The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1895-01-27
CUTTING THE KNOT.
Reorganization Of the Rainier
Power and Railway Co.
AGREEMENT HAS BEEN SIGNED
IKE Old Csmpasy Merged Into New
Ons Dsminas<d by the Bondhold-
srs-The Dennys Consent.

The reorganization agreement Tor the
Rainier Power & Railway Company has
been signed by the holders Of Isl OF the
first mortgage books row outstanding.
The agreement Is conditioned that the
street railway. mill and light plant be
exposed 10 sale by thu receiver under the
petition TO that effect fled In the United
States circuit court December a. 1884. In
case the road is purchased by ths bond
holders the agreement provides that the
new corporation shall be called the Tlsrd
Street & Suburban Railway Company.
with seven trustees. ard have a capital
stock of sio0.oo. divided into I,eoo shares
us 800 each
Tha details OF the reorganization are
placed in the hands OF a committee OF
three CT the bondtsoiders-Angus Mackin-
toSh, A. n. Brookes and Frederick Baus-
man. In case OF vacancy IN the commit
tee Thomas Boyd. WsJ. Grambs and w.
Hammond Wright shall succeed to menu
bership In the order ssan,ed.
The capital stock OF the new company
is 10 be subscribed by the committee in
It's representative capacity. and is to be
paid fer In full by a conveyance to the
new company of the assets OF the old.
The usual precautionary provisions are
inserted in the agreement, to the effect
that should the cornpany's bonds not be
ready for delivery with the mortgage.
written certificates may be accepted by
the company. and that the bonds of the
old company shall be deposited with the
committee before the sale The present
receivership. as far as concerns the
inn Of re- 81
counts. is not disturbed.
The bonds secured by the mortgage
on the new conpany's property shall be
$1,000 each. due twenty years after date, Z
and bear s per cent. interest payable
sefni-annually. except that the interest
coupons of the first three years shall be
detached from the bonds by the COM
mEttee. who in distribution of bonds shall
substitute for the coupons negotiable in
terest certificates of equal denomination
and appropriate the net income of the
company to their payment. The coupons
shall not be destroyed. but shall remain
the property OF the distributes to be de-
iiyered to them if the interest ccrtiii-
Gates are rot pad.
The number of bonds shall be sufficient
for the following distribution: Each bond
holder of the old company shall be en-
tilted to half as many bonds int new
company as he holds in the old, except
that shorld he have an odd number and
he thus become entitled TO a half bond
a whole one shall issue TO him. The face
value OF the new bonds allotted to each
bondholder shall not be less than the
face and interest OF his claim against
the old company.
The agreement provides that In case
Mrs. ID. T. Denny. John b. Denny, d. T.
Denny and ID. Thomas Denny. or the as
signee OF their claims. agree to the
sale and reorganization, the committee
shall transfer one share of stock to each
Of the seven trustees The remainder
OF the stock shall be transferred to Angus
Mackintosh as stock trustee. to he
held by him In trust for Louisa Denny.
The stock trustee shall give receipts for
the shares so deposited and these receipts
the committee shall distribute among
the boAdholders. During three years
from the date of the receipts the stock
trustee shall vote the number of shares
mentioned ia the receipt according TO
the directions of the holder of each, ex-
cept that he cannot vote for a sale OF
any of the mill and light plant or for a
three years from the date of the receipts:
nor shall tie railway be sold or leased
for longer time than three years with
out the, consent of all the trustees. The
stock trustee Is also required at the
first annual meeting OF the stockholders
and regularly thereafter to elect ouch
two OF the new company's seven trustees
as Louisa Denny shall nominate. After
three years the trustee shall deliver to
Louisa Denny the stock held In trust by
him. In case the bonds are redeemed by
the Dennys
The Northwest General Electric Com
pany, as assignee OF a Judgment In favor
OF A. t. Fuller against the Rainier Power.
x Railway Company and d. II. Denny
for slices, rendered October 4. Isss. less
s51 realized by sale of bonds. also signs
the agreement. by 8, z. Mitchell. mana
ger OF the Coast district. BY a supple.
mental agreement. signed by all the mar
ties. tho Northwest General Electric
Company valves all priority II might as
se~t In respect to Judgment In favor
OF a. Il. Fuller for 81, 1853. rendered
September q. 1898. and consents TO a pro
rata distribution as between the jndg-
ment and al other claims entitled 20
share In such distribution OF any assets
of tho Rainier Power & Railway Com
pany. The supplemental agreement also
provides that the electric company shall
be entitled TO the rumher of bonds Of
the new Issue 70 which the face amount
OF the balance due On the q 600 Judgment
entities il.
The case Is entitled 4. p. Fuller vs..
the Rainier Power G Railway Company
AID the Union Trust Company. OF New
York. ard the sale viii take place ar the
King county courthouse door tomorrow.
under the direction of Eben Smith. Unltesi
States master IN chancery. The terms
are that the property shall be sold In one
parcel as an eftirety, for cash. 70 be paid
for at time 81 sale. The Complainant or
any OF the parties IN the canse may be-
come purchasers. ard the master in char
Gerry win Accept up 20 their amount. SIS
CO. with interest, the receivers cerkstl-
Gates heretofore Issued by him IN lien
of cash. ard IN case sufficient is not bill
Ia aefray the receivers certificates the
purchaser takes subject 10 tia lien of
the certificates.
Tne Hesshera seset Reapens
Thu Northern hotel r~ansrNi la s. evan,