, 1873-04-03
Will it Pay.
SEATTLE. March %. 1S7

VIII it Pay.
SEATTLE, March 90. 1873.
Mr.. EDITOR viii it pay ? Are not
sure things sometimes very uncertain !?
refer to this new Merchants Trans
portation Company. Wishing to do no
one an injustice or retard any public en-
terprise of merit, at the salne time this
enterprise is put forward asking the
public for its assistance and money,
therefore it cannot be amiss to enquire
what returns the public are to receive
for the use OF the money; and, as an in
vestment, will it pay? There are now
two lines of Steamships connecting in
directly with Puget Sound. The one to
Portland running four steamers a month.
The one to Victoria running two trips q
month. The Portland line is supported
by having the almost exclusive freight
carrying for Portland, city of ten
Thousand inhabitants, all of Oregon.
Eastern Washington and Idaho, as well
as passengers for Puget Sound. It has
almost monopoly of the freight caused
by the difficulty of sailing vessels cross
ing the Columbia bar and this high rate
for towage to Portland from Astoria.
1t has large country to supply.
The route to Victoria is a mail route,
having contract for carrying the Brit
ish mail, for which it receives large
subsidy. It has all the travel for Brit
ish Columbia, including the mining dis
tricts. 1t runs to Victoria, city of five
thousand inhabitants; and yet I am in
formed from reliable sources that this
route could not pay running expenses if
the mail subsidy was withdrawn.
The Starr Brothers have had ST 1000
a year on mail contracts between Olym-
pia and Victoria, short route with "a
fair trnsient travel; and yet the money
they have inve stea on steamboat prop
erty would pay them better if loaned at
interest
Steamship property for years past has
been considered a poor investment and
no line without the assistance of the
government subsidy has been able to
stand. The Pacific Mails Steamship
| Company, with a capital of SIS, 600. 600,
having a subsidy from the United States
of 81 900, 900 year for the China mail
service and a large subsidy from the
| Spanish government for the Cuba mail
service, has not paid dividend to its
stockholders in six years. The stock is
now selling for $50 share of 800 each.
The Atlantic Mail Steamship Company,
with capital of $4,000, 900, with sub
sides from the United States and the
South American Republics, never has
been able to pay dividend to the stock
holders. The stock in the past eight
years has not been worth over $50 a
share of 500 each; and within three
months it has been forced into bank
ruptcy and the steamers are now offered
for sale in New York.
The Merchants's Transportation Com
pany is to run q steamship from San
Francisco to Puget Sound to supply q
population Of less than 10000; has nc
mail contract and expects none: has ar
opposition, ria Portland and Victoria
for the passenger travel; has to compete
for freight at San Francisco, with sail
ing vessels, which can afford to take il
for 50 per ton; in fact, rather have il
than ballast which they would have te
bny. Looking at it in practical and
business way, g will it pay %
II $4,000 or $4,000 cash is taker
out of circulation on Puget Sound and
invested in steamship, how is it going
to ease the money market and make
flush times !? And steamships have been
fknown to sink even on the Pacific Coast
Orr merchants and business men have
not made their money by speculation
but by close attention to business, pru-
dence and, in many cases, hard work.
They do not care to go into any wildcat
speculation. They have no money to
invest for grandeur or experiments
They are public spirited when it is ne.
cessary for the public good; but, not un-
like other business men all over the
world, they want to see themselves tina,
it will pay.
| Rrrsyvrcc M.r