The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1900-01-18
Greatest Year Of Industrial Ex-
pansion Ever Known.
OUR STANDING IN NEW YORK.
Lester Turner, Cashier Of First
National Bank, TelIs of Glowing
outlook for business This Year
Capitalists Hunting for Ways to
Invest Their Surplus Dollars
~. Greatly Interested in Seattle.

That 1900 will be the greatest year OF
Industrial development in the history OF
the United States. with volume OF uu .'.,,
ness SO immense that all former years VIII
sink into insignificance, is the testimony.
based on personal contact with leading
business men OF the Atlantic coast and an
investigation of the conditions as they
exist In the great financial center, MADE
by Lester Turner. cashier OF the rlrs.
National bank, who has just returned
from a months absence In New york.
Philadelphia and Chicago
/. Mr.. Turner predicts great things for this
year, believing 1t viii prove that the ad-
vancement OF 1899 was but q preparation
for the gigantic work now before invest
ors, manufacturers. and, In fact. the en-
tire business world. Seattle will not be
without its share of the progress. which
viii come both from the enterprise Of its
own citizens and the substantial interest
OF outside capitalists.
II found the merchants. bankers and
others whom 1 met In New York to know
much about Seattle and to be interested
In It," said Mr.. Turner yesterday. They
have been watching the progress being
made by our city, they know 1t Is thriv-
ing and they all believe 1t will have a
great future. When at the clubs men
toned Seattle found myself surrounded
by men who were much interested, and
INQUIRED about various details Of our bust
ness. They are impressed with the rapid
development here.
watching Western Banks.
.'The thriving condition OF Western
continued, land they realize that 1t will
be unusual hereafter II the East is to be
called upon for money to move the crops
of this part OF the country. For the first
time since the panic Western business
men were last fall able to get along with.
uSna M ha hooy,
enough added advancement to make us
believe that we shall be able to handle
our own affairs hereafter.
'sThere Is some inquiry about Alaska
on the Atlantic coast, but not much. and
I think the great rush to Nome in the
spring win be from the Middle states.
The people of the East do not know much
about Nome except from reading an oc-
casional little item In the newspapers, and
are more taken up with their own indus
tries In st. Paul and Minneapolis. how
ever. found much interest, and 1t seems
there will be considerable movement from
that region to Alaska.
1.-THE great thing that impressed me on
my visit was the great prosperity every
where. In New York 1t seems as IL the
people cannot find ways to spend their
money. All the theaters are so crowded
that 1t is difficult to get a seat, the res
taurants are damned with people, the
throngs apparently anxious to get rid Of
their dollars.
.'The result is that prices have gone UP,
SO heavy is the demand for all kinds of
goods Iron and steel products Of all
kinds have advanced in price, but still
there ID a demand for orders SO far ahead
that they cannot be filed in weeks and
in many instances months from the time
they are given. This means prosperity for
everybody dependent upon those indus
tries, for wages have gone up with the
goods, and there is work and overtime for
all concerned.
Only u Stock Panic.
There was a great deal Of exaggeration
in the talk about a panic In New York.
The effects Of what panic there was have,
however. disappeared. The trouble was in
stocks alone, and seems to have been from
squeezing little water out of industries
which made quite a shower in the aggre-
gate. Stocks are now on good basis, and
advancing. do not think there will be
any great events In the stock market this
year. though the general tone will prob
ably be Of the best.
There is plenty Of money in New York
but the banks are getting per cent. for
loans, which is double the rate of three
or four years ago, and securities must be
gilt edged"
Mr.. Turner required to the subject of
Western prosperity, and the loaning Of
money by Western banks in New York
last fall.
1T is, of course, well known that banks
west Of the Mississippi river loaned out
the balances they had in their New York
banks" he said, "but they were simply
call notes, payable on demand, with listed
securities. The interest was better than
could have been gotten otherwise, and the
money was as good as though it was on
deposit as 1t could be called in any day 1t
might be wanted
1.-THE point of 1t all Is, however, that
Western banks had balances In New York
to loan In this way which has been I'M
usual with us for the last few years. 1t
only shows that we are on sound finan-
cial basis. and, judging by every indica-
ton, we are going to be in that condition
for many years"