The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1898-01-09
FOR SxTY-F|VE THOUSAND.
Front Street Cable Road Is
Bought in by Bondholders
NO OTHER BIDS WERE RECEIVED
II Objections Are N0f Filed "ftnih
Ten Days JudEe G. H. Hnnf"ro' Oh
the Federal Cours. VIII sign n
Final Order Confirming the sale
REORGANIZATION to Follow. With
O. d. CoIvfn n General Manager

Master In Chancery Eben Smith yester-
4ay sold the Front Street Railway Com
parry, stock, franchises. rolling Stock
rfzaf-of- way. real estate and all other
property 70 a committee OF oonahoiders
for $500. Talg was the lowest sum named
In tbe es5er Of the circui; court for which
tag property would be sold BY Judge
Hsngoras order, the bidders were asked
II tender check for SOS as a guarantee
of good faith This was done by the pu--
,.assiug trustees. who are Hon. Frank
Jones. OF Portsmouth y. H.: George
Tourney. Of san Francisco, and Bert F..
IIeeht, Of SaE Francisco.
An order vas entered during the after
poem by Judge Hanford. confirming the
SAFE. unless objections sbail be filed w!ta-
ln ten days. II 70 objections are filed by
that time a final order. confirming ali OF
the proceedings before Inc master in
enancsry and the acts OF the receiver, o.
u Calvin. Will be- signed by the court.
Thus ends q rather famous case. Mr..
Colsin was appointed receiver OF the road
December y. 1884 The monthly state
ngents OF the receiver for the first six
months showed 4 gain In income over
operating expenses. Later the roads earn
iDgs fell below its expenses, but for the
last SIX months OF is97 a very material
gain Was reported.
i new company - operate the road Is
being formed by the purchasing trustees.
1ne preliminary steps nave been COM
peivd. but tha company Will not be for
maliy Incorporated until the final order
~ The court is signed aud the property Is
turned over by Judge Hanford TO the pur-
chssers
rhe formal sale Of the property was de
void of unusual incidents. Messrs. George
Tourney. Bert K Hecht and Frank Jones.
tbs purchasing trustees. were present. and
QIered 10 pay the minimum sum, 81. 600.
for ihs property. There were NO other
ads and Judge Smith knocked the prop
erty dossn 10 the three buyers.
la the afternoon Judge Smiths report
vts filed IN the office of the clerk of the
+ edrrs court rs contained fun resume
q the proceedings. ending with an
count of the sale The order confirming
the sale. subject to objections, which must
be- aisd within ten days, was then signed
by judge Uauford.
1; rs understood that the new company
will Re styled the First Avenue Railway
Company. .. -. GOWN, the receiver, VIII,
IL Is said, IL retained by the new com
pany as general manager This was the
unanimous wish or the purchasing trus-
tgas. Since hEs appointment as receiver.
the road has been operated a n minimum
expense, and MS reports have been APP
proved not only by the court. bat by all
the parties interested in tie property. His
course has met the approval OF the men
whose money Is invested In the road from
the beginning.
The claims of the creditors Of the road
take precedence over the bonds. a review
Of the litigation ending with the receiver
snip viii explain this. The first action
Was brought by the Wasnburn a. Moen
Cable Manufacturing Company, of San
Francisco, "a recover bill of S. 500 for a
cable supplied the road. Judgment for
the amount % the bill was secured The
road was levied on and Marshal Drake
was put In possession OF the property. A
petition was fled by the creditors asking
for the appointment of a receiver The
siiit was entitled the Front Street Cable
Railway VS.. James c. Drake. marshal
Receivers certificates for 50. 900 have been
issued and other claims bring the floating
Indebtedness up % s6J coo.
Neither Mr.. Tourney nor Mr. Jones
cared 20 outline any plan for the I'm
rrovement Of the property yesterday They
both said that until the road was taken
out 81 che Receivers hands they did not
care 70 talk 90 their plans. There have
been Futnors for some time Of a possible
consolidation % the railways OF Seattle.
Among the plans which have been Hug-
gested- although not fully considered by