The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1896-05-14
HEARING Is PUT OFF.
The Lake Shore Foreclosure to
Come Up Saturday.
KEEN COMPETITION EXPECTED.


The objections TO the sale Of the Seattle.
Lake Shore q Eastern railroad. n hehalf
o. the minority stockholders. which were
to be made before ya6Ee Hanso-9 today NJ
: .. m. VII have to 50 over unin sa,ar-
day. as his hoaog tesexraphed yesterday
afternoon that he could not % In Seattle
until that day. This vii BE- welcome news
to the attorneys DESTROYS OF attending the
convention at Eve<est. but net for the
parties interested. ~ they are anxious Tor
. speedy settlement
An eAca day wears On fheir litigation b.
comes more complex, and . lively time
viii b had "a court oE these preliminary
questions should compromise not be es-
sected Il the meantime The importance OF
the sale u also becoming moro apparent.
as Il 10 well known that the different trans
continental roads have representatives In
the city waiting Developments and ready
70 act
The objections TO be made on Saturday
vii b In behalf Of Thomas Earle Of Vic
tor1a: Angus Macintosh. d. II. Gilman and
George r. Gnna, represented by Siratson.
Lewis q Gilman. and the Northern Pacific
road. represented BY L. n Ashfon- II Is
understood that counsel are going to raise
the question that the mortgage does not
carry. nor does the sale convey, any Of the
or Its stock. and the stockholders INSIST
b rescued for the beneat OF their stock
that this be Rescued for the benefit Of their
stock. valued at s. De 100. Stratten. Lewis
4 Gilman also ins.st that the order OF sale
should be modified 30 as to compel the
road 10 pay their bfll Of $500 for putting
the company into the hands Of Receiver
Brown. and also for the payment Of 81. oee
TO James II. Wooding. administrator Of
the estate OF his son. Charles H. wooding.
who was killed By the road on November
8. 1885. at LAtona. while crossing the track
at the intersection Of . street
Carr 4 Preston. on behalf Of the receiv-
err. insist that the sale proceed, claiming
that the rights that Stratson, Lewis & Gil
man represent can be protected without adj
5ournnent of the sale. This in also the
position Of struve, Alien. Hughe. q Nc.
Aicker- who represent the Union Trust
Company
James NJ Ashton. on behalf Of the North
err Pacific. which owns the controlling IN
ierest OF the Seattle, Lake Shore & East
ern, Med an appeal from Judge Hanford's
decision foreciosing the mortgage IN the
Federal court on Tuesday, but gave no
supersedeas bond. 20 the posfponinx Of tho
sale Is matter purely In the dlscresaon
OF Judge Hanford- COMPLICATIONS Of a
serious nature VIII naturally arise should
the appeal be sustained after the sale and
transfer OF the property into new hands.
Particularly would this be 50 II the nos,-
ton taken by thoee contesting the sale.
tnat the mortgage In part is Invalid and
me otner part Is not due. he upheld, as
such would interfere with anv tI,Is ,hs
purchaser might get
II generally believed. however. I'm
raairoad circles that the sale will take
place as decreed by Judge Hanfora. and
thAt the purchasers vii! take a clear title
70 tho property. There II much specula-
con as to who win become the purchaser
OF the road at the sale Naturally me
trust company is in the best position to
nuy the road. as II holds the largest fund.
put u 10 rumored that the Great Northern
AZ late suggestion OF President Hi. de-
sires to control the line. to use II as a
terminal line for other roads coming In.
And also as branch OF its own system
Tbs would shut out all competition the
Great Northern has. ali the way into Suo-
honish county. and to the hop feids and
Sningle mills. Then there IL the Canadian
Paeihc. which has been negotiating for
some time to procure this line The man
ayers OK the road are said to have entered
into such negotiations at the time the road
was first placed In the hands OF a receiver.
IL has kept IL up. In order to procure line
straight from Scmas into Seattle. 1t was
only a month ago that President Van
Horne. OF the Canadian Pacific. was known
10 have . conference with Mr.. PAXTON.
chairman OF the REORGANIZATION committee,
OF the Seattle. Lake Shore & Eastern. and
there Is said to be = gentleman In the city
today who Is believed to be the person
selected. when the opportunity arrives, to
make the purchase.
The appeal filed by James NJ Ashton for
the Northern Pacific was accompanied by
an assignment Of errors. which sets up
the following
In approving and confirming on October
.. 1886. the report OF tie master In chan
Gerry. Eben Smith, TO which ruling the de-
PENDANTS excepted. and the exception was
allowed BY the court
In holding and In adjudgtnx and de-
creeing that the material allegations in
the complaina1t's bill as amended arc
true.
In finding In t1s nnal decree sha, tho
mortgage set forth In the bill Of COM
nlasn. was duty recorded IN all OF tho
counties In which the Lake Shore. it's
branches or any OF It's property. Is sit
uated-
In fading In and by the decree that
tnere were 5.s15 Of the bonds secured by tha
MORTGAGE. duly executed and delivered by
sh-s defendant. and that the complainant,
as trustee. duly certified AMI delivered thu
same. and that the same were sold nego-
t.aied and delivered when SO CERTIFIED rcr
value by this defendan. to various per-
so-s and bodies corporate, who ACQUIRED
the ownership OF ths same IN good faith.
In finding that the Lake Shore road. ca
August i. issS. made default in the pay
ment OF the interest coupons attached to
the bon5s. and erred Ia finding tia, the
railroad made default In TIE payment Of
interest COUPONS 20 bonds which rsatured
on the Ia; days OF August ard February
OF each year.
In finding that the Union Trust Company
was requested by more than a majority IN
interest Of the holders Of said bonds out
standing under the mortgage, to institute
proceedings for the foreclosure OF the mort
gage and erred IN holding that the trust
company tsd. on July %. 1884. eject 70 de-
clare. and lid declare, and elect, the prin-
c.pal Of all outstanding bonds secured by
the mortgage TO become Immediately due
and payable. rgrsiAa, 70 the provisions OF
the mortgage
In finding that s.. SIS 30 was Tire total prsr-
cirsi due "a the oatzts n4fing bonds AT tns
Gate n the rendition Of tbs decree: In anf-
ing that s1sE. 80 was the amount Of interest
due on the bends Down 20 August 1 rss1
and thai GsSsss was tbs amount OF inter-
est Cue on the first days OF Angus, ard
February, 1885. ard erred in finding tina,
iaasse WIS she interest due on ortober I.
fSS, bcizg the date whea the masters re-
ARC0IITE