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

80 arprov7i Of the committee. and In
- - "a provide means for constructing
,snes Of railway. and purchasing any
s,s- lines end plants in said city OF Sc
CO. - sftch prices a. shall be deter
s+1s anon ~ said new company said
- ev4t mortgage may provide for the is
- Arvzae in addition 70 said $500 I'D
81 = A. 81 provided however. that the
q -.s.fee shall ia each case unanimously
fesa-s 70 the purchase. and provided
cegTs1~ .haf mono % said bonds from SIS
- - .,,,rvrary4s shall be issued for new con-
=" .;rr a. a greater rate than - per
81 ~ the actual cost OF such new con-
sr..-.eefieyl construction 70 fnciude paving
- s~e~easei power capacity when ~
~ aa-,vafftee deemed necessary. or be
800 for construction unless the net
lsss-.f-~s 81 the new cornpany TOT tne SIX
seI..ks tfsr1 last past shall be equal ~ ~
Faofs ~ 80 cent uer snnurn upon SITS first
49, srsga bonds then outstanding. to-
80 - ufth the new bonds then proposed
3 - issaiea: and the trust deed 10 con-
q , es,of1 further restrictions as 10 the
.1.n-.ssttee shall seem good.
A. income second MORTGAGE occurring
.lrss divided into Series \ ard r, Series
r.. .a Re preferred over Series + as 70 both
AssgasraT and interest and the interest on
sa.h series to BE- s per cent. non-cumula-
terezta carries 4 income bonds shall be used
s,-r.oseT If az follows. viz
a. -eff,rr ~ uar for - per cent. OF The
=. sr,bsc-fpffors hereinafter provided
- evcepf those for stock
To retire tho new fret mortgage bonds
sova proviaed for ~ JOE.
To retire al mar the certificates of the
ss.s,er amounting 70 sfI.J9. issued sub
- ~ the present first mortgage
r.-ses Y Of said second MORTGAGE bonds
- he Used and disposed Of as follows, viz:
In discharge Of the pressnn second
r.he n bonds for each two dollars of the
-reaert second mortgage bonds.
In discharge OF the present I'oanng
So IN tho basis OF rnc dollar Of the
So ~ each two dollars OF said floating
To renav 10 the present first mort
~sva hordholders all deficiency and loss in
sm.areet which on and M 10 October I.
~ thev shall have suffered bv reason of
.ri..;yer M, their rer cent. bonds. and TAX
10 .he said bonds with interest for four
~ ,.ssrs navabIe nnIv out Of income and
- to rate Of two dollars In said bonds for
sach dollar Of said loss
,lsa said new second mortgage shall
,ras-lde that further bonds NAV be issued
.tsrenrder of either series 4 or =. for the
nnrpose 81 retiring prior liens. and upon
re retirement of al prior liens then Tor
ex,enslons or the same terms as are fixed
- sala new first mortgage for extension
and purchase issues. and. further. said
veg second mortgage bonds OF both series
.Aan ne made a fixed charge. bearing IN
.arss. a. the full rate Of per cent. uer an
.nrn Davahie half yearly. after the new
snrnnant has earned snd paid fun interest
,,,o- Them for three 13D consecutive wears
M thew shall hear no interest until tho
errt ynorfgagf bondholderS are receiving
frif per cent. ner annum upon tnetr
hanfs. and all ~ the income bonds shall
~ subject 20 REDEMPTION on anv interest
navrnent day at par after three months
notice
Ezafinn Of said new company. and upon
he transfer 10 IL of the plant 1snd fran
ehisns espitai stock. which shall go and
h. disposed OF IN the following way and
propnrfiOns to-wit:
" The present second mortgage bond
hciAsre and floating debt claimants. corr
ing in hereunder and complying herewith.
shall receive in said stock 30 per cent. Of
rho sfnckholFors in said Seattle Cor
roItdafe1 Street Railway Company. who
COVE IN hereundpr and Coupiv herewith,
shatt receive IN said new stock . per cent.
M The mar value ~ their old stock.
The remainder Of said now STOCK snail
remain IN the tree sury Of the new COM
pauv subject 10 the corporate purposes.
