The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1895-11-10
THE MONEY lSATHAND
Ready to Invest in Three Sc
attic Enterprises.
POWER. sTEgLwoRKs. STEAMERS
Mr.. Ammidown Secures Capital for
Cedar River Power, Steel Works
and Ocean Steamer Line.

Seattle Power Company. Of when ne =
president, has been successful - atlract-
ing capital. and that funds are row avail
able for the prosecution Of extensive m
proyements. Air. AInmidogn also states
that the promotion Of the scnerne VIII re
suit almost Immediately In steps being tax
en- 70 establish steel works and factories
In this city, and 10 create steamship lines
reaching to South America and the trans
Pacific por;s. with Seattle a. the heaGquAf~
serz Speaking OF bis experiences WITH
Eastern ilnanciers, Mr.. Ammido"n SAID
Eastern Capitalists 1fmid.
81 have been in Sew York in close rela-
Hion with capitalists more than six months,
or fully six months, Of this year. have
read ia the papers that times were improv-
ing and money WAS getting easier, nut
have found It almost impossible 10 enlist
the Interest Of capitalists IN new enter
r,rises anywhere, / have found them espe~
claiiy agerse to investments on this Coast.
Nearly every one whom ! approached
I'm regard 10 our oUm enterprises assured
me that either he or his friends had made
such unfortunate investments IA the
cities on this Coast that 3t would
be no use for me % undertake 10
secure further capital from them, There
was a general, almost universal dlssa rs
faction with the result Of these invest
possible 10 secure the amount 81 money
required for cur enterprises ia the United
Statc1.
London Eager to Invest.
For this reason one OF our associates
has been In London a month with view
TO securing capital for this and for another
important enterprise in New YORK city. By
combining two. both OF them Involving
more than Sae9.fsn. We were enabled 70
enlist the attention II foreign capital ana
nnaliy 10 secure arrangements by which
foreign capital could be obtained for the
enterprises proposed 10 this city. After
fun explanation Of our plans and the OPP
portunitles here for the use OF capital
probably our London friends determined
not only 10 advance the Sl.yn.D0 required
for our immediate purposes. bur advised
us to increase this amount 10 $3.01,mp 50
that We might be ready as soon as the
present enterprise proved successful 10
draw money for others nov under cons.d-
Grafton. We left them with the feeling
that any amount that we required for the
promotion of good enterprises here would
be furnished"
Beginning of the Power scheme.
How did YOU happen 10 take up this en-
ferprlseg" vas asked Mr. Ammidowu.
"if there Is any advantage" he replied,
sto be derived for Seattle from the c0ncen-
trat!on Of large amount Of foreign cap
tai here. the credit must primarily be
given to Hon. Thomas Burke. who suggest
ed 10 me an investigation OF the resources
in the neig H1rhood Of this city for the de-
ve.opmant OF cheap power. We began oper-
atoms early IN the spring Of 1884 hut al that
time We only contemplated furnishing cheap
power here and had not considered plans
for the city water supply. We were led
20 take up that part Of the scheme on as
pertaining after careful Investigation that
the amount OF power used lr this city WAS
not more than half as much az had been
stated. and not enough 10 justify the IN
ves,ment which would bo required "a pro-
due II. For that reason it became important
TO associate some other source or sources
of income 20 sustain the investment that
would be necessary to develop the power
that would actually Ice used. The purposes
of the enterprise for which We now have
plans are 10 furnish $3.50 horsepower 70
the city OF Seattle u supply the city with
ii gravity system furnishing 25.0o0 010 gal
ions OF water a day. 10 construct new
reservoir capable Of holding a weeks sup
ply OF water In place Of The present reser-
voir holding one DAYS supply. and also 20
furnish a large supply of water to facili-
tate the operations Of another important
enterprise now going on In tnis city"
Terms OF sale 60 the city.
I'm view If the financial condition Of the
city. it would Doe desirable far as 70 pro-
pose 20 supply water from the reservoir 90
fhe city distributing system at price per
million gallons which should nor vary ma
tcr,ally from fhH figures submitted 30 the
memoranda above referred 20 ana pro
scented 90 the Mater board ~ the city by
the city engHsv" las, Spring.
we hope in The course ~ "a week 20 put
cur proposition in definite form ard ina mr.
a.
ship snd control 81 its water supply system
Ne propose % give the city the on'.o %
purchase ants system at some future time.
when the finances of the CITY sill permit. This
20 he done without any undue enlargement
Of the city debit ASA oa SUCH tecms as VIII
b. iust and equitable
~ Is also our purpose ta secure 90 tile
city the FIRST right - an thc water 1nw.ng
IN Cedar river and reserve 81 ourselves ftr
other purposes only tde excess of that
water over and above Che eurccut demands
Ter municipal purposes
The Clty'~ Gravity Plan.
Were you aware that the city had pro-
posed - take a gravity supply from Cedar
rivcre' Nas asked
Il was aware tha, some ave years ago
There was z proposition 20 Introduce "A
gravity supply nf water here. hut THAT the
eity has determined upon "a different plan.
i
and that f2r that reason it was omen H.
others - ut...ge the water and fails Of
Cedar river"
"i3ew Tar have Won awaited yourself of
Renszeta Williams survey Sc"
'"rhosa surveys Rerr 81 cons 3eranlc usa
- us ga she hs@-nn.ns ~ oar operations.
sb0winS ths levels ~ the country t4r,lsrh
which eonHuHs We're ta run. ana .n Some.
other part eilsss. but Ne bsNe usa Suh-
stant8llv abandoned N- Williams iurs
ard for Eoal reasons sinntrt others whtra
We Thought more advan'aEraus.
ono Hundred Thousand Month.
1--WE have located oar lines with r,rstl.
erahle dennWcnySs along che whole course.
~ operations. but are ptil ia souse He,.t,t
as - tbs location ~ ear power plant AZ
EsntAn- In many respects "a woult ~,
more advantageous % locate this lo0e-
plant higher ua the river At some rei7t
within i've uules ~ Renton our enel-
neerins work has beea substantially
completed We have acquired am ,hs se-
reuttai lands AMI rlEhts ~ WAY We have
nearly completed She ds3o at tha outlet
az Cedar lake ana have commenced tr-
YsfetfraiuarN work FOR She Gam az rhe
,otut az diversion CA Cedar rive-. ana AZ
the outlet 81 swan lake. We have frar,
aFtv % Sese8ty-flVe MEN employed rcr,4-
larry. and Including the com nleiteu ~ tho
contracts now going on. Ne shan have
q PENDED between June 7 eut necor-1,er /
tfnparss ~ s. ~ Nearly she s-ts-a
amount - f'lis is far isher. ana materials
a.e,urnt ia the ettv - SEATTLE To s,rn-
fl,ta the work. following the rresr-.t
nan. We estimate VIII require an sxne~-
| Kneaded