The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1895-05-10
FAITH IS REVIIING.
A Leading Banker Thinks Pros
perity is in Prospect.
SEATTLE HAS GOOD STANDING


NV Harris. the New York and Chicago
cans,aIist and senior member OF ihs ~ III
Of Y " Harris & Company. Is IN M
~f,x- a ~uast at the Rainier Club lie -
se~annanied by w H Bartol. OF Phila-
He1ohta. a wealthy capitalist Insy are .
..orn~rlItt = Of the first mortgage POM
holders OF the Seattle Consolidated St'se'
railroad Mr. Harris has been large M
weston in the bonds OF this CITY, eoules
and state. having purchased over ss"o'-
10 a, rrblfc and private securities in the
state Of which his banking house puF-
chased first mortgage bonds amount
ing TO S3si. go. He considers that me con
adenee in Western securities IS incfeas-
ing and that IL will only be snort uIle
untH the securities OF this country viii De
as valuable as those Of the substantial
portions Of the Middle states.
"I have lust come through Montana,
said MIR. Harris and the securities OF
that state are good. You see they nave
not legislated against capital In that state
as they have down in Kansas ana NeDras-
ka To illustrate what this means. l viii
tell YOU what I found out there. The
other day Lewis and Clarke county al
Helena. sold some ; per cent. bonds al
premium Now in Kansas and Nebraska
outside of Douglas county, In which Olla-
ha is located. there IS not county mat
can sell per cent bonds at a premium
IL makes difference. But Montana, Ike
the whole Western country. is in very
good shape Bonds are not selling for as
high a figure as they were in $50 bat
prices are better than they were year
ago
do you think the people OF the East
are recovering from the depression conse-
quent upon the scarcity OF money and the
recent panic?" Mr.. Harris was asked.
"Oh. yes. they are getting along better
now" he replied. but the return OF actfV-
ity will come slowly. You can not recover
from the shock in few weeks. or few
days; II will take several years 20 get hack
10 where We were. But times are mproV-
isg in certain directions and getting no
worse In others. so altogether 1t can be
said that money is getting easier"
Mr.. Harris said that he was out here FIVE
years ago and was then impressed with
the belief that Seattle was destined 10 be
prosperous city and his visit at this time
has only strengthened his belief in the flu
ture OF Seattle as well as the whole West
ern country. Said he: II was agreeably
surprised TO notice the small number of
vacant houses and stores here. Why. for
the same number pro rata Seattle has a
smaller number of vacant houses and
store buildings than Chicago. ST. Paul
Minneapolis. Kansas City Omaha or Sioux
City. The people here appear 10 have con-
fdence In the future of Seattle and In
themselves. and money will be freer In
time"
Speaking OF the business of buying
bonds and public securities. Mr.. Harris
said:
You know we are in the government
bond business, municipal and county Sc
curities: that is our line. What va are
after is the principal and interest We
don't want TO take In street railroads for
ha ha hra mol, tNo
10 suit us. When we find out that the peo-
pie have been unfortunate and cannot
meet their obligations. II has been our
policy to give them grace and allow
every opportunity for them TO untangle
their affairs and SETTLE. Our policy in
hard times has been of Just such a ma
ture and in good times we have protited
by il. for our business has increased We
Away hesitate 10 gobble up securities for
non-payment of obligations. even though
We know that IL viii mean money I'm our
pockets, for. as I said. we only want the
principal and interest. and If we can ar
range II so We can get this Il Is all we de-
sire.
Il am very favorahly impressed with
the manner IN which the finances of this
city are controlled and managed Your
city comptroller Mr.. Parry knows his
business thoroughly and is the right man
In the right place. / know of no city
as much interest and spirit think how
ever. that you will have trouble with vour
tax law. You know the rate OF interest
was y per cent. and the penalty : per
cent. You did right in cutting down the
interest 10 u per cent. but cutting down
me penalty to per cent I think was a
grave mistake. for that is less than fba
banks would lend nancy for. I, womId he
cheaper for a man 70 borrow money from
the county I'm this way than from, The
hanks so he can let his taxes 90 and save
money on the deal am afraid thai
when the time comes the cities and a,tn-
ties IN the state VIII fnd that they have
rot enough money on hand 70 nav m. IN
te9est on their debt The policy If df,,ta
ing the collection Of CITY and ooun,y
taxes was all right hat The nenaitt
should not have been reduced below nor
cent, as that would have insured nav
ment" -
In connection with his private interests
Mr.. Harris has been doing a lfftla mis-
sio0ary work for Chicago He is a vsa,-r,
Methodist and is a trustee OF the Nor,b
western University ar Evanston a e,h
urh Of Chicago. This university ranks
third in number Of students onrol,s4
Harvard being nrst and Ann Arf,or
second The theological school IN con
nec.ion with tho Institution is largely a.
tended Mr.. Harris said.
Before leaving Chicago the o-bor 7,,.
aad talk with pr. Terry regarding n
pastor Tor uew church In Chicago Which
VIII be the most Influential IN tho rgt,-
ir. Terry recommended Mr.. Shankiir
pastor ~ thN First church I'm mis- rTfy
as desirable man. and I told Or Terry
tha' would sec him when T arrived IN
seattle hgve hal talk p-s-h A.,
Shankltn. hat no definite a~r.nge,,.,,i,.
have VET been made ana No has eiver 40
1eeiafi a0sw-~ Nj Shauk'in u3s a SIN
deo; a. The Northwestern University ana
always stood thc head ~ MS class 81
= alEh'y spoken ~ wherever be- has been
~ SPOKANE hoard ~ him al he VAS
hSHly spoken ~ hy those y,tse, -
came In contact 90 "s
COMING To THE METROPOLIS
rncIn.- Nn,-i,.,ts.... ~