The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1892-04-27
VIEWS OF j. +. M'NAUGHT.
Impressions and Observations of His
Trip Through the East.

J. F. Mcknight. the capitalist, OF this city, re-
turned home Monday after q stay of fifteen
weeks in the East During his absence Mr.. Nc
Naught visited New York, Philadelphia, Boston,
Baltimore and other Eastern cities on business
and was a close observer OF the condition of the
financial market. In speaking on this subject
with PosT-lNTELLIGESoEa reporter, he said:
"The vaults OF the banks and trust companies
in the East are fairly bursting with money, but
they are holding on to it with tight grip The
reason for this is that they are waiting for alb
solu.ely safe places for investment They want
nothing whateyer to DO with land companies;
they have been bit so often with them. Not
only the West. but the South has been overrun
with these companies. They elect men of
prominence for officers and donate them stock
Tor the Use OF their names. without causing
them to incur any financial responsibility One
of the biggest huinbugs of this kind
was the company which doomed Ocala
Fla, OF which Nocv!n Green was president
ran across no less than fifty men from the
West who were trying to WORK wildcat schemes
in the East. II IL these that have been the
greatest drawbacks to the placing OF capital. 1
think, however, il is only question of time I'M
I'll this boarded money will begin TO pour out,
and when it Goes no state in the Union will at
tract more than Washington. The banks are
paying 81 and per cent to depositors and they
cannot afford TO let IL lie idle. When it does
come il Will come with a rush / believe that a
person having mining property to put on the
market would have no trouble in interesting
capital, provided he can maze good showing
and an assay OF his ore gives promising results
such ought TO be the case with the Monte Cristo
mines, il reports as to their wealth are true.
''Seattle is well thought of in the East Inceed
know OF no place that is rated higher there
Tie fact that it is TO be the terminal point of The
Great Northern has turned great deal OF atten-
ton toward it and consequently advanced its
rating. 1t is surprising how high Great North
ern stock continues. Jim Hill was fortunate in
placing his bonds before the panic of year ago.
and we have this to thank for the rapid com
pletion OF his road. 1t is now generally accepted
IN railroad circles that the Vanderoilts are to
secure possession of the Union Pacific and either
one OF them will be its next president orwiIl
name the man. This will probably mean the
building OF line from Portland TO Puget sound
asst is their policy 10 reach out With this line
built Seattle would have four competing trans
continental lines
al had occasion during my trip to visi; good
many OF the manufacturing towns, and found
among them great desl of inquiry abou. ss-
attic. The coal and iron and timber with our
coast advantages. are attractive features and
everybody is looking bsyond Montana, wyom-
ing and other inland states. What we want Ia
manufacturing interests, ami l am a irm be.
lever in SINAI! manufactures in new countries
that can build up as the country grows The
greatest harm that can be done to any place il
TO have Dig concerns start up and then fail We
want farmers, too, and are going TO have them.
think that all of this interest in Seattle and
Washington nesns big immigration next fall,
and OF = substantial class OF people who will
mske good citizens.
II really believe that the Lake Washington
canal bill will pass congress- 1t is assured in
the Senate, and there will be q strong fight
made for 1t in the House. / noticed this ap-
Peararce OF things not only in Washington
City, but more especially in New York city,
where ali the great commercial projects of the
country are controlled. II IL goes through we
can well AFFORD 10 iorego public buildings and
let them go to Tacoma OF Spokane am satis-
fed that there win a. least be an appropriation
Of perhaps half million 70 start the work"