The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1898-01-26

ences by the various companies involved
in the litigation. The road now becomes
the property Of the Grant Street Com
panY. a new corporation formed for the
purpose, which has taken the road and
VIII operate II. Following are the officers
Of the new company:
President. y. II, I4a.imer. manager OF
Dexter Horton * Co; secretary. f. +.
Blaine. treasurer. X. II. Denny These
three gentlemen also constitute the new
board Of directors II Is understood that
the banking firm of Dexter Horton & Co.
owns the road Mr.. Granbs. 1t Is an
nouuced will continue as the active man.
ager Of the road.
The termination Of the suits over the
Grant street road was forecasted in the
Post-lntelllgenccr several wee ks ago. AZ
that time Felix Rackamann. Of Boston.
attorney for the Electrical Securities Syn
dicate, was in Seattle in consultation With
the parties TO the litigation. \ propos.-
ton was under consideration involving
a compromise OF the suits and the with
drawal OF the case from the Federal
court. The bonds OF the company aggre-
eating $4,000 had been purchased by the
General Electric Company. of Boston. and
by II sold TO the syndicate named. Under
the mortgage. or trust deed held by the
Atlantic trust Company trustee FOR the
bondholders. suit in foreclosure had been
begun some time ago. II was understood
during Mr.. Rackamann's stay here that
If matters We're adjusted satisfactorily 10
all parties. the Grant Street company
would he reurEanlzcd without a sale q
the property under foreclosure and the
recslvership proceedings would be dis-
missed
Al this has been brought about through.
and the negotiations were facilitated by,
the fact that the property under Mr.
Grambs' management. was earning a
handsome income above operating ex-
penses Mr.. Rackamaun thoroughly In
vestiga.ed the condition ~ the road ana
its prospects for becoming a valuable
property So completely satisfied was he
OF Seat5le's future ana the permapenct. OF
the prosperity now prevailing IN this city
ari Ia the state. that he recommenIef
that the terms % the reorganixaf foa pisn.
AZ promulgated by Dexter Horton & Co,
and by the other creditors - Mr.. Sander.
De approved.
The Grant Street line WIS placed In the
hands ~ the receiver August e lS9l The
suit was brought by Charles =. Getting
and others against the Grant street Elac-
tric Railway Company. Subsequently
Dexter Horton g. 90. filed complaint in
the state court asking that he transfer
OF the old Valley road running from
Georgetown TO South Park made by Fred
= sander ,lncp 10 the Grant Street corr
parv Is set side II fs understood that
M sander pledged his holdings In the
read 80 the bank 10 secure his indebted
I,ess 20 ~ This Indebtedness. TO 'he
amount ~ s-ea@ Sc wiped out BY The ser
ilenaeut of thu litigation
TIE ffua} aecaunt 81 Receiver Grawts
shows chat hts receipts daring th, re-
s.,lverSbsp amounted 80 81 s e. ard hts
disbursements Ia So 2sf.sa leaving O cash
surplus 80 De turned over So the new CON-
pany - s>7sg-s
Tn, report 81 fhe receiver f1r tho last
six months Of ~, showed y net earning
81 s. Se2l2
-rie reorganization Of the Grant S.ree.
company on the lines Indicated = bald -
he ore a the substantial evidences % the
refuru - prosperity 10 SEATTLE as well IS
ems, confidence placed ia the cry by the
financial institutions q the country