The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1895-05-11
AL0NGER FRANCHISE
Reauisite for ReorganizIng
Second Street Road.
COUNCIL ASKED FOR RELIEF


FaEHav GNrnpaHE sTFesFf& 90
f4fffns ~ me rifT eeurrti FnEe af a
ssfsnltts4 regIsed ffsurhlaa for me
rnananV covering a ferio4 - t.'s tta
sna proyi3iuE that ne rifS #atA
a rsrrrenfava - the gryaa earElHss Hf tAr
49, f+srras~fuw after faan Tho franchise
T. fhr result ~ ar eMort or tho pe-f -
the frrt and second uertgaxe forta0sl-
err and She sfc- khoilsFN - rfpr8tH.@f me
eurananv o. a basis fhaf W.T. A4alt "t
me interests ~ all concerned tftns ta1A-
e. after and All ths same time. permit
the company e. raise money Tor the paw
Ans of fta nortf - PIKE street and meet
all obligations incident 30 this. Improve
meat
Tha franchise was presented YESTERDAY
afternoon 70 the railway committee and
she chairman % ne street committee ot
either house. Those present were R'aet
men Sweeney. Compton and loteloy.
uegexataa VeiEs gleesoa. HurA ant Lit
tie with Sweeney IN the chair. pthers
r,rasenf were J ". Van Brockiln. caatF-
nan az the hoard % public works, CITY
Fngfneer Thomson Falcon Jos}Fn. a{tot
me- fof the sfoe khe.dnrs ard SECOND boaa-
holder. Thomas r. Shepard. l0ea} attof-
rev for the FIRST mortgage hoa3not aeFs-
A l. scott - Chicago. a straet rafi@aF
axnert and n a Dc Witt. financial
man Of the same city. both representing
r. first mortgage boudholders
n viii he remembered that She HrSt
marriage bonds ~ tire company. autornt-
,ae "a fgsf o9. we're taken hy =. " Harris
r. 20. and were then sold by that com
rany 10 Eastern investors. ". 1T. Bartol
o. Philadelphia. bring large aolder Al
= meeting ~ the hondholders recently
held In Chicago q committee was appoint
Cd 70 effect a reorganization or the roa1.
hy an amlca5ie adjustment among me
various class Of creditors. the move
hsasss hT
receiver notifying them that the com
nary vas not IN condition to stand the
expense thrust upon Il bY the city IN ae-
yuandIug the IA yirg Of Pike street. Al
the Chicago meeting a subcommittee was
amounted. consisting Of \. ". Harris
ard W II. Bart0i. 10 come "a Seattle
and see what could he done with refer
ence 10 the reorganization Of the con-
many These two gentlemen arc no" IN
she city Mr. RaFtol. holding some o. the
bonds. has \ vital interest IN the ADJUST
ment OF the question. while Ar. harms
feels a moral obligation 10 aia the hold
ers In perfecting the reorganization, as
his house placed the bonds.
The Receivers statement.
Receiver NJ. r Baekus. OF the line.
made the following statement relative to
the condition Of the company:
THE condition OF the Consolidated road
q very serious one. for We are con-
rronted with the necessity % rebuilding
and pay!ng our share for the paving %
Pike street and the exchequer OF the
road viii not at present permit II 10 meet
this expense The expense viii fall on
the first mortgage hondholders AMI the
veuresenta tivee Of these boudh0lders are
here Thy are enfavoTlng TO cnect re-
organization 90 the road on such a OASIS
as will protect tho Seattle interests. or
second mortgage hondholders. and ttse-
cured creditors. and At the same time al
low the frat mortgage hondholdeTs 20
make reissue nf bonds on the property
OF the company This would be impossl-
hie under the present short franchise
They contemplate. also. improving the
road and IT, rolling stock and extending
It's line somewhat. This appears 10 10
the only solution % this matter that VIII
save the interests Of the local security
holders The Improvement Of Pike street
involves not only the outlay necessary for
having. but also an entire reorganization
Of the railway through thai thorough
fare. as 81 would be folly 10 place nave
meni over the present inferior eonstruc-
ton
ssVe need n longer franchise. and the
gentlemen. Mr.. Harris and Mr. Eartol
EXPRESS themselves most freely regarding
,hls matter They have confidence In the
future ~ our city. aud are prepared 70
raise such sums Is may be required 10
furproye the streets through which the
.fres ~ the Consolidated company cx-
tend without any 3elay II mot IN fair
shirt nv the council and people ~ seat
IL and given such an extension or the
franrhiee as viii enable them. when het-
ter times arrive 20 1oat securities en the
property and Thus MAKE their Investment
n rnrnunara tive one \ hftN-Near fFah-
chfse has hoen spoken or but the gentle
men are here and thew viii tell You thtU-
.a4e4as ..sHa.e tNav want