The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1894-09-19
SUIT ON GAS STOCK.
1t May Bring About a Change
of Ownership.
COLLATERAL FOR LARGE LOANS.
Col. Nelson Sues Elliott aud Mather for
Money Invested In Everett and
Wants Stock Sold.

| Col. II. II. Nelson, of st. Paul. head of a
| syndicate of Eastern capitalists that in
| vested heavily IN Seattle property three
years ago, has commenced an action
| against K. c. Elliott and John Mathsr on
promissory notes aggregasing nearly 500, :
CO., which may result in his acquiring
| their stock in the Seattle Gas and Electric
| Company. The Puget Sound National
bank, of Everett, is also made party be-
cause of an alleged interest. which Nelson
SAYS is inferior TO his.
The co-partnership of Elliott & Mather
in June, 1892, executed to Col Nelson and
G. NJ. Nelson two promissory notes, dated
at 81. Paul, each for 5000. payable four
months after GATE and bearing 10 per cent
interest. The entire property in the notes
was afterwards transferred to II. Nelson.
Elliott & Mather executed another note,
also dated st. Paul. August 4, 1892 for
$4,000. payable to H. III. Nelson sixty
days after date and bearing 10 per cent.
and on October 20 borrowed of Nelson
$S7. 72S SIS at IL per cent, which they agreed
to pay within i've months.
In order 10 secure the payment of the
notes and loan on January II. 1898. Elliott
81 Mather transferred to Nelson certifi-
Gates for ,6o4 shares of stock in the Seat
tie Gas and Electric Light Company, the
consideration named in the agreement
being $50. 600. The shares were assigned
to G. NJ. Nelson, as trustee. and on July
80 placed IN the custody of the Minneap-
oils Trust Company, of Minneapolis. I'M
der an agreement between the Trust
Company and H. G. Struve and others.
1t is alleged that no part of any of the
several amounts due has been paid and
Nelson asks for judgment on each &C
count, the principal sums footing up $751;
72S. 35, and that the stock be sold and the
proceeds applied to the debt.
Nelson also has begun another suit
against Elliott & Mather. and sets forth a
contract made February Is, 1892. whereby
he sold ana agreed to deliver to them GER
tain shares of stock of the Land and River
Improvement Company. of Everett. and
also certain shares OF the South Everett
Land and River Improvement Company.
on payment of ss,4i6.22. with per
cent. interest, within ninety days Nelson
retained the stock as security for the pay
ment. The S.. 4l6 - became due May Is
Nelson says that prior TO bringing suit
he offered TO assign the stock sold to Eli
lott & Mather, bat they would not accept
his offer. He says the sum is vet unpaid
and therefore asks for Judgment accord
ing to the contract and that the shares be
sold to satisfy the debt.
Elliott & Mather have not yet answered
the complaints, that is. the papers are not
on file: but Nelson's reply is already in the
clerks office. 1t denies that defendants
have paid 1850, as alleged in the first
affirmative defense. and alleges that Mel
son has fully performed his part of the
contract and accounted for moneys re-
ceived under it. He further says that he
paid to them various sums of money,
which they have refused to pay back, and
that there is now due au additional amount
of s2,5ls.29. He denies also that he re-
fused TO deliver to them books and ac-
counts referred TO in their answer AMI
AYERS that the books have always been
open 10 them.