The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1897-06-09
TO BUILD A STEAMER.
RECEIVER SMITH, of THE O. L. CO.,
HAS A NEW PROJECT.
4 New Vessel. TO Cost $230.0oO. to BE
Added to the Company's Fleet
Judge Hanford VIII he Asked TO
Authorize the Expenditure of the
Noney-Great Northern officials
En- Route to Seattle-RailrOAd
News in Brief.

Within the next day or two Receiver c.
j. Smith. of the oregon Improvement
Company. will apply to Federal Judge
Hangord for permission 10 construct new
steamer for the company. and authority
20 issue not 10 exceed sl.5 go in receivers
certificates, to be used in part payment for
the vessel. The steamer is 10 cost $4,000,
and will be designed especially for the
corpanys line between San Francisco and
Mexican ports. She should be OF the
ways by about February next.
That Receiver Smith contemplated ask
ing permission 10 purchase or build
steamer was indicated several days ago,
when the Farfners Loan and Trust Com
paDy. acting for the Amy committee or
bondhoiders filed notice that protest
might he made by the attorneys of the
committee against the proposed expendt-
ture OF money by the receiver for this
purpose. The Observation-Disclosures indicated
then that the purchase or construction or
a new steamship BY the company was
part Of the plans for the Improvement OF
the property by the reorganization COM
miItee. headed by John A. Waterbury. ard
that the opposition 10 the scheme by the
men represented on the Amy committee
was part of the opposition to Waterbury
and his associates, as was also the objec-
ton made by the committee TO the stand
ard;zing Of the Columbia & Puget Sound
railroad.
While it Is to be expected that the at
torneys for the Amy committee will make
a formal objection in court to the pro-
posed addition of a steamship to the COM
pany's feet, the action of the court on the
other petition of Receiver Smith may per-
haps be safely taken as u basis for a sur
mise 10 the probable fate of the pc
tition for steamer. The Waterbury COM
rnittee appears TO be behind Receiver
Smith in the execution of plans for the
Improvement of the property which are
contemplated in the Waterbury reorgani-
cation scheme. This committee controls
and represents about five-sixths OF the
first mortgage and consolidated bonds.
The requests of such 4 majority of cred
itors of property undergoing the process
OF foreclosure generally have weight with
the courts
As before stated, the new vessel will cost
about 500 600. The receiver will ask au-
thority to issue certificates to the amount
of sl'5.o@ in Payment for the cost of con-
struction, and TO apply current revenues
If the company to the same purpose. II is
possible that il will not be necessary to
issue any receivers certificates. as the
companys revenues from its various
sources of income are large and becoming
greater yearly.
The steamship will be $50 feet long, and
will be capable of making l2ia or Is knots
per DOuf. SAe VIII De equipped Win the
very latest improvements in machinery
and facilities for handling freight. includ-
ing triple expansion engines. steam
winehes. refrgerators and electric lights.
Her depth of hold and beam have not been
decided on as yet and her tonnage cam
not be computed at the present stage in
the plans.
Receiver Smith. when asked yesterday
as TO the destination of the new steamer.
said that She would prohably be placed in
the Mexican trade in place of the steamer
OriZaba. The latter is not adapted 10 the
demands of the traffic between the Golden
Gate and Mexican ports.