The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1895-02-28
A HOPEFUL FUTURE
Eastern Financiers Confident
Of Seattle's Solidity.
CONDITION or THE TREASURY.


". a Underwood 0f New York city,
the receiver Of the Seattle City Railway
Company. and wsnthrop Smith. Of Phil
adelphia. who represents the bondhoid-
ers Of that road. are At the Rainier
Grand. being IN the city In ucas interest
Of the bondhoIdefs. Both gentlemen went
over thu property yesterday and made q
careful examination cs the plant In CON
versatton with q reporter Of the Post
Intelfgencer Mr.. Underwood. the receiver.
said that he. thought II was not the inten-
ton OF the bondhoiders 10 complete the
foreclosure proceedings that threw the
road into the hands OF receiver II It
was found feasible to do otherwise. As
an officer OF the court he felt distnciined
to talk Tor publication. but this much he
would say, that the bondhoEders appre-
eiafed that the men connected with this
enterprise were strong representative
nen and Il was not the intention OF the
bondhck1ers to in any way sacrifice their
interests. There had been great busi-
ness depression and all felt that this
.was no time 20 form correct estimate
Of the value Of property: hence Il was
tho intention Of the bon<1holders to wait
Tor better times and sec II suitable ar
engagements dhuld be made by which all
parties could be satisfied and the credit
OF the road restored without completing
foreclosure proceedings.
MI underwood has been In Seattle he
Tore and is well acquainted with the city
ana the resources of the state. He said:
have always had great confidence in
the future Of Seattle. While there IL no
oouot there Is at the present time a
very great depression In all branches of
business. Il Is only the result OF similar
depression which exists all over the
world. With an Improvement IN business
ane demand for the products of your fer
es.s. your neids. your mines. your fish,
e.ies ana other Industries will be imme-
u'ateIy increased; and. while you may not
LOT some years zee any such boom as you
eper1enSeo IN 1850. there Will be seen
eady and healthy growth In business
anu popuiauop. Labor VIII be employed,
me products viii bring a fair price, peo-
wan nave money to spend on their
homes and families. and comfort wifi take
the place of pinchfng economy which, ..
the order today. no, only In Seattle -
on this coast, but all over this country
! think Seattle has a much moro NOM
full outlook than most other .ou,n. a..
nave growE up rapidly in the Western
"a
you dozen such towns, and soma =,
them larger than Seattle. where growth
was based on the business resulting from
AGRICULTURAL settaenaent OF adjacent terri
tory. Tnis growth was entirely too great.
Inc country settled 10 IN very few years
and thera was no further infiux, OF popu-
iafion ana money and no further increase
IN business, yet the towns were built upon
the theory that such increase an mad
taken place In the past was to continuo.
In Seattle the conditions are entirely dis-
ferent. You have behind you an empire.
not only In extent. but In resources. wash
ingoon can give employment to as many
people on farms as Iowa or Nebraska. hut
II Is capable OF employing ten times as
many In Its forests. it's mines. Its manu-
features. Its commerce. Its ship building
and fisheries. believe this state To be
capable OF easily supporting a population
three times as great as the state OF Iowa
now has: this extreme of population. OF
course. h not for the near future but In
time. 1t needs no argument to convince
one that even with population OF Zoo, 600
Seattle Is 10 be a city OF 10000 at least. I
have therefore every confidence In the re-
cuperative capacity of many enterprises
which are now not paying"
Relative to the financial outlook In the
East, Mr.. Underwood said:
'It Is very hard to express an opinion
concerning It There seems to be a gen.
eral impression that matters cannot get
any worse: that we have touched bottom.
AT the Same time there - q very great
uncertainty as to when any Improvement
may be expected. II the president, when
this session OF congress opened: or. better
stiil. instead OF precipatatsng prolonged
saran war at the last session. had pre-
scented como such measures OF currency
reform as we're outlined in his last mes
sage. there would have been some hope OF
some wiser decision. But. having omitted
| anything Of the kind at the last session.
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