The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1891-01-15
nm OF DEEP WATER.
:. o. |. Company Reorgan.
led By Rich New Workers.
..,AH SMITH HAS RESIGNED.
100 Of Money to Complete New En-
Plans Outlined
Electric Roads May Be Sold.

=. allowing kilograms, announcing
Determination of the Oregon In
...meut Company, were received last
q. yosK, Jan. H-The Oregon Improve
!. rnrnna1y viii be recognized, Elijah
~. j II Benedict and :; b.. Thayer resign
f;rhard oiney, Fred II. Prince and NJ. v.
r5geriy. The bonds necessary to complete
tasrnxny's schemes have been underwritteu
:. /. ssndIcata, and hereafter the interest viii
.svnIarly paid. There will be no assessment
~ faAxcrsco, Jan is.-The report that a
ss3..te Of New York capitalists had taken
- ~ the Oregon improvement Companys
~ Affairs and that the work stopped by the
ssm n the creditors will be at once resumed,
80 n stezregs viii be put on and that the ais
xsrred miners will be put TO work, was cou-
ssssd rs General Manager Howard, OF the Ore
q Enforcement Company, today.
fhe new directors arc all wealthy New
- bankers and brokers who can add
E.ssncial strength to the company.
! co,cnel J. C. Haines, general counsel for
q. company, was interviewed by Posr-
|;<m1IeEscER reporter on the subject
shsn the San Francisco telegram was re-
.;r,d The New York telegram was not
.s,ived until several hours later. Colonel
irsn,s said: .sI do not know anything
.s.nt il. although | do know that ever
s;srs the appointment of receiver the
sr1nany has been trying to obtain money
Z nav off the $1,000, 900 of boating debt
m thus get out of the hands of the re-
|~;Yer. The revenue of the company,
.mornting to 5000, 900 TO $4,000 a year,
|~ould nav off the balance of the boating
|5sM. The officers may have raised that
|sura or they may have sold the Sis, o00, 600
n bonds at the price they asked, but as to
at do not know.
AThe money realized by the sale of these
konds vas intended TO be used in binding
~ Seattle IL Northern railroad and the
Pat Townsend Southern railroad. 1t was
ia contemplated to widen the Columbia
I Puget Sound railroad 10 standard gauge
"a extend it to the common point, and to
;aju with the other railroads in the cree
tson Of union depot at Seattle. AS it was
srgnd impossible TO sell the bonds at the
rice desired, 100000 was raised on call
bans for the purpose of beginning these
enterprises.
1T Is proposed to extend the Seattle e.
Northern railroad right across the state in
order TO penetrate to the wheat belt and
hing grain to Anacortes. If the time is
attended within which the Port Townsend
southern must be finished in order to Sc
cure the subsidy, the road will be finished
% Quicene and from Olympia to Union
City this year, and tine line of steamers
villbe put on Hood'scanal. between Union
CITY and Quilcene. During the following
summer the road will be completed be-
tween these points. This road would con-
rect at Olympia with any transcontinental
fosd which will give a trackage arrange
ment such as will allow the Oregon I'M
Company TO run its own trains
10 Portland Otherwise the company
would build the Port Townsend Southern
right through TO Portland. This would
give Port Townsend connection with the
tsnscontinental roads, so that wheat
could be brought in from Eastern WASH
ington, and Port Townsend would become
a grain-shipping port. The bonds, in con-
nection with the subsidies, would suffice
10 build these roads.
"In connection with these enterprises
lhe Oregon Improvement Company has
been constant friend of the scheme for
TIE erection Of union depot at Seattle.
The latest project is to build it on the site
q the city dock. About year ago, when
e>$f ~A%%'S'A wac ltolbClt thC
company made a proposal to the other
railroads. 20 sell to a terminal company the
three blocks from Washington TO King
Itreet from the east side of Railroad
lsenue outward over the tide flats and to
mite With the Northern Pacific and Lake
Shore IN building depot, each company
paying one-third of the cost. The Oregon
Improvement Company offered. as an al
tentative, to build the depot itself, turn it
ofer to terminal company, and take
bonds for two-thirds of the cost. This
opposition was not acted upon. The
ehene to build depot on the range of
BLOCKS from Yesler avenue to Seneca
dleet, between West street and Railroad
avenue. was also considered at that time,
put the city dock is the site, for that
ground is all level. This scheme would
asoive the removal of the coal bunkers,
snch It was proposed TO rebuild on the
nll wharf OF the Oregon Improvement
company, directly south of Stetson q
Posts mill.
!, III the needed funds have been raised
.a enterprises will probably be carried
slt lmnadlatals, -