, 1872-10-17
Financial and Commercial.
SEATTLE, Oct. 16, 1872.


The Puget Sound Banking Company
report gold in New York 49, currency,
buying, IS; Sight Exchange on Portland
aud San Francisco. "a per cent. pre-
MUM, on New York l per cent. pre-
mium for Currency, 1Ra per cent. pre-
MUM for Gold. Sterling Sight Drafts
on Jay Cooke, Mccullough & Co., Lon
don, England, S. 10 per 6. These
drafts are cashed by special agreement
all over Ireland, Scotland and the Con-
tinent free of charge.
There has been more demand for mon
ev during the week and lenders are very
firm in their charges of two Per cent.
Der month. We have heard of trausac-
tions as high as three outside of the
banks.
Our enterprisins young merchants,
during the week as much better than
for some time past: and the sale of more
goods in the past week than any week
since they started in business. This
speaks well for the popularity of this
firm with outside buyers, built up by
strict attention to the business and hon
orable dealings with the trade.
We note number of transactions in
the Real Estate Market; Tacoma still
taking the lead as a speculative fancy,
with an increased inquiry for Sea tile
and Holmes Harbor lands which are
held very firm at the advanced prices.
The Portland papers are building up
high hopes fer their merchants for the
great extension of trade of that inland
city when the n P. R. R. from Kalama
is completed to some harbor on Puget
Sound. Portland is centrally situated
in Oregon and as that State settles up
it will grow. 1t has a good country sur
rounding it and without doubt, with the
great prospect of emigration, via the N.
Pr. L. when completed, will make
city of 3O,OOO inhabitants within ten
wears. As to being a commercial city to
supply the merchants of Puget Sound
they surely are mistaken. We have
large houses in Seattle that can and do
sell goods cheaper than they can be
bought in Portland; and Puget Sound
merchants will always be able to do so.
Our merchants can buy their goods in
San Francisco as cheap as the Portland
merchant. Our heavy lumber trade
brings ten vessels to Puget Sound to one
to Portla nd, making great rivalry for
freight at san Francisco for our Ports.
therefore freight can be brought here at
one half what it can to Portland, leaving
no margin for TIE Portland merchants
for reshipment and railroad freight to
the S, und.
On the completion of the railroad to
the Sound, Portland merchants can ship
their freight by vessel from San Fran
cisco to Puget Sound and reship by rail
at a less price than they now pay by the
Columbia river, saving time and high
marine insurance; and instead of selling
goods to us will find US most formida-
BILE rival for the trade Of the upper Co
lumbia. On the completion of the line
over the mountains with our natural ad-
vantages, we must receive the trade OF
Eastern Washington, Idaho and Mon
taua, of which good part has hereto
fore gone to Portland.
An inland city cannot reasonably ex-
pect, according to the laws of trade and
commerce, to compete with city that
has all the natural commercial advan-
tages that we have. 1t can be as Pitts
burg is to Philadelphia, Albany to New
York, or Sacramento to San Francisco. a
large and prosperous city but no rival
for ocean trade and commerce.