A Wall Street View of Seattle’s Future

W. A. Underwood of New York City, the receiver of the Seattle City Railway Company, and Winthrop Smith of Philadelphia, who represents the bondholders of that road, are at the Rainier-Grand, being in the city in the interest of the bondholders. Both gentlemen went over the property yesterday and made a careful examination of the plant. In conversation with a reporter, Mr. Underwood said that he thought it was not the intention of the bondholders to complete the foreclosure proceedings that threw the road into the hands of a receiver if it was found feasible to do otherwise. Mr. Underwood has been in Seattle before and is well acquainted with the city and the resources of the state. He said: 'I have always had great confidence in the future of Seattle. While there is no doubt there is at the present time a very great depression in all branches of business, it is only the result of similar depression which exists all over the world. I think Seattle has a much more hopeful outlook than most other towns that have grown up rapidly in the Western states during the past year. You have behind you an empire, not only in extent, but in resources. Washington can give employment to as many people on farms as Iowa or Nebraska, but it is capable of employing ten times as many in its forests, its mines, its manufactures, its commerce, its shipbuilding and fisheries.'