The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1893-10-25
THE CITY ACCEPTS.
Settlement With Kings Bonds
men Made by Ordinance
cRIFFITH's NOTES SECURED,


/ practically the same as published yesser-
/ day, the banks placing cash % the creiit
| Of the city 20 the amount Of So, so 81;
assuming liability fore and guarantee
| ing payment Of notes ard checks
TO the amount Of ss.2iI64 Nine out Of
ten 5ondsmen assume the entire burden,
d. 7. Denny refusing 20 participate IN any
SAY. Nine of the bondsmen hare given
security 20 the banks 20 cover the guaran-
teed amount. Thurman is 10 pay his in
/ debtedness 10 Krug 20 the other bonds
/ men and $500 besides, and Fred 4
| Sander has bonded himself 70 pay So ,o00
| The only new feature in the pro-
/ ceedings last night was the offer
| Of L. H. Griffith for the L. II. Griffith
Realty and Banking Company. TO give
i security for its $4,000 Indebtedness. con-
sitting of four items. viz: A note for
s $1,000. check for 81. f156s. a check for
I sii7.45. and a note for 81 1851. Mr.. Grit
! fin offers to give new note for $4,000,
secured by fifty fully paid shares IN the
/ Fremont Milling Company (which ne says
owns seventy-two lots in Fremont1 val
/ ued by him 3: SO, 90; 30 shares in the
! Blaine Electric Light and Power Com
/ pany, valued at $. 600. and also mortgage
I in the sum OF SIS, coon tae following prop
| erEy: East half of lot and north half Of
| east half of LOT 3, block Is. A. A. Denny's
third addition; lot 8. block 49, A. A. Dem
| ny's third. and an undivided one-third
interest in lot 5. block IL, Boren's addi-
ton. These include the Griffith block on
! Front street near Madison. the Griffith
! house. corner OF Pine and Second street
and the house formerly owned by Otto
/ Ranke. Rack Sc the Ranke block
/ The following Is the proposition in
| detail:
! We acknowledge deposit of $4,000
4 maize By AHniph hruz, city treasurer. on
I june III, 1892; siso an Indebtedness TO said
/ city Of VI. lso 6s on account of an unpaid
| check gwen March ], 1895. on account of
1 taxes: also a balance of SILT Is due Ia
I Adolph krug and garnisheei By said city.
/ for the payment OF which said sums, and
! SO Tor the payment OF 81, 70j.S7 assumed
/ by said undersigned under an agreement
| with the sureties on krug's official bond
| on December Is. 1888, .e viii make and
/ deliver 10 the city of Seattle a prom
issory note in the principal sum
/ OF $4,000. which said note shall
| be secured BIZ fifty shares OF fnIl
| paid stock of the Fremont Milling Com
/ pany rerresenting one-fiith interest in the
| plant OF the present vaue of $50 900; also
1 30 shares of the capital stock Oft he Blaine
! Electric Light and Power Company of the
( present ya.ue oi s. 900; also a mortgage In
| the sum OF $1,000. secured by tie follow
| Ing real estate: Ihe east one-half OF lot 2
and north one-half of the east one-haif OF
4 lot 5. both IN block 70, in 4. A. Dsnny's
third addition; also lot 8. in block 10, A.
| A Denny's third addition a so an undi-
| yided one-thIrd interest in lot 5, block II,
/ B0ren & Denny's addition.
/ Ii is uur desire tout We do not make il a
legal condition) that the city shall, release
from the effect of said MORTGAGE the east
/ one-aalf OF lot 2 and the north one-half of
the east one-haii of lot 3. both in block rs,
! A. A. Denny's thru addition 10 the city.
on payment of IS 900: 10; 3. block 10. A. A.
D<nny's third addition. upon payment OF
! 5000; the undivided one-Ghrd interest in
/ lot ). block u Boren & Denny's addition,
uron tie payment of $1,000, or
/ upon tile payment OF the principal
SUM aud interest. In addition said note
/ shall be endorsed by L. III. Griffith. The
| city now 10 release TO Us a negot a0.e
/ note OF $1,000 together with eoiiaierals
/ tbereAlta executed in favor of Aao.ph
krug, said note being gwen Cor security
/ Tor said amount and now in possession of
! c-ts; also check dated March /. 1893, for
/ xl,lIh.6s executed in favor OF Adol2h
/ krug, city treasurer. now held By said city.
The mortgage and note he-ewith 10 be de-
iiyered To the city b. note for SIS. 00o above
I
| above mentioned and the stock above re-
| terred 20.
Mr.. Donworth explained that the propo.
sition was in accordance with the offer to
secure the city against loss by the notes of
the L. II. Griffith Realty and Banking
| Company. After recitlng the items of
/ property ,fierei rs security, Mr.. Dom
worth said the entire proposition of the
I 10
! never remembered a deficit of so large an
amount icing made good without costly
and tedious litigation. The hondsmen. he
said. are asking FOR no discount. but do
ask the city TO allow a few items. One
instance is that OF the interest on tho wnr-
rants. The city might have the legal
right to the interest bu, the cues
/ ton Was whether il might not
be expedient 20 waive that claim. Tie
| bondsmen urged that the concession
would y q. scst the city a cent. and as
they offered 20 make the entire deficlencv
1 good except for few hundred dollars M
% their bond iimi. in cash. he. for his part
was willing 10 yield. He urged tina: the
sondsmen's offer be accepted. AS il had
! passed through severe test and he was
satisfied it was the best the CITY could do
Attorney Z. e Hugacs explained that
/ the Her vas n generous one, because il
was I'm excess OF the legal liability of those
OF the hondsmen who were actually taking
/ care of the matter. The banks. which
! were in no way concerned. had gAner-
ousIy come forward and furnished the
/ money in order TO aid the city in meeting
/ the interest on its bonds.
/ II Was not publicly stated. but II was
I made known that there is in the city treas
ury about $50 coo. The revenue is abon,
! $4,000 month. About December Is il
Z viii be necessary 20 forward about SIS 600
+ cash 70 New York to meet interest on the
/ cilv's bonds
Alderman Ingram asked what insurance
there was on the Griffith buildings. TO
/ which Mayor Ronald replied that Griffith
/ told him they were well insured.
/ Delegate Brace moved that il be the
( sense Of the convention that the bonds.
+ meas proposition be accepted.
Alderman Ingram said he would like to
I Snow the value OF the properly offered hv
I GTiihsh. bat nobody made any replv.
| Attorney ". H. White said he agreed
with Mr.. Donwosth that the proposition
Was good one for the city TO accept. He
~on!f give the same advice TO nriya,e
client. He advised the city to accent the
offer. The city had already seques,ered
I over 50 coo, and there Was still a deacit of
sI@,"1 TO secure this the city had
hFug interest in community prnpe-tv
WORTH about sie.non He doubted if thew
could touch his wife's property. Nor
could they touch thu vrifa's ,,-r,>a-.,. =; a :