The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1892-05-29
LANES M'NArGHT.


East on Friday night. Mr.. Mcknight
being on his regular annual tour OF
the Northern Pacific system. He will
20 TO Tacoma today to meet other oificiais
of the road. will go down Sound tomorrow
and return to this city on Tuesday. In an
interview with Observation-Disclosures re-
porter yesterday he said:
The terminal proposition is one of the things
TO be considered while am here. l do not be-
lievc there is auy possibility of the presidents
of the three companies interested-the Northern
Pacific the Great Northern and the Oregon In
provement-agreeing on any plan, nor VIII
there ever he settlement of the water 'front.'
problem until there is disposition here to treat
ell the roads alike, aud give them ell equal
facilities and privileges. Whenever the existence
OF such n disposition becomes apparent from
the public sentiment of this community the
water front aud harbo- difficulties can be ad-
justed to the great advantage of the city
think the appropriation for the Lake Wash
ington ship canal will pass without doubt. as
an item in the rivera harbor bill The SEN
ate inserted this AMI other Items and struck out
some items which were already in. and then
asked for conference. The state Is
divided on the question, but there
are portions of II outside OF Seattle
which are str ongly in favor of the bill. The
opening of that canal will give Seattle as good
harbor as any in the world; indeed. there is no
other fresh water harbor of the same extent as
Lakes Washington aud Union combined. The
bill Is supported by General Miles, General
Gibbon and every officer in the army and navy
who has personal knowledge of the location
and of the advantages TO be gained by opening
the harbor.
Senators Allen and Squire inform me that they
have quite positive promise OF the location by
the government of an ordnance factory on Lake
Washington as soon as the canal is completed.
1t will be the place where all the government
vessels on this Coast will be stationed when out
of commission. 1t will be the best place on the
Pacific coast for all classes OK manufactures of
lumber. 1t Will undoubtedly be the best place
on the Coast for ship building, not only on
count of the fresh water, but on account OF the
iron and timber located i'll the immediate vi
cinity of the lakes. Lake Washington, when
opened as a harbor by the canal, will make up to
American commerce indirectly the advantage
given to Canadian and English commerce by
the Canadian aud English governments by d.
rect subsidies. These subsidies are much
greater than those given by the United States.
the Canadian Pacific steamship line receiving
about sl,@2o.ool annually.
When asked as to the reason WHY the
Northern Pacific passed its dividend and
as To the disposal of the consolidated
bonds applicable to the payment of divi-
dends on preferred stock, Mr.. Mcknight
said:
The falling off in the earnings of the North
ern Pacific is attributable 20 several causes
large amount OF the wheat in Minnesota and
North Dakota has not even been threshed yet
The troubles in the Cnur d'Aene mines have
caused sn almost entire stoppage of the mining
and shipping Of CeuI Alene ores. For more
than year We have had ii remarkable depres-
sion IN the lumber market, not only on the
Sound but along the entire road. There has
been very little construction work during the
past winter, so that we have 0ot been Carving
any construction material OF any consequence
Construction material is carried at about cost
so that, while the company's gross earnings are
decreased as compared with last year, the net
earnings are not materially decreased by the
suspension OF construction.
The entire country along the line OF the road
is in n remarkably healthy condition and the
prospects for large traffic are as good as they
ever have been in any o.her year at this season
The prospects for crops are generally very good
with the except on of a portion OF the East
where we have had a little too much rain aud
the numbering business is reviyiuc gradually
think by the end Of the present year the com
pany's earnings will be great as they were AZ
the time when II stopped constructing branch
lines last year.
The company has on hand something over
s5,SS,oo3 o. net earnings Applicable 10 dividends
OF preferred stock. This money is invested in
the Compsnys consolidated bonds The board
of directors thought II advisable 10 submit the
question 10 the stockholders as to whet her
they would have these bonds distributed as
dividends, or delivered 10 Il trustee 10 be held
under 4 trust deed Tor the benefit of the vre-
ferred stockholders. 4 stockholders meeting
has been called az the date of the annual meet.
ing in octoser Tor the purpose oI considering
that question ana the dividend was p9ssei
pending that call think that those preferred
stockholders who have protested az inst the
passing OF the dividend have misunderstood the
object ot doing 50, ana that wien the matter Is
explained st the stockholders meeting they
will all be satisfied that the directors pursued =
wise and conservative course.
Mr.. Mcknight pronounced the prospects
OF the year for immigration 10 the Souna
and Eastern Washington 10 be good. and
said:
The prospects are especially good for iY,n,i.
grafton from the Western, Southwestern en-,
Middle states There = also l. very lsr.-c i'm,
migration coming - this country srom ~
Southern Pacific states. The movement f-,,,,
New England Stil continues. and. ~ tai> cou,.
try becomes better understood and It's great
natural resources are better appreciated. twin
increase.