The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1897-05-10

Hon. J. r.. Lewis. formerly of this city
and now of San Jose. Cal. is In Seattle on
business connected with his extensive in
! terests both here and in Yakima. which
place he will visit before his return home
Il have been studying since my arrival.
several days ago. a book that is very DIM
cult TO understand. said Judge Lewis
yesterday afternoon, at the residence OF
NJ. D. Ballard. where he and Mrs. Lewis
are visiting. This book is the session laws
of the state of Washington. / had imam
cial affairs to look up both for myself and
for Eastern and California parties that |
represent While I am not actively en-
gagged in practice. have just so much TO
do and part of that work led me TO visit
Seattle at this time. incidentally. looked
over the late session laws to familiarize
myself with existing conditions and also
to report to my correspondents in Califor-
MIA and the East the condition OF business
and the effect of recent legislation.
Il find business good vast improve
ment upon the state of affairs when was
in Seattle last fall. / ascribe the improve
ment 10 the development of the mines, the
demand for lumber and the opening Of
trade with the Orient.
II have interviewed many business men
since my arrival and have in all cases dis
covered a much more encouraging feeling
brought directly TO me- This feeling is To-
cal however. and does not prevaiisa all over
the state. Seattle is forging ahead in
business way. but little can be hoped for
in the way of Investment by Eastern mon
eyed men. The laws are such as would
discourage investors, being all In favor or
the debtors. This does not refer 10 the tax
law. To man out OF debt 1t makes no
difference, but to a man with debts and
mortgages II does. Mortgages cannot be
extended, as such a procedure would prac-
tically be q renewal, and a renewal would
bring the obligation under the existing
laws. These mortgages may be continued
or they may be foreclosed. The tax law is
bad. Ii | am a day delinquent some one
else might go and pay my taxes get a GER
tificate and let his payment draw 10 per
cent against my property
People will not loan money on tracts
not capable of subdivision. as in the event
of foreclosure they must pay up the full
appraised valuation of the property.
Tracts that are capable of subdivision
must draw up to 50 per cent. of their APP
praised value.
This might ultimately be of benefit to
the state. but /: will interfere with rapid
Improvement as money for development of
new countries is necessary. II there Is no
borrowing there will be no debt. and the
values of property might deteriorate to
such an extent that people of means might
become purchasers.
Under the existing laws the city will
find it impossible to borrow money on
bonds issued for the development of the
Cedar river water system. L am rather
glad such is the case. as was opposed to
the measure, believing that there is water
enough for the next five years. At the end
of that time Seattle will have a popula ION
of a hundred thousand or more and Will
need new system. The law will not pro-
tect bonds that have a face value in gold
and investors will not accept anything
else"
Judge Lewis then returned to the healthy
condition of business in Seattle and stated
that all of the banks have liberal deposits.
Since January. Judge Lewis says, at least
$500, 900 has been placed on deposit. lie
says that in two banks alone over quar-
ter of a million has been accepted.
Today Judge Lewis will have a talk with
the stockholders of the Seattle theater in
relation to business connected with that
enterprise. June l there will be another
meeting for the purpose of fixing the rent
of the theater for the next five years of the
lease. At that time Inc stockholders have
the option of purchasing the theater.
which. Judge Lewis says, II is not likely
will be done.