{(NDUSTRIALS
36)
MALTBY-THURSTON HOTELS, INC.
GENERAL OFFICE: 706 Pike Street, Seattle, Wash.
HISTORY: Incorporated under laws of Washington, successor of a partnership,
having its inception in 1911, when H. E. Maltby and S. W. Thurston leased the
Wright Hotel, 710 First Ave. Seattle. Leases on other historic and well-known
hotels were acquired as follows: Brunswick, 1913; Rainier Grand, 1916 (torn
down in 1930 to make way for federal postoffice); Stevens, 1917; New Richmond,
1918; Lincoln, 1919 (destroyed by fire in 1920); Georgian, Imperial, Georgian An-
nex, McKay, all in 1920; Windsor, 1923; Waldorf and Wilhard, 1924. All of the
foregoing hotels were disposed of by the company for various reasons, at various
times.
OEPRATIONS: Maltby-Thurston Hotels, Inc, acts as a holding company, super-
vising operations of subsidiaries, either wholly or partly owned through hold-
ings of both Preferred and Common stocks thereof. Subsidiary companies’ hold-
ings variously comprise ownerships of titles, or of rights to titles, of leaseholds
and of operating leases. Ten hotels were operated in 1930, as follows:
The Bellingham . . Bellingham The Lewis-Clark ._.....
The Benjamin F Seattle The Marcus Whitmes:
The Cambridge Seattle The Monte Crist
The Camlin ........ Seattle The President
The Columbia .......... wenatchee The Waldorf .
Contracts have been made for the following:
One-half interest in operating lease upon, with eventu: Ppl unity to ac-
quire title to, the Boise Community Hotel, Boise, Idaho, upon which construction
was commenced in 1930.
Operating lease upon new Roosevelt Hotel, construction upon which started
in 1930, being built by the First Realty Corporation on the southwest corner of
ith Ave. and Pine St., Seattle.
One-half interest in operating lease upon the Edmond Meany Hotel, the
University District Community Hotel, at East 45th St. and Brooklyn Ave., Seattle
Construction expected to start in 1930.
OFFICERS: S. W. Thurston, Pres.; H. E. Maltby, Sec'y.-Treas.
DIRECTORS: H. E. Maltby, Seattle, Treas.; S. W. Thurston, Seattle, Pres.: W. D.
Comer, Seattle, Pres. Puget Sound Sav. & Loan Assn.; N. B. Hannay, Mt. Vernon,
Pres. First National Bank; E. L. Mann, Wenatchee, Capitalist; Charles T. Don-
worth, Seattle, Attorney-at-Law; Earl McInnes, Bellingham, Mgr. The Belling-
ham Hotel; Troy E. Mimmelman, Seattle, Mgr. The Benjamin Franklin Hotel:
H. P. Pratt, Seattle, Partner, H. P. Pratt & Co., Investment Securities; S. P
Barash, Seattle, Real Estate & Investments; H. W. Casson, Seattle, Auditor
GENERAL COUNSEL: Chas. T. Donworth, Seattle, Wash.
GENERAL AUDITORS: Harold L. Scott & Co., Seattle. Wash.
Fiseal Year Ends: Dec. 31.
1.
2
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CAPITALIZATION, As of Dee. 31, 1929
Par Value Authorized
ceeeeeeeee..NO Par 10,000 shs
sree 0 PAY 60,000 shs
No Par 60 000 shs
37 Preferred Stock..o....oo......
Class A StocKo..ooo........
Common Stock
Outstanding
4,314 shs
20,000 shs
29 447 shs
1. 87 PREFERRED STOCK
Provisions: Preferred as to $7 per same rate upon payment of a premium
year cumulative dividends and as to of $2.50 per share for Class A stock,
3100 per share in case of liquidation, and from Sept. 1, 1935, to Sept. 1, 1937,
either voluntary or involuntary, over at the rate of $5.00 per share. In case
any other class of stock. of conversion at other than quarterly
Callable: As whole or in part, on declared dividend dates, company will
any dividend date after Sept. 1, 1931, at [Ssue a warrant for proportionate divi-
105 and accruals, on 30 days’ notice. lends to date of conversion.
Convertible: At option of holders on Company covenants that no dilution
or after Sept. 1, 1931, and until Sept. ©°f Class A or Common stock equities
1, 1933, into Class A Participating Pref- shall ever occur which would be detri-
erence stock, at rate of four shares of mental to these conversion privileges.
Class A stock for one of Preferred; Dividends: Payable quarterly, Jan.,
from Sept. 1, 1933, to Sept. 1, 1935, con- Apr.,, July and Oct. 1, paid regularly to
version privilege is extended at the July 1. 1930.
2. CLASS A PARTICIPATING PREFERENCE STOCK
tion and in any benefit accruing from
or title to any surplus and undivided
profits. If, for any given semi-annual
or greater period, dividends are de-
clared on the outstanding Class A
Participating Preference stock and not
»n the Common stock, the Class A Par-
icipating Preference stock shall not
thereby be deprived of its subsequent
nterest in earnings above the rate of
Provisions: Preferred as to cumula-
tive dividends at the rate of 87% cents
per share per six months dividend peri-
od, before any declarations of divi-
dends on Common stock. After declar-
ation of dividends of like amount per
share on Common stock, all Class A
Participating Preference and Common
stock to participate equally (share for
share) in anv further dividend declara-
