The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1890-11-26
TOSAVB It's PROPERTY.
The Oregon Improvement Conn
pany Asks for q Receiver.
JOSEPH SIMON IS APPOINTED.
Otherwise the Compsay's ASSETS
Would Be Scattered and Lost.
rhs Disastsr Brought ON by he 1oun-
site Booming - the Chisf Omcials-
Creditors Are Amply ssoared-sIhs
Steamer City of Pusbia Seized.
JOSEPH SIMON IS APPOINTED.

PORTLAND. Nov. Is I'm the United States
circuit court this morning E:ijah smith and
Prosper w Smith. Of New York, through their
attorneys, made apple alton for the appoints
ment Of . receiver for tn Oregon Improv m ne
Company. organized under the laws of Oregoa.
The application ssts forth that In order to se-
cure the credit OF the company under the pres
ent financial situation it 10 necessary that .
receiver should be appointed.
Inc application shows that all the properties
OF the Oregon Improvement Company are anb.
ject to liens The nrst lien. or what Il known
e. the first mortgage OF the company, WAS made
to the Fsrmers' Loan 4 Trust Company, q
trustee, and dated December !, 1850, and the
second b known - the consolidated mortgage
OF the Oregon improvement Company, made to
the tarmerx' Loan 4 Trust Company, q trustee.
and dated November /, 1852 The flrst mortgage
wos made 70 secure tho issue Of $5O0O,0o0 in
hst mortgage bonds payable December /, 1glQs
with interest ct per cent, payable in June, tho
bonds, cured ~ CONSOLIDATED mortgage -
the amount Of $45l4000 of principal. being
equal In amount to the entire amount outstaud-
Ing OF the dfst mortgage There are now In the
possessio ON Of the Farmers Loan Trust Com.
pany. OF New York. as trustee, consolidated
mortgage bonds to the amount of $S90O00 and
there are now outstanding loans 10 the amount
OF Il $50 700 secured from individuals and cor
porations, which loans will mature I'm few
days. Many Of these loans are held In New
York city.
All OF the nrst mortgage bonds are now ort.
standing except about $500 600 that have been re-
turned and cancelled by the operation Of Gink-
ing fund provided for in the mortgage.
The interest on the outstanding FIRST mortgage
bonds, being per cent on about $500 o00 will
be due the 1st OF December next and
the company win be unable to meet the
Rf tsaA. 49,
takes possession OF the company's property. The
consolidated mortgage was made and executed
November l. 1859, to secure the issue Of SIS. co.,
900 payable in 1889, with the interest st per
cent. payable in April aud October.
Owing 70 the condition Of the money market.
It Is impossible to renew the loana For the pest
year the company has been engaged in the pur-
chase and development Of railroad lines in
Washington, causing large oatiay Of money.
The liabilities Of the company ere about 81
100000
The application further seh forth that the or.
egon Improvement Company coacoiyinR il
duty 10 b 70 protect It's property, and to treat
the same - . trust fund for the security f1t OF
its creditofs and then for its stock kh0ldars, de-
tsrmined to appeal TO the court for receiver,
thereby preventing the destruction Of IT. trans
portation system and the scattering Of il assets
By numerous auits, which would inevitably
follow an oss this step was taken.
The application shows that the company owns
the following properties:
Real estate te-Two thousand ave hundred ana
tweniy-eight acres Of coal lauds IN the sSats Il
Maehinston; 1000 acres ot asricnltural and sIm-
ber kinds IN the stose6 u Ureeon and Waahina.
ton; one-half interest In the Throssel- Cook
water ditch. In the stats Of washington; two
blocks of land in San Francisco; leased prem
iees, consisting OF wharf property. coal bunkern
ETC., at Oakland Cal. Portland and Astoria, Or; f;
40 town lots In Prescott wash.
Personal property-Thirteeu steamships.
which are leased to the Pacific Coast Steamship
Company: 1900 shares of Pacific Coast Steam.
ship Company's stock; lS.704 shares Of stock
OF the Pacific Coast Railroad Company. which
owns and operates narrow gauge railroad
from Port Hartford TO Los Olivos, Cal, . distance
OF seventy-six miles. and the bonded debt Of
which railway company is 3l370,000; 10000
shares OF stock Of the Columbia Puget Sound
Railroad Company, from Seattle to the New.
castle coal mines, Wa1h., twenty miles, with Z
branch twenty-three miles in length known e
the Cedar River extension, and Sc, 600 shares Of
stock Of the Seattle Coal 4 Transportation Com
pany.
The company holds a. security for advances
the entire Issue OF the capital stock Of the Seat
tie 4 Northern Railway Company, also the en-.
tire issue OF the capital stock Of the Port Town.
send Southern Railroad Company. besides
chehalis Valley Railroad Company.
The following persons and corporations are
made defendants: Farmers' Loan 4 Trust Com.
pany. of New YORK: Coiumbis Puaet Sound
Railroad Company; Seattle, Coal & Transpor.
tation Company; Seattle 4 Northern Rai!way
Company: Port Townsend Southern Railroad
Company, and Olympia 4 Chehalis Valley Rail-
road Company. decree was granted appoint
ing Joseph Simon. Of this city, receiver OF the
Oregon Improv ment Company, with bonds
fixed at 100000. Receiver simon viii fle hiu
bords and assume control Of the company's sf-
fairs ct once.
J. c. Hsines. general attorney OF the Oregon
Improvement Company, said this afternoon
1.-THE object OF the company. 20 lar 40 It has
gone, - simply to preserve the integrity OF the
present system and keep it together The coal
mines In the state of Warrington cannot be on.
Grated without the railroads owned by the COM
pany, nor can the roads be operated unless the
mines are kept r1hning. We want to prevent
the company's property from being broken into
fragments and sold under attachment for iloated
indebtedness. II it Is so broken up the sales
thereof would be ruinOus, not only to the stock.
holders, but to the creditors as we'll II We can
keep the business going till the present fnan.
cial stringeney is over we will have no trouble
in meeting all obligations The resources ci
the company are abundant to meet its liabili.
ties. and II the money market of last summer
had continued we would now be on solid bot
tom. II the company Is not disintegrated it can
pay OF every dollar of Indebtedness, which viii
not exceed u, 100000. while the com mpsny's prop
erty 10 worth ~ least $l0.000 600. The situation
now is that the court has charge OF the com.
pany, by virtue of its ofiicer and accordingly nc
attachments can be levied against IL unless the
court grants the creditor permission TO bring
suit"
c. Caesar & Co. today began suit in the circuit
Court against the Oregon Improvement Com.
pany TO recover the sum of q $50 the value n,