That Is n say the present first and sec
nnf mortgage bondholders and floating
debt claimants and holders OF stock IN
said Seattle Consolidated Street Railway
fsaynrarv corning in hereunder ara COM
plylrg herewith viii receive as follows:
A The present first mortgage bondhold-
era will recefye dollar for dollar In new
rvst mort gage bonds as provided for in
nararranh above. and also receive sec
ord MORTGAGE. series Y. income A1ondS, NJ
che rate above named. for their deficiency
IN Interest dslrir~ the four years follow
fnr October 1so5.
n An bondholders and floating debt
claimants
hereinafter provided for viii receive dol
ar for dollar Of their cash payment as
'oHows VIZ 81 per cent in said new nrst
nartgaFe bonds. and the remaining ~ per
esnf IN sail second mortgage, series y,
insesue bonds
Second mort rage bondhoiders and
Nsaiinr debt claimants, coming In here
under and complying herewith, VII re-
eslve = ror cent ~ the fare value 81 their
holdings in tho new series y income bonds.
ard - per cent, of their said holdings in
81 i -
The stock holders Of the Seattle Con
sal9afed Street Railway Company, upon
coming IN hereunder and having tneir
fssh assessment viii receive therefor
sfaek en- the new compauv 10 the extent Of
3 ner cent Of their old holdings Of stock.
Second The Illinois Trust and Savings
Hank az Chicago. Illinois will act as
trustee IN tho matter Of the adjustment
hsrfNv provided for. and issue negotiable
wee'nts IN the usual manner and form Tor
ire bonds and stock deposited hereunder,
sni also Embellishments for the assign
rAHts ~ claims.
Fer convenience. this instrument will he
sssrnted IN various parts. ard said PARTS.
shen aenosted with sssd Illinois Trust
anf SAVINGS rank shall constitute one
Instrument and he = sufficient agreement
- trust under which said Trustee NAV re-
Hslve. rerelr' for. use and atsnoSe of the
bonds couuons stock and claims deposit
81 With y I'm pursuance hereof: said trus-
'ee being expressly authorized her"hy 20
roe and dispose Of said bonds. couDoD=.
s'eck and claims under and I'm accordance
viih the written orders Of the committee,
and not 20 30 table in the premises IN any
case. or ~ onv event. unless ~ shall have
acted I'm had faith. and said trustee shall
- entitled - receive reasonable compen-
ss'on fer its services as trustee hercun-
De-
Third All narties denositiur their seour-
TIES, stock AMI claims hereunder shall AZ
re same time comply with the following
eenditiore.
I The owner Of each second mortgage
hord shall upon depositing the Same with
TIE trustee toeether with all overdue
coupons attached, pay 20 the trustee the
ssn ~ si00
: All floating debt claimants shall upon
denasstirw assignments ~ their claims
Nsv 20 tho trustee Herewith In cash 10
fsr cent. Of the respective claims
AT holders Of stock In said Seattle
Consolidated street Railway COMPANY de-
Noslting their stock hereunder shall there
With nav en- cash 20 the trustee 80 per
eent Or the par value or their stock re-
snHcfivelv dennSifed
said cash beinE needed 20 nav the ex-
penses 81 foreclosure and REORGANIZATION
ST. for the protection and care or the
fTapertv. AMI tho committee being hereby
.Snresslv authorized - have and receive
Tom the trustee and 20 use IN such
amounts and a sflch FINES. and iu such
manner az they shall deem hest. the said
eaSh payments for said purposes ~ fore-
ensure, reorcq riFntou. and protecting
shd caring for tho uron@rtics. including
@nenses already 8. 'urred.
Fourth Notice ~ this plan 0f adjust
men' SHAH he ruhfished az least once in
sseh week for two weeks iD two daily pa
FTts In the CITY 90 Seattle. and in such
y,hsT newspapers as 20 the committee
Sasn seem good
II AZ me ent ~ frteen DAYS from the
- Or sail VrNl-ations any Of the sec
e2e wcrfcaro hOrdhOifers or floating debt
hlsn's shall have failed 20 gomoiN