The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1895-10-05
THE 0. |. co. GIVES Up
It Is Thrown Into the Hands Of
a Receiver.
MANAGER SMITH APPOINTED.
Falls 10 Meet Interest on Consolidated
Bonds-So Changes Intended-How
the Property Grew.

the Property Grew.
TT. Oregon improvement Company
through an ORDER made by Tinted States
Judge Hanford early yesterday afternoon
10 now in the hands ~ G. J. Smith as re-
ceiver who has furnished 4 bond for $780,
90 The proceeding was brought by the
Farmers Loan and Trust Company. Ia
consequence Of the oregon improvement
COmpany's defaglting IN Interest on its
consolidated mortgage bonds. Judge Han
ford passed upon the matter IN chambers,
the Oregon Improvement Company being
represented b. II. Piles. and the Farm
ers' Loan ard Trust Company ny ex-Sen-
ator Alien and r. e Hughes, NJ the fiTm
OF strBve Allen. Hughes and IcMicken-
The amount Of interest ia default is Sls5.-
2s5. for the half year.
According to the petition the Oregon
Improvement Company December ]. 1850.
executed 10 the Farmers Loan ard Trust
Company, Ak trustee. 81 first mortgage
10 secure payment Of the principal and in
terest and sinking fund payments Of is
first mortgage bonds. 5000 In number, for
s, Co each amounting in the aggregate 70
ss.oo00oA. OF the 800 bonds 4ss. amounting
70 1855 00 had been redeemed and Cancelled
at the execution Of the mortgage mem
toned below On November T. Issa. The
Oregon Improvement Company. for the
purpose Of securing payment OF a series OF
bonds fl the aggregate not 70 exceed 81
0a.0a. executed what il known as the con
soIidated mortgage, wherein IL conveyed
to the Farmers Loan and Trust Company
ali the property IL then owned or should
thereafter acquire. Tie consolidated
mortgage was made subject always 20 the
prior lien Of the FIRST mortgage and the
bonds issued under II. Interest AZ per
cent fell duo seni-snnually. on the Isl of
April and October, and the principal was
made payable October /. 1899. Under the
provisions Of the consolidated mortgage
the Farmers Loan ard Trust Company
certified ss74 OF tho bonds, aggregatlng
ss,i140Do. all OF which are still outstand-
ing. The petition states that the holders
Of a large number Of the bonds have re-
quested that foreclosure proceedings be
brought for the interest in default last
Tuesday.
The Property OF the Company.
n appears from the consolidated mort
gnge that the principal part Of the property
and business OF the Oregon Improvement
Company is in Washington. The company
owns coal lands to the extent of 1000
acres. agricultural lands. miscellaneous
real estate. city lots and blocks water
rights. wharf properties. steamships and
large numbers of shares of stock in sundry
corporations. Its capital stock amounts 20
s7.ooo00o. and the company since It's forma-
ton has operated railroad and steamship
lines, developed coal mines and opened
UP wheat lands. Included in the list are
the following railroad properties:
Line Miles
Columbia Puget Sound ................. %
Seattle A. Northern -....................... 81
Port Townsend Southern ................. 43
Pacific Coast Railway ...................- 76
Total ..................................... eos
The above lines are standard gauge. with
49,. Hafs IL.
Sound. which leads from Seattle eastward
into the Black Diamond and Franklin coal
mines. also owned and operated by the
company. The Seattle & Northern ex-
tends at present from Hamilton 10 Shan
mons Point, near Anacortes. There arc
two divisions OF the Port Townsend South
ern. one from Port Townsend TO a short
distance from Qullcene. and the other from
s Olympia 10 Tenfno Junction. The Pacific
Coast railway is in California. and extends
from Port Hartford TO Los olvos. a d,s-
lance OF seyenty-six miles. II runs through
fan Luis Obspo. and taps a country rich
in agricultural products.
The fleet of the Pacific Coast Steamship
Company is made up Of twenty-five YES
eeis. employed on various routes from this
city 20 points on the Sound and 20 Alaska;
from Portland. Or. 10 san Francisco.
from San Francisco 10 the Southern Cali
fornia coast and TO Mexico. In the fleet
are the steamers Umatilla. Walia Walla.
City OF puebla. city Of Topeka. Corona,
Pomona, Newborn, Mexico. Queen. Santa
Rosa, State Of California. Al-ki. Eureka.
81 Paul. Yaquina Coos Ray. Los Angeles.
Newport. Bonita. Gypsy and Alex Dun
can. The steamships represent a tonnage
Of about 2a.0no The first eight in the list
are owned directly by the Oregon I'm
provement Company and tho remainder
by the Pacific Coast Steamship Company.
The company also has large interests in
real estate IN Au4enrfes where IL avp1
Tho water works. Il has considerable real
estate IN Eastern Washington and wharf
properties. large coal hunkcrs and a rail
road subsidy az Portland II has also val
uable terminal franchises and extensive
coat bunkers in this city. and among tho
improvements contemplated al the pres
ont time ts the construction OF series of
docks that will accommodate the largest
steamships afioat
Tho Profitable Property.
The steamships and coal mines have con-
trihuted more largely to the net earnings
Of the properties than any other OF tho
cempany's holdings The Pacin, Coast
steamship company. in 1884 for the wear
ending November 81 cleared Sto3 SlS Dur
iug the year iSaG. its net earnings were
siSS ssS For last wear the net earnings
in the coal department were $l4s SSq and
during the preceding year they we're u5s.-
N8 Tho greatest net earnings OF the Pa
cine Coast Steamship company were sIa
.Sl. IN the year tsN3 The best wear Tor ihe
coal properties wRs lV,N III which they
earned $50 3s{ The net carninrs ~ th~,
company from an itS properties dufine the
past nine years have hcrn as follows.
lSS5 ..........S SO sf.lSeo. ........... Nw5 -
in ....---.... 1.lt4 IA tSg. ...-..... 81 5sn
~ ..,..... A, 5>s iISSs,ll.. ~ ~ i,
These hgurcs show a gradual decline IN
h. aa.Hr ta,ffer SCI.