The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1900-10-26

The Pacific Coast Company. one OF the
richest and most extensive steamship
lines on the Pacific coast. with Seattle as
IT'S headquarters, recently held its annual
meeting in Jersey City, n. j.. In which
state the company was organized At that
meeting J. ID. Farrell, president OF the
company presented his annual report for
the nscai year ending June 30. 1900. The re-
port Is now in the hands OF the printer.
IL shows a remarkable increase in the
volume OF business, together with a Pc
riod OF prosperity that has been continu-
Gus since the reorganization OF the COM
psny. in 1897. The reeapitulation for the
last fiscal year makes the following SPLEEN
did showing:
Gross earnings for year IS go AZ 20
Operating expenses and taxes. $50 ~
Income from operations ..si,, o47s, ~
Addition 10 income. interest on
bonds. stocks owned, ETC.,. E.oIl II
Total income .,...............N.45 1.sSs So
After paying interest on funded
debt, full dividends on all
stock issued and making de-
duction for steamship depre-
citation and coal reserve fund.
the company shows surplus
OF ,.......- t..-.-.....-.s.-..s.. .-s 7s''tf "a
Which. together with surplus
balance profit and loss account
for June 30. 1900 ..............--$ lv4n.S-i 20
AT the stockholders meeting held oc-
tober TO- r. II. Hartman. Dan >. La
mont and Henry w. Cannon. whose terms
as trustees had expired, were reelected.
They together with the following. now
make up the board OF trustees for the en-
suing year: T. Jefferson Coolidge. jr,,
and Herbert A. Tucker. of Boston; Grant
Il. schiey and Treasurer John Kean
Paying Large Dividends.
The company is now paying dividends
on all classes OF ifs stocks at the rate OF
per cent. on the first preferred and
per cent each on the second preferred
and common stock. Notwithstanding the
company has the right to Issue 10000
bonds per year for the purchase OF addf-
tional property. II has never awaited Itself
Of the privilege. Last year II sold az
unremunerative property the Seattle
Northern railway for $4,000 80 per cent.
OF book vaiue) and expended that money
In the purchase OF new steamship equip
ment and additional mine leases.
The capitalization of the old company
rompares with that of the new as fol-
lows:
Company. Company.
First mortgage ........$ 40Il.0oo fia6.00o
Con. mortgage bonds. 6.5ts,eo
Second preferred stock -. aga.
Common stock .,....,. 100000 s.sos,soo
Total $50. ......... .s17. 10000 sis.sss.5 500
President Farrell who has Just re-
turned from an extended trip East is
arranging for many important additions
to the companys feet with a view to
meeting the prospective increase in the
business, not alone TO Alaska. but 20
points south along the Pacific coast
When seen in connection with these con-
Farrell said:
We shall probably take the passenger
accommodations out OF the steamers
walia wsilA and Umatilla and use them
exclusively for cargo purposes. IL this
plan Is matured II will necessitate the
building OF two fast passenger ships 20
ply between San Francisco and Puget
sound points. We may start the line
by converting one OF our present boats
into a passenger steamer and build one
new vessel and later build another. Our
plans contemplate two exclusive passen-
ger ships and two or more exclusive
freight carriers all 90 be employed ON
the San Francisco and Puget sound route.
The steamer State OF California, which
has been for years operated on the
Portland route. has been Withdrawn from
that service and all interest In the route
Terminated. The state Of California viii
he changed somewhat In order TO adapt
Il 70 the Alaskan trade. and We will put
" into service as early In the spring as
the demand may warrant ~
To the present Alaska feet, consisting
OF the Cottage city, City. OF Topeka ard
AK will be added the state OF calIfor-
MIA. the senator and the new ship which
We have already named Spokane. All
hand and we are informed by the Union
Iron Works that the keel will be laid
for II about November !. and the ship
ready to be put into commission May
OF next year.
New steamer spokane.
The Spokane will be g7e feet long. with
a guaranteed speed % Is knots. she
Will have triple EXPANSION engines. water
tube boilers, a eolf s, .,I. plant slec-
she will be hrst-class IN every particular.
She will have arcommeda tons for so
nrs,-ciass passengers and 80 seoond-ciass
with facilities for Increasing the latter
10 100 " necessary. On the hurricane
deck art there will b. located an OBJ
servation parior from which passengers
can enjoy the beauties ~ the Alaska
scenery. and be protected from any In
clement weather that might prevail.
we have not definitely determined
gnan the Alaska schedule but We now in
iena to operate the senator exclusively
hstWeen Vancouver and Southeastern
AlAsEA ports and 20 have the spokane
ana state of California touch AZ Naneou-
yer in one or both directions as the con-
ditiens may warrant
''The pusen after completing her tour
ssi schedule. vas chartered 20 the OceaHic
company AMI sailed from San Francisco
for Faaoiuia on she Irth Instant on
her return she viii - operated on the
Southern California rosie NTH the Santa
Rosa, alternating the run wiih her
Plan. fer New Golfers.
Plans ana specifications Tor a ss.eton
collier 20 ae used far carrying CUR coal
s~tween Seattle ana san Francisco. ARE
ir the hands of various builders AMI the
contract Ter same wtii Pc ANarist aE soon
~ the terasrs arr received and epnssl-
erred We hope 20 have this collier Ia
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