, together with SIX
per cent. per amman interest from the
date of the paper, which said scrip pa
per shall be negotiable and shall be re-
ceIv able by endorsement thereon in
whole or in part. for one half of all
claims due from tie holder to said COM
pany for freight or ether demands, to
be endorsed az the time the freight or
other demands are due or payable, or at
fixed periods rs may he agreed upon by
and between said Railroad Company
aud the holder of said scrip. Said scrip
certificates shall be lien upon the Co
lumbIt aud Puget Sound Railroad, its
roadbed. road and right of way. and
that said Columbia and Puge. Sound
Railroad Company shall cause to tie
duly executed and delivered to said b.
+. Briggs, as such trustee, before the
AZORES aid first payment becomes due and
payable as aforesaid, an instrument in
writing. under seal and duly acknowl-
edged, perfecting aud securing said
lien. THIS agreement shall be final and
bludlng upon the subscribers hereto and
the Columbia a d Puget Sound Rail-
road Company, upon the signing of the
same by the subscribers, and the ac-
ceptance thereof 10y the Columbia and
Puget Sound Railroad G. ,mpany by a
resolution of It's Board of Directors.
Aessrs. Haufori and Jacobs explain
ed the meaning of that portion of arti-
Gle four which DDS, such scrip paper
shall be negotiable, and shall be TeceIv-
able ~ endorsement thereon, in whole
or IN part, for one half of all claims due
frsm the holder to the said company for
freight or other demands. to be endOrs-
ed at the time the freight or other de
mands are due and payable, or at fixed
periods, a. may be agreed upon" etc,
to be that, II Mr.. Collins, for instance,
held $1,000 worth of this scrip and owed
the company $1,000 for freight, be could
paw one-half the Indebtedness in scrip
and the remainder in cash. The re-
naming $500 i'll scrip would be receiva-
BILE hy the company for the half of any
otter claim it might have against the
original holder or any other hsldeg of
the scrip
Judge Burke stated that he was graft
fed To find the affairs of the railroad
company so much better than be had
expected, aud considered the security
for the money advanced to the company
perfectly good.
Ga motion Of Mr.. Scott the report of
the committee was adopted unanimous
ly.
Mr.. Howard stated that the Columbia
Il Puget Sound Railroad Company was
engaged In transportation and not min.
ing, but in order 10 take mp this scrip as
rapidly rs possible be would instruct
the agent of the coal company in this
city IN receive II IN payment for coal.
Aessrs. Angus Maeke 7tosh and Can't.
George ID. HILL were added to the sub
scriptien committee, which has been
increased TO seven members.
II. l.. Yesler and ID. L. Denny stated
that thew would commence the work of
canvassing this Thursday morning,
Just as soon As they could get the lists
ready.
Mr.. Howard urged prompt action.
saying: We want to get started by the
irst of August, 50 rs not to be compelled
To move earth Ia the rain. We can Law
track IN the rain IL necessary, but must
move the earth before the rain sets in :"
IL vas agreed that the subscription
Committee should report progress on
ne1t Saturday evening.
Fifty copies of the suhscripti a CON
tract we're orders d printed for the use of
the committee.
THE EAR6ER LETTEa
Ashley u. Hareer. who claims 20 be
travelling correspondent of the Chic 400
Iisses, appeared before the Chamber of
Commerce, and read from the manu-
script What pcrported 90 be q letter pre-
pAred for publication in the Times. de-
serip;'Ee of this city and It's surround