The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1894-06-08
RAISING THE MONEY.
Citizens Asked % Aid the Grain
Elevator.
aaEeTisso or PROPERTY OWNERS.


TAe psojec4 for The huliding ~ . grain
warehouse and elevator On tho barrel lac
tory siss In North Seattle vas taksn up BY
the property ownsgs at that section Of the
city q . nesting at the Bellevue hotsl. at
which shout 100 psrsona. substantial
Representative citisenA wsre present.
William Phillips acting - chairman
The general pubic Of the city y 70
he asksd 20 suhecTihs for about $4,000 Of
stock In the company. - the enterprise -
Of interest 70 the whole city - vel - 20
the psopis in the vicinity Of the proposed
cite, and outside capital can only b en-
listed IL the people Of the city show THAR
faith In the undertaking BY putting some
Of their own money In IL, but 10 quite
ready vhsnsvsr such evidence u given.
C. q. Austin explained the project to the
meeting on behalf Of the promoters in .
plain. business-Iiks statement Of facts
which produced - forcibis an impression
- could bssxpectsd from ths most howery
harangue. He told Of the great stimulus
to the business Of the city which would b
given By the extension Of the grain ship
ping business here. stating that Tacoma
had loaded forty-ssvsn cargoes this season
and that these had spent over $4,000
In Quitting and supplies. thus Great
ans . wonderful srsde. II was
also necessary for the development
Of the business Of the city. for half Of the
state vas engaged in growing wheat. and
business In order 20 ell goods TO the
chants Of the city to which they shipped
kkAf. "a A. hA~
more facilities for shipping wheat, for
they nov had only one house here and.
Though the bad season Of last year
destroyed two-thirds Of the crop in East
ern Washington, cars had stood on the
track here for three weeks waiting to %
unloaded. The prospects are good for
large crop and IL would b about q. 900. coo
bushels with favorable weather, . guam
tlty Of which Tacoma and Portland were
utterly unable % handle.
By building the proposed house. Mr..
Austin continued. they would insure the
location here Of one Of the largest grain
firms on the Coast. and Mr.. Blswett also
had good assurances of the location of .
large Touring mill adjoining the elevator.
The railroads had agreed 70 construct oil
the sidstEacks necessary and the Great
Northern hsd promised to join In the con.
struction Of . dock. At Tacoma there
were no transfer charges and BY having
the Great Northern interested with the
company, they would have no such charges
here and would thus be on exactly equal
terms with Tacoma.
Mr.. Austin then read the proposed
agreement containing the conditions ON
which subscriptions Of stock are to b
made. The parties signing agree to asso-
ciats together for the purpose Of incorpor-
sting the Seattle Elevator and Shipping
Company. which shall buy . part OF the
barrel factory site. 50Oxil0 fest, with ill
riparian rights. and erect on IL grain
warehouse and elevator, with the nsces-
sary sidetracks and docks, and engage in
the grain chipping and general warehous-
ing business. making the buildings United
States bonded warehouse. The capital stock
10 70 b so. 600 In z. 900 shares Of 500 each,
and there are TO be i've trustees. Edward
Blewstt agrees to subscribe for 100000 Of
stock to b paid for by the conveyance Of
the site, and the other subscribers agree
10 pay the amount Of their subscriptions,
one-third within thirty days, one-third
within sixty days. and one-third
within ninety days after the fling Of the
articles OF incorporation. The subscribers
are to purchase the site Of Mr.. Blewett as
soon as the company is fully organised by
IL issuing to 500, 000 of stock and, as there
Is an incumbrance Of Isl, 900 on the land,
u 10 TO b excepted from the covenant
against membranes I'm the covenant.
and he undertakes TO discharge that lien
within term Of years to be fxed. In or.
der to secure the performance of this
agreement, Mr.. Blewstt 10 to deposit stock
TO the amount Of S. 900 over the amount of
the incumbrancs with trustee to bs Sc
iectsd by the board Of trustees.
The warehouse 10 TO be 5O0xl20 feet. and
the building proper 10 to BE- one-and-a- half
stories high. and the elevator II TO have Q
capacity OF 30 900 bushels, the aggregate
capacity Of warehouse and elevator TO be
Loo. 900 bushels, unless otherwise agreed.
Ali the stock Is to be subscribed by July 1.
and In that case the subscribers are to
meet for organization at 10 o'clock q. m.
on July /? at Mr.. Blewett's Office in she
Bailey block.
Mr.. Austin went on TO say that so. 600
remained to be raised in seatti1, the bal.
ance being provided for. so that IL the CITY
could raise that amount the elevator was
an assured fact The meeting vas called
ut the instance of George W. Hall. who
had suggested that II should appoint q
committee which should have the article.
In iss possession and receive subscriptions
of stock In closing he said that Seattle
was not now wheat market.
though it bad ali the facilities
for the business. railroads and other
wise. The elevator would paw. Al
IL vas capitalized at only saDo. oO. he
would guarantee that it would nay AZ
lesst per cent, aud his firm. Austin A.
Zimmerman. would be willing 10 rent IL
and give bond for rental at tina, rate tor
i've years.
W. w. Wiltshire said that while not a
resident OF that part of the city, he wished
20 offer encouragement TO the project. and
urged the necessity Of handling the pro-
ducts Of the state here and of manufsctur-
ing them here for sale abroad.
Mr.. Austin here explained that ,ubs.rin.
tons were not restricted TO the northern
part Of the city, but were open to ,hs
whole city. He impressed on the meeting
that tnev could not expect outside capital
10 engage in tho enterprise unless Seattle
people themselves would take an interest
In 10. but IL they would take this SO. 90 of
the stock. the balance vas assured.
Calls for George Kinnear brought no re-.
sponse. but Delegate William yoist gave
the enterprise his emphatic Endorsement.
saving thai - Was a step in the RICH. di.
rectson- la order to build up the civ
they must have the foundation RICH. on
the gronad and not ia the air. where
they had srsep To put than IN boam TINA.