The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1897-05-26

The property Of the Seattle Coal and
Iron Company must be sold TO satisfy the
claims Of its various creditors. So Judge
Moore has decided IN the suit of the
Manhattan Trust Company vs.. the Seat
tie Coal and iron Company He has
also made I'D his mind that he win con-
firm no sale az the property for less than
$50 co. although IL seams hardly probable
that any bid for less than that amount
would be seriously entertained.
Attorneys on both sides Of the case yes
terday presented to the court orders
which ,hey wished to have signed.
Neither one CT the orders suited Judge
Moore ana with hts accustomed prompt
ness he said so at once. He directed the
preparation of an order for the sale of
the property, with the stipulation already
referred to. that he would confirm no
sale Of the property for a less sum than
slsa. 90 This IS the amount due local
creditors and il Is understood that their
claims are prior TO those of the stock
holders and holders OF notes and securi-
ties.
A new petition for the establishment of
certain claims was fled In the case yes
terday by the attorneys for the Manhat-
tan Trust Company. After reciting the
facts leading up to the appointment of
Receiver Bryant. il states that the local
Cf2GfIOfS, VIZ. 0A1tH aOAS.&CE due g
Co. Schwabacher Hardware Company,
Boston National bank. Murphy Grant &
Co, and pittenhocfer. Haas & Co, filed
their petition In court last year. alleging
that their claims were for supplies and
money advanced for the operation and
maintenance of the mining properties of
the company. and asking the court to
establish these as prior claims: that the
court declined to do SO. and dismissed the
-, tAx,,x
paaled 20 the supreme court. which re-
yersed the court below, and ordered 1t 10
adiudge these claims as superior to the
mortgage lien Of the Manhattan Trust
Company and that these local claims be
paid out of any surplus arising from the
revenues OF the property after the pay
ment of the necessary running expenses.
and that If such funds are not sufficient
to pay these preferred claims then that
they be paid from the proceeds OF a sale
of all the properties In the hands OF the
receiver.
The petition further recites that on Feb
ruary 2. 1893, the Manhattan Trust Com
peny loaned the Seattle Coal aud Iron
Company $25 900 and on March z. 1923.
sI0 000 for the conduct of its business. TAX
ing In each instance promissory note, and
that TO secure these notes the Coal anu
Iron Company deposited with the Manhat-
tan Trust company, dieeii RIVER Aos'' al"
Coke Company first mortgage bonds at a
par value of $4,000; that when the notes
were not paid at maturity the collateral
was sold, fetching q net sum or *4,sou,
which sum has been duly accredited on the
notes.
The petition represents that the claims
thus constituted are Of precisely the same
nature with those Of the local creditors, in
that the money loaned was advanced for
and used in payment of obligations con-
tracted for labor and supplies necessary
for the maintenance and operation OF the
Coal and Iron Companys properties. Ae-
cordingly, 1t asks to be put on the same
footing, by having its claim classed with
those of Schwabacher Bros. & Co. and the
others In the same list.