The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1895-09-30


Electric Railway and Power Con,asg
and Seattle Consolidated Street RaliFay
Company.
Chicago. August L M
STATEMENT IN BRIEF or THE SIT.
UAT1ON.
1. First mortgage bonds issued by
the Seattle Electric Railway and
Power Company. principal. with
interest unpaid from October I.
1885 Observation-Disclosures. cSlss
2. Second mortgage bonds outstand.
ing, principal. with all interest
unpaid ....,.............. fAM
8. Promissory note Indebtedness,
approximately ...+..............,..., Aea
4. Judgment Indebtedness. approxi-
mately ACKNOWLEDGEMENTS, 10
&. Floating debt, approximately. Rsa
s. Receivers certificates, approx
mately .............................. lsa
Z. Capital stock of Seattle Ccnsoii-
dated Street Railway Company,
1900 shares Of 800 each.
S. Said first mortgage bonds being
now i'm process of foreclosure in
the United States circuit court.
and a receiver being in possession
of all the plant and property in
question.
Various plans of reorganization have
been suggested. worked over and have
up TO this date, proved impracticahe.
Therefore. the plan herein below set
forth is proposed. and II is hereby agreed
by and between n. W. Harris. Of Chicago.
H. W. Bartol. of Philadelphia Allen B
Forbes. of Chicago. Albert I. Chester, q
Westerly, r. l.. and Henry s. Boutell o.
Chicago thereby constituted and herein.
after called the committeePl, parties o.
the first part, and such Of the holders Of
said first mortgage bonds OF me Seattle
Electric Railway and Power COMPANY;
and of said second mortgage bonds issued
by said Seattle Consolidated Street ka'-
~ nd creators
and stockholders of said Seattle Consoa,
dated Street Railway Company as sEaa
become parties hereto and comply VIZ
the terms hereof, parties OF the seeeea
part. as follows:
lied. under the laws OF such state as sfaa
he decided upon by the commlttee. VIZ
an authorized capital stock OF SlvtWt 70
purchase the mortgaged properties az
franchises at foreclosure or otner sals.
and there shall be created by tne NV
company the following obligations. =.
A. A new first mortgage, securing oonos
to provide for and take up the foiioRih1
viz:
/. The principal of said present first 49,. :.
mortgage Indebtedness ........t.. sssi'Vs
. The accrued and unpaid interest
on said present first mortgage 70 r-a
October l. 1895. ...+..t..,s f''@
3. Fifty per cent. of the cash assess
ment hereinafter provided for APP =. ~
proXimately ......,-..,..- '..''''.'' -.
No., Aim
Said new first mortgage bonds 70
dated October l. 1895. and for the nrs' ~
90 years 10 be non-cumulauVe pei e. -.
income bonds: and Thereafter, WE. az ~.
October l. 1899 to bear fixed interest ~ ~ st
rate of per cent per annum. p1,ak
half yearly; said mortgage nonus " ~
rpdacrnahle at company's option on ~
interest payment day after three m0' ~,
notice at a premium of per cent. 100. VA.
new first mortgage also 70 Tn ~.
for the Issue Of bonds therennarf y,
cess Of said s457 600 up 20 saza Ns'-, ~ u
To saw for sgS. 900 additional nonos - y
which S6S 600 bonds until octopsI x K IN N,
the interest shall be preferred over ~
terest on all the other hrst lao .a ~
bonds. and he made a fixed cnsls,. ...,.ss
said SIS 600 OF bonds shall only pe lssa ~.
prior to October |. 1850. ana LOT 1888, VI
pose OF providing for needed or ooiigsss.
hetterrnents 10 the property no" VN !, ~
hereafter acquired upon the ofut t,,,srs
boar OF directors OF sald new "a =
and the approval of the committee, as
order TO provide means Cor constros..,,~v
new lines OF railway. and prrcnasaset q.
other lines and plants in Saia Guy ssssr.
attic, at such prices as snali =. al
mined upon ny said new cn,pi ~. the 10
new first mortgage may proVlos go, nas us
sue of bonds IN addition 20 said -. m
70 81 nm 200 provided however. W,aa.so,,sIs
r1niftee shall IN each case i,n,,,,n,ysasi
consent 70 tho nnrrhase. auu ~. ssr.
further that none n said hanpf - - con
ono upwards shall he issued TOT * ~
strUction az n greater rae reu ces.
cent. Of tho actual cost Of such .sri-g
efrrrtior fc0nst rfrct{on - fneiuVt - b
and fncrea sod power canacifF - Ar y
tho com rnittoe deemed nccfNSfi - ~
issued for construction unless the 81
earnings Of the new company TOT ~
l.. rHar4 -
least 10 nor cent per annum up 49,, -
MORTGAGE bonds then ou's'a '...ee,assl
getHar with the new bonds then ~ enf
20 be issued. and the trust 90 a. 10 h.
tain such further Restrictions
corurnitttae shall seem good. sac,,rsg
y An income second rnortsags :, eers
bonds divided into Series a,u - - Ia hos
A 10 hn preferred over Series y ~ 1888 Il
nrincipal and Interest. and the 1.ec,u,,auss
both series 10 be 6 per cent.
tive. 80, ~ ,sssf
Said series a income bonds snap
and disposed Of as follows, VIZ. ofifs
/ In retuts1 ~ par for - ptr - ,,,,,rayiis
cash authorizations hereinafter
for. nxcept those for stock .x,,e boas
2. To retire the new first moFts"e
above provided for ~ les. -. N re
3 To retire al mar the certifiea,a las,,sA sgs>
receiver amounting 20 SllFN
ie"f 70 the present first u1nTtR.sEs sorfs
Series Y Of ssid SECOND mor'e,n,zs., ~
70 Do uS@f ana fiENGAFfD o. - efsffe
l. IN discharge Of the breFsil l..a aasls'
mort - ~c bonds ~ the rate 81 -, ~ ths
Of tho " bonds for each two '.'iia
present second mortgage bonds. sossrr
? In disoharge Of the prF-sin ~ fss r
dNhf on tho basis ~ ono doliaI. anaiff
bonds for each two dollars OF ssi'
debt =. rnof-
q To ranav 70 the present n, "a loss Z
Rage bond holders all Deficiency rn'a,oher !
i~tAreqt which on and IN 70 .sason 4
1SaH thew Shaii have suffered = "A ,as
giv'fy~ IN their nor cent n0h0. fnr FIR
80 the said bonds with infereS -.,,,,.e 81
% wears M vabis orsiv oiff or .aoas ~
- the rata ~ two dollars ia sara pD'
- - dollar ~ AID loss -. 80.
A1~o safd new saoord rnoTfF@s is=sfes
r7.-,--sNa +hat f,s~+ter borAs nav :, ar ~
+i-~.-orsr- dor Of rf+ter earioa nF "a s,fsas
-,---~~~a ~ retiring urtcr Hens. .,ec q!
49,. --.f~eroert - fif f,vior ifef't 80 Asea
s------s'orfs 81, tNo saTsee feTf'fs - tarses
~, safa new Grzf mort &c Ter - ed
arH ps,rrfaen fserreE swd. f.,, erfse
pow second mortgage bonds OF Asa.grg ~
staIl no made p fved e'7"rRe' y. rer ~
forest al fhe futl rate ~ per a.eis' ,ss Hes
mum. psvahIe half yearly. am irfersss
cor1panv has earned nd natn 1.s,,a vesfs
pJpAn them for three ~ c0nsec ~
h1f they shall hear no interest," .ra-eIs1tz
fret raortQapa bon1hniHerS are sseT