The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1892-03-18
NO NEW EXTENSIONS.
Oh, Co.'s Railroad Construction
Postponed.
MANAGER SMITH is HOPEFUL.
Many Eastern Investors Coming to the
Sound-Bad Effects of the Silver
Craze-Terminals.

c. ]. Smith, general manager OF the Ore
gon improvement Company, returned yes
terday morning from New York, where he
has been endeavoring to float new issue
of bonds for the extension OF the COM
pany's railroads. Though he failed to Sc
cure favorable terms for the floating of the
bonds. he is still confident that the Puget
sound country will continue TO attract
Eastern investors. He said in an inter-
terview with a PosT-INTELLIGENCER re-
porter:
The East is suspicious of the West, because
the West has SO many fads, whims and iancies,
like free silver and the Farmers Alliance. If a
man goes there with good business PROPOSE
ton which would pay or per cent. he can't
work it, but if he will pay bonus of II or Is per
cent OF the stock and or per cent. interest be-
sides, he can work his scheme fairly well. We
have not definitely decided, rs far as we are con-
cerned, about the placing of the bonds, but the
company will not do any more railroad building
until it secures a satisfactory market for them.
There is no material improvement in the
market value of stocks. Although there has
been considerable furry growing out OF the
recent consolidations-the Reading deal and
the Baltimore g. Ohio and Richmond & Ter
minal consolidation-there is still no improve
ment in bond values.
We have made arrangements for the CONSOLE
dation of the general land interests at Ana
cortes, provided certain interests which would
be considerably benefited join. Ii these join, a
number of Eastern people are expecting 10 in
vest there and at points tributary. There is
general inquiry in the East regarding Puget
sound and many people will immigrate and
much money come in the way OF investment
While was in New York President Starbuck
wrote letter to Senator Squire strongly recon-
mending the appropriation for the Lake Wash
ington ship canal and agreeing to use his infiu-
ence with the New England people to secure
the support of their congressman and senators
for the measure
The officers and stockholders of the Oregon
improvement: Company are quite pleased with
the good showing made by the company nee II
passed out OF the hands of the receiver in March
last year, Notwithstanding the depression which
has prevailed on the Sound This showing will
have good effect on the New England people
with regard to other investments on the Sound.
We have abandoned the hull of the Eastern
oregon to the underwriters and they are now
figuring on what they can do with it. The esti-
mate which they receive for her improvement
will determine whether the abandonment was
made in proper legal shape. We are now figur.
ing on steamer adapted for the Southern Cali
tornia business which would relieve one of our
other steamers, but, as there quite a number OF
steamers on the market, 1 do not know yet
whether we shall build or buy. We have all
the steamers we want for our present routes
AS regards the coal business we have more
coal than we know what to do with and are not
working to our full capacity. The San Fran
cisco market is thoroughly demoralized and it is
notlikely that we shall extend our operations
Did you do anything TO bring about a settle
ment of the terminal difficulties while YOU were
in New York?
Both Mr.. Hill and Mr.. Cakes were absent so
that could not discuss the subject with them,
have always stated that the Oregon Improve
ment Company was willing to join in the forma-
ton OF a terminal company upon proper basis
for the present roads and any others that NAV
come in. The Oregon Improvement Company
has as large landed interests in Seattle as any
other corporation or individual and also has
larger interests in the country tributary
to the city. Therefore We have as deep
an interest in Seattle as any other individual or
corporation. With such an interest as that, we
are DESTROYS of moving for the permanent pros
perity and bene fit of the city, and our action in
the way of the formation of a terminal COM
pany will probably be directed more for the
benefit OF Seattle than for the ACKNOWLEDGMENT
oil the company. We hope poss bly, to rectifv in
this way what l consider to be the mistake OF
granting to few corporations the exclusive
right OF access along the water front.
The use OF the rams horn would greatly tene-
fit the property-owners along it by giving them
an opportunity to receive at their doors mer-
chandise and other shipments sent to them in
car loads