The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1895-09-23

IN THE MATTER OF SEATTLE
Electric Railway and Power CoiaPaa ay
and Seattle Consolidated Street han"a'
Company. ,co.
STATEMENT IN BRIEF OF THE oil
UATION.
/. First mortgage bonds issued py
the Seattle Electric Railway ana
Power Company, principal Win
l 1eds unpaid from oo'ove Sss,e1
2. Second mortgage bonds outstand.
ing. principal, with all interest," ,so sa
g. Promissory note Indebtedness, a, sa
approximately ...-...+...-'.-... -
4. Judgment Indebtedness, approx - "a
mateIy Observation-Disclosures. .--'-' ,e ia
8. Floating debt. Approximately; h''
o. heceiyer's certincateS' appioN n.gs
7 ' Capitsl stock Of Seattle CONSOLE
dated Street Railway Company
1900 shares Of 800 each.
s: Said first mortgage bonds helIs
now in process of foreclosure in
the United States circuit court,
and a receiver being in possessloh
OF all the plant and property IN
question. -.
Various plans of reorganization h hass
been suggested, worked over. ana h''S
up TO this date. proved impracucaole. 30,
Therefore. the plan herein below
forth is proposed. and IL IS heTeDy a $50
by and between n w Harris, OF CIicakpa
=
Forbes. Of Chicago. Albert /. Lhestfn,' ~
Westerly r. l., and Henry 5. Bouten. =
Chicago (hereby constituted ana ~ AZ
after called 'tthe Committee") ,, parties
the first part. and such Of the holders y
said first mort gage bonds or tns s.
Electric Railway and Power egss,gg~s,ed
and of said second mortgage ponas spsH,
by said Seattle Consolidated street slsorz
way Company, and such n the cIsul. cl.
and stockholders Of said Seattle toia5hai
dated Street Railway Company - Sea
become parties hereto and comply rons
the terms hereof parties Of the sseV
part. as follows: .,.
First. a new company shall Dc IAN
lied. under the laws Of such state a. ,rsth
be decided upon by the conml.ttssss,a aa IA
an authorized capital stock Of slvv"T al
purchase the mort gagged properties aie
franchises at foreclosure or otner ,sv
and there shall be created BY ths ~
company tho following obligations. .,rss
A. \ new first mortgage, SECURING ng s.~
70 provide for and take up the ioiiO"''
J. The principal Of said present first 40, "A
mortgage Indebtedness ....-...... sS'i'ss'
2. The accrued and unpaid interest,"
on said present first mortgage u 81
? Fifty p4r cent ~ the cash assess
rnent hereinafter provided for, ap- "A -
-, g5:.ss
Said new first mortgage bonds 20,
dated October ]. 1885. and for the Is ees,.
- years 20 be non-cumuiative per s,s<
income bonds. and thereafter. Viz. re
October J. 1891. 70 hear fixed interest = s...bls
rate OF per cent. per anrum. a. ~
half yearly: said mortgage bonds 70
reaeemable a. cornpanv's option on sss'
interest payment day after three ssa
notice al a premium Of per cent. Id
new first mortgage also 20 81 sx-
for the issue ~ bonds fhereunder III. ~ Is
cess of said Si57 on. up 10 SO. lssl-tass 20
10 say, for SIS 80 additional ooi,,u stsss
N - until a8TGGE4E h
the interest shall be preferred over -. .gars
terest on all the other first f1or' 10
bonds and be made d fixed chafsss..u,,s
nrior 10 0cfaher ' ! Issa and for the parvg
pose Of providing for needed or otliE*ssso ~
b@tternents 70 the property nov (oela1s ire
hereafter acquired upon the fss-.n..ns.
board OF directors Of said new ifoAS