The morning Astorian. [volume] (Astoria, Oregon) 1899-1930, 1907-12-29
CONTRACT.

In consideration OF the covenants and
agreements hereinafter mentioned, to be
well aud truly done and performed BY
.,.,.... OF ,.,,.,., herein mentioned
as the second party. |. VIM. II. Garland,
of New York City. New York, herein.
after mentioned as the first party. here.
by covenant and agree as follows, that
IA to say:
First, To organize during the months
OF December, 1907. and January, zoos,
under the laws Of the State Of Oregon.
a corporation by the name Of ASTORIA
STEAMSHIP AND TRANSPORTATION
COMPANY, authorized among other
things. 10 own real estate and 20 engage
generally in the transportation business
and particularly to operate a line OF
steamboats, for both passengers and
freight service between the city Of As.
toria in Oregon and CataIla and Valdez
and other points in Alaska, the place of
business and head office to be at all
times at the city Of Astoria, with a
capital stock not l,ss than 5000. 900
70 be fully subscribed for at least
Sl,000,0W of which stock to be sub.
scffbed for and paid for by the first
party.
Second Said corporation will acquire,
on or before the first day Of June. 1908,
the fee simple title to not less than 1900
continuous feet OF water frontage on the
Columbia River within the corporate
limits Of the city OF Astoria, and will,
on or before the first day OF November,
1908 have completed on said water
frontage dock or docks, wharf or
wharves for deep sea vessels, the cost
Of which together with the purchase
price paid for said real estate, to az.
gregate at least $200,0OO; said corpora.
tion will also have purchased and own
in its own right on or before the first
day Of May, 1908. at least three steam
vessels of modern type equipped for first
class passenger and freight service, each
OF said vessels TO be not less than 1000
tons burden, and will on or before May
!, 1908, place each of said vessels in
actual service on the route between As.
toria in Oregon and Catalla and Valdez
in Alaska and such other points as may
be desired by the first party and main.
Ia ha mo IL, a,,nl. uarx,ian
Third, The said corporation shall
issue its first mortgaged @ per cent 25.
year bonds to the amount of $500, 900,
payment thereof to be secured by first
mortgage hen upon all of the above.
described property vessels, and fran.
chises superior To any and all other
liens.
In consideration whereof, the second
party thereby covenants and agrees to
accept, receive, and pay for the said
S5OO,0OO mortgaged bond issue, bonds
to the amount OF ......, payments to
be made thereon as follows and upon
the following conditions, that IS to say:
FIRST, The second party shall pay said
sum 10 the ..,..... Bank of Astoria,
Oregon, as trustee, as follows: twenty
per cent therof, on or before February /,
1908, and 10 per cent thereof each month
thereafter until the same is paid in full,
payments to be made on or before the
first OF each month.
Second, Said money to be held by
said bank as trustee to be delivered and
paid over to the order Of the said cor
poration when the said corporation and
said first party shall have performed all
Of the conditions and stipulations here