The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1894-02-28
REDUCEDITS CAPITAL
Move to Reorganize the Seattle
Coal and Iron Company.
A RECEIVER TO TAKE CHARGE
Gen. Bryanf Arpesssed ~ Eexafs or .
Friendly Salt British Ceaa fer
Hsrang sea Fleet.

The Affairs Of the Seattle Coal and Iron
company we're yesterday uat in the hands
Of receiver - > preliminary 10 reorgans-
xsticn and reduction OF the capitalization
and fIea charges The appointment vas
maze BY Judge Langley NJ the suit Of the
Manhattan Truss Company. Of View York,
tne trustee ior The bondhosders. aud Gen.
John H. Bryant .as named By agreement
oi the parties The company il not fn-
solvent and the s1is Is \ friendly one the
stock and bondhciders being practically
the same persona
ne petition. which was fled By STRIVE.
Allen. Hughes 4 MeAsekea as attorneys
Tor the trustee. relates that about Decenn-
osr J. isc1. the Seattle Coat and Iron Com
pany ISSUED bonds 10 the aggregate amount
Of IL. 90. 60. dated nAecern Der /. 1857. bear
Ing per cent. interest. payable semi-an-
naaliy. payment being secured BIZ mort
gage on the eompany's coal lands and
pant A sinking fund Vas to he created
oy the payment annually OF per
cent. of the principal. la case
Of default for six months in
inseres. or sinking fund paymsn.s. the
trustee Was required 10 foreciose at the
reaues. Of the holders of more than half
OF the bonds. 1t - then alleged that the
company defaulted In the sinking fund
payments on December l, Is9., and De-
eember |. is93 and in the interest due
Decen ser |, 1858. the latter amounting to
-, oo9, and that there Is floating debt of
$500. which the company has no funds
10 pay. IL is alleged that this floating
debt il represented oy demand loans now
duo, and interest on which il due and un-
paid, and that the holders Of these obliga-
ftagw
lection
Fer all these reasons the appointment Of
receiver is asked and the court il asked
to grant an injunction restraining the di.
reetors. officers and agents of the defend
ant company from interfering with the
management OF the property by the re-
ceIser
Tie order appoints Gen. Bryant receiver
Ter SO. 600 bonds and instructs him to
take charge of the company's property
and msnsge It to pay all current expenses
and wages and amounts due for supplies.
The injunction asked Is also granted
In explanation of the proceedings Gen.
Bryan. said to a PosT-IsTELLIsEscER re-
porter:
The appointment of a receiver is simply
/ part OF plan for the reorganization of the
Seattle Coal and Iron Company and the
| Green River Coal and Coke Company By
| an amicabls arrangement between the
| stock and bondhoders. committee oil
bondholders has been appointed in New
YORK and q majority Of the bondholders
hare already signed an agreement for re-
| organization OF the company and sigma
lures are still being received. The floatin 3
| debts are not pressing. for they are all
| well secured. It is proposed TO con.
| solidate the Seattle Coal and Iron Com.
| pany and the Green River Coal and Coke
| Company, with a reduced capital in stock
| and bonds. and thereby to reduce the Fl xed
/ charges. As the bond and stakeholder.
| are practically the same persons there i.
no possibility of any clash between them >