Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-10-21

| IOT Tue preIerroQs 10 was DlQ LOT 1UU SHdrcs
Underground Cable; Switch and Signal was
quoted at ls1@lsM: Luster was held at saf
bid; Central, fittsburg and Duquesne tiac
tions were q shade flrmer, ii any thing, and
| Unlisted items cIosed as follows: Electric
second preferred, 37@3715; do first preferred
l9N BID; do scrip. o. blu; p. & B. traction
24A@95; Duquesne traction, 2s]l bid: do 5s
do 5. iSsj< bid; do ) s., iosS bid; Ps Plsssan'
| Valley 5s, 1924 bid.
Citizens traction bs were quoted at 10t
bid and Pittsburg traction 6s at lo4 bid.
A Bugle Blast for Seattle.
William 81. Lew ellyn, Vice President oi
the Lewellyn Mortgage and Trust Company
of Seattle, Wash, was encountered in the
Office OF George B. Hill & Co. this afternoon,
and talked to The DISPATCH as follows:
| "There are those who have been pleased
to compare Seattle to Chicago. and have
| prophesied for it similar remarkable
growth. It can truthfully be said that
| Seattle possesses the same irresistible condi
tions that have made New York, Chicago and
Pittsburg what they are. 1t mas record for
| enterprise which, believe. has never been
| equa!ed in the history OF the United States.
In 1880 the population was $500. in 1890 45 000.
| and at the present time it is about 90 000,
which places her second only TO San Fran
| cisco on the Pacific coast Seattle is located
on Elliot bay, q branch OF the Pacific ocean,
| and Is the 'hub" OF the great commercial
wheel of Puget Sound basin, which has a
shore line OF about 1000 miles. 1t is nearly
! surrounded by water, having several large
| fresh water lakes back OF it.. In June, 1880,
q few days after your frightful calamity in
Johnstown, the city suffered loss by fire
of nearly $40 900 000 all OF her business build
| Since that time We have built approximately
/ SO OO0, 900 worth of buildings, about so miles
: OF street railway, and have bought about
| $50, ,000, COO worth or real estate.
NJ.
are due the remarkable deveiopments of
| the State. The commerce, especially of Puget
| Sound, il expanding rapidly. The great
| outside trade IS through Fuget Sound. Hore
cement, iron, fire brick and manufactured
goods OF Great Britain; the coffee. rice,
spices, sugar. ETC., OF Hawaii, Brazil,
Countries % From here 20 anu Iumber. ias. i%n %best
fish, ETC., to the value OF about S4 0O0, ,000 per
annum. Five sea-going vessels per day, l50
per month, l,s00 per year, averaging 1000
coast points beyond the State limits, and as
many vessels enter the Sound. - -
The amount OF shipping in American bot
any port in the Union except New York
Seattle can boast of one feature not DOS
sessed by any city IN the world, and which
demonstrates the intelligence and foresight
future greatness. By an ordinance, WHICH
has been duly tested in the courts of the
State, the city has set apart portion of the
entire water front OF the city as q right of
an9 0n Sny and a Re vbies dfsS
have now or may hereafter enter the CITY,
So commerce finds in Seattle a condition
involving less cost of freight handling and
closer connections by rail and water than
can he found in any other seaport in the
world. This right of way is called the Great
Railway Avenue of the city Of Seattle. This
liberal policy toward railroads has been
N w hfo,
has been taken in Seattle by the various
transcontinental lines shows an intention
to avail themselves to the greatest extent
of the phenomenal privileges accorded
them.
Puget Sound produced and shipped last
year about SO0, 100000 ieet Of lumber, about
S. 000, ,0O0,000 worth of fish, and an equal
amount OF GOAL King county, of winch
Seattle is the county seat, contains large
deposit of superior coking coal, large lodges
of limestone and mountains OF iron, all
within easy reach OF Seattle and the sea-
board. The Pacific coast consumes annually
about 100000 tons of iron Of all classes. Pig
iron sells in Seattle for $2s to $32 ton. We
need blast furnaces badly"
Paid Too High Prices.
British investors have had occasion to OK.
press much dissatisfaction with their invest
ments in American breweries three or four
years ago. The London iHattst has this to
say upon the subject: "The English direct
ors OF some American breweries are now dis
posed to regard the disastrous state of their
affairs as the result chiefly ofsbad manage.
nent i'll America. 1t is to be noted, how
ever, that in most cases this Is the same
management which, before tho brewerfes
were sold to English companies, had, &C.
according to the prospectuses, made them
highly prosperous. and that, in some in
slunces, the English directors after visits
to America, nave expressed full approval of
the management which is now strongly con.
demned- There may have been misminage-
nent, but the great mistake, rs we have
constantly pointed out, was that twice or
three times their value was paid for most OF
the breweries, ana the difficulties which
were almost certain to arise in carrying
lutely ignored" How are investors in some
OF the mauy "1ndustrials. I" which have been
fioated in the Same way. likely to faref :.
Northern Pacific Preferred.
Tho report submitted at the meeting to.
day shows that the gross earnings OF the
company, including receipts from the Wis
consin Central lines and other leased and
branch roads, were $50 205, AL 81; total net
income, $l3.6o4, ,04 81. The surplus over ex.
penses and fixed charges was $S34, ,ss7 "a, and
after , deducsng 1s s7sl se2, representing diyi-
the net surplus for the year was
$los,0 ,0a5 g. The total decrease in passenger
revenue from al sources was $3Sa, ,206 Al, or
90 per ccuV uo common StOCk remains
the same, but $94, S62 ~ preferred stock was
cancelled during the year with proceeds OF
land sales. There was reduction in the
floating debt OF $I.43l.6A 81 by rlIe payment
to the Northern Pacific OF advances
made to the Chicago and Northern
Pacific Company Tor completion or its
terminal system. The hoa6ing debt now
amounts to s., ,ss5. .sas. Of which Is per cent is
borrowed on u months time. The balance
sheet showed at the close OF the year total
current obligations of slS,512,673 against
go 654. GIG In 1891 A number of bonds ana
stocks owned by the company are given for
the first time in detail. They have hereto.
fore been Jumped in one sum among the
assets. The total book value Of the bonds
and stocks owned by tho company 10 $ll,.
lis, ,4l6
A resolution was adopted providing that
e3.3I7, 900 consolidated bonds shalt Do sold.
but not below 20 and accrued interest. In
case all are not sold the directors are
authorized to sell as many OF the bonds us
Is necessary to produce an amount in cash
equal to the difference betweepthe amount
actually paid to the preferred stockholders
in dividends In any year, II less than per
cent, and the amount required to pay per
cent This is to be paid asa special dividend,
In case all are sold the net proceeds are to 1
be ar once distributed as q special dividend. 1
IT cha fliyi0anda c0ual 4 rAue l,ouda