The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1895-11-23
TO PAY IT'S DEBTS.
Decree for Foreclosure Sale of
Lake Shore Road.
IT OWES NEARLY IS. 500, 600.
Decisive Step In Restoration OF Its In
dcpendence-Attack ON Receiver
70. r.. & -. Co.

The decree Of foreclosure against the Sc
attic, Lake Shore 4 Eastern Railway Com
pany was finally signed By Judge Hanf'tH
yesterday, and February 3. ls9". vas hHe4
a. fbe final date OF redemption for the
deere This finally dxes the destiny % the
road by making K a separate property.
cuts i. loose from the Northern Pac.hc,
frees Il from alliance with any tranaeon-
tinenfal system. and leaves lt az an indie
f,eu6ent line connecting with the three
transcon4 nental railway systems entering
Seattle.
TIE amount involved IA principal and
Interest figures Up to $3.50. The fore
closure "a 20 be made on behalf Of the
Union Trust Company, OF New York. wHicn
was represented by Str1Tvc. Allen. Hughes
4 McAIicken. Carr & Preston appeared for
Receivers Brown and Bryant. and s H.
Piles. BY request OF J. ". Ashton. for the
railway company.
Findings Of tho Decree.
The decree sets form the report % Eben
Smith. master Ia chaneery. who took proof
Of all the issues. the outstanding bonds.
with principal and interest. taxes, cOmpen-
eatbon for services rendered by complain
ant trustee. md that OF counsel with costs
Of suit, and a description OF mOrtRaEed
property, by which the court Is fully ad-
vised. and e Is therefore decreed that the
Judged that the defendant. the Seattle,
Lake Shore & Eastern Railway Company.
executed "A mortgage on August ~. 1856
10 complainant. the Union Trust Company.
Of New York. for the purpose OF securing
per cent. gold bonds OF 5000 each. paya-
BILE August. 1893. - the * mt OF s., 90
for each mile % road, for the purpose OF
building II.
The court finds further that sos OF the
bonds have been duly executed and dellv-
cred to divers persons and corporations
which acquired them III good faith or that
number a3si have been deposited with the
Manhattan Trust Company. all CT which
have been duly before the master in chan
Gerry. and III have been redeemed. and
that 24 Are outstanding wi.h holders I'M
known.
Nearly SO, 500 900 Dnc.
The railway company made default IN
interest on August !. 1855. and at every
date Of maturity Of interest coupons since
that time. The complainant trustee final
Is elected on July 81 ls94, 10 declare all
outstanding bonds 10 lee Immediately due
and payable The tota principal now
amounts ic s555S.0a0. interest 10 August /.
lst6. Sles.4lo. AID FOR each Of the four sue
teeiing semf-annual dates OF maturity
si6s140 Is due. Ip TO October. I, 1885,. there
Is due S55SSo additional. making the total
principal and interest due s. ff5, $50 The
rights OF unknown bondholders will be
duly protected Thomas r. Brown and
John IL. Bryant have been acting as re-
eeiVers ever since this action was begun.
the taxes have all been duly PAID.
Last Day Tor Redemption.
Upon motion of STRIVE. Allen, Hughes a.
McMicken IL is decreed that the company
shall pay the full amount OF principal and
interest. together with interest that may
yet accrue. at the rate OF per cent with
costs and counsel fees, by February Z. 1876
In default OF such payment all the proper
ties shall be sold under direction OF Eben
Smith, special master in chancery, as an
entirety and not In parcels, 10 satisfy the
amounts due. The committee Of mortgage
bondholders. composed Of Morton s. Pa
ton, II. -. Armour. T.. ID. Christian and J
II. Smith, or any holders OF outstanding
bonds. may become the purchasers. the
sale 10 be To the highest bidder upon de-
PENDANTS premises. 20 wit, In front OF the
Columbia street depot. and the sale Is to
he duly advertised for four successive
weeks tn the Seattle pOst-Intelllgencer
giving all conditions and briefly describing
the property.
The purchaser Is entitled to apply out
standing bonds IN payment otherwise
cash only viii be received The total Of
all costs. provided in the decree. must
be included in the purchase price, the
dHlbHHt - u h- iail INTO tl4F registry OF
the court, and the clerk shall pay ont the
following:
The Claims to Re Paid.
First-Tha costs OF the suit. together
with all costs OF executing decree.
Second-Ten thousand dollars 20 COM
plainant FOR compensation in the eNecu-
ton Of the trust. including services rem
dered by Miller. Peckham n Dixon as its
solicitors In New York city. 81 - for dis
bursements by them. and 81 90 II u. VIII
Sans for looking Up Information Tor the
master.
Third-Forty thousand dollars 20 Struve.
Allen. Hughes & McMickcn AS compcusa-
ton for services I'm this suit and FOR tho
preservation Of the murtgauCd property.
as solicitors for complainant at Seattle.
and the further sum OF Slts for costs and
expenses in the trial
Fnurth-Si,e" each 20 Thomas Il. Brown
and John II. Bryant as receivers. In adl,-
ton n their monthly compensation.
F.fsh-$lG00 To Carr X Preston. solicitors
for the receivers.
s.xth-s@co1 to Eben Smith. master In
chaucery.
Other expenditures are provided cor. and
IN case thu property DOES not bring enough
IN cash 80 pay fha claims the deficiency
shall Pc charged io the railway company
The master g. authorized Co execute and
deliver a good ard sufficient decd. auJ tht
receivers are e mako , similar deed %
cover any proprietary interest standing
IN their r8ries-
The property Is rot subject 20 rcdcm0-
ton afser thirty daNs following The dstl
Of rnN advertisements. February g. 1896
Claims Under Consideration.
James Hamilton Lewis appeared fr
Strstton Lewis & Gilman. ASKING SEas
attorneys fees fcr services IN thr rrteltcr
ship suit ~ tao years ago EN-SeuaIc'
John T. Allen opposed the allow 1nce OF
the fec en- ,he ground that t5e mor,E3e,
company aid not engage MS firm 8ud W..
not responsible. Glen. Carr also oppose.
tho allowance ~ the Zee. Ginning tat
the bonds only covered the property an
nor ;hc stock II. .. Struvc rvspoode
that tAe bonds especially Included tn
stock Judge Hanford stated that l
would hand down an opinion this MORN
Ing aha8t the mortgage matter. aNd g.
the stock WAS FOUND 90 bc uo, Included h,
soutd mostly sine decree
Attorney HERMAN sought couosrsat.
for the uu.ra depot ~ SNektua to .h.
amoue. ~ ST s"a. aH3 James M A-s.rf
asked Et@a fs~ ser'a.rs THu .rHrf .t.
that Cheese sis.uss oesI r.t pa, ir-Iuis.I
ht 0olld ~ arteee1 ut.i f~an funds now
en- hsra ~ ~ ~ reesst-3 U..h1 t1-5
OF sNtY Gays.