THOMSON'S MANUAL
PREFACE
The Pacific Northwest is a region of extraordinary ruggedness,—a terraine of
mountains, swift rivers, vast plains, wide plateaus, big trees, deep lakes. These rugged
features, which today form the bulwark of her economic life. were once barriers, retard:
ing her progress by their appalling immensity.
The hardy, individualistic pioneer who, single handed, developed the less-rugged
sections of North America was unable to cope with the situation in the Pacific North-
west. It required the combined labors of many men, of many groups of men, co
ordinated with large aggregations of capital and scientific knowledge, to open her
mines, exploit her forests. construct her irrigation svstems, harness her horses of water-
power.
Hence, although her political history dates from an early period in the annals of
North America and is beset with many fine traditions, her financial history has been
less outstanding. Within the past decade, however, great strides have been made in
the field of finance, until the time has arrived, we believe, when the Pacific Northwest
may lay claim, without braggadocio, to having attained a state of financial autonomy.
As witness of this fact, we present herewith, with a certain degree of personal pride
and satisfaction. this. the first MANUAL OF PACIFIC NORTHWEST FINANCE.
Publication of this MANUAL has not been altogether a path strewn with roses.
It represents, in the first place, no small amount of hard work, performed by numerous
dividuals. and frequently under the glow of midnight kilowatts. This was anticipated.
Secondly, the project has been carried on during a period of acute business stag
nation. This was not anticipated. Had the publishers been possessed of a prescience,
portending the future, it is quite certain that the year 1930 would not have been
hosen to launch the MANUAL. Preliminary work began in September, 1929, and,
before it was realized that a major business depression was under way, the project had
so far advanced that the publishers did not feel they could withdraw with honor.
Everything was not discouragement, however, and to our loyal friends who stuck
with us we wish to express our sincere gratitude. We are particularly grateful to the
following:
~ To Mr. Robert M. Hurlbut, of Drumheller, Ehrlichman & White, without whose
active and energetic support our Manual could not have been launched.
To Mi. L W Graves, of the Marine National Company, for valuable counsel
given.
To Mi: Ralph Battin, of Dean Witter & Co; Mr. J. M. Glass, of E. A. Pierce
& Co.; Mr. 13. J. Larimer, of N. J. Larimer & Co.; and Mr. A. P. Grant, of Russell
Miller & Co.. for assistance in compilation of data.
To the students in the class in Investment Analysis, at the University of Wash-
ington School of Business Administration, under direction of Prof. Carl S. Dakan, for
compilation of nearly the entire Real Estate section. and also to certain students who
did work on other sections.
Lastly, we wish to thank most heartily all those whose advertisements appear in
these pages. Without advertising this MANUAL can hardly hope to carry on from year
to year. As the Manual grows in prestige, we believe it will become an advertising
medium of the very highest type. To those who did not see their way clear to go
with us this first year, and for the most part with substantial reasons. we will say that
we hope things will be different next year.
It is our aim to make the MANUAL an accurate chronicle of data on Pacific
Northwest SecUTiFiee——tf there wre inaccuracies in this frst edition, we sincerely hope.
srrhey will do not one an injustice and we shall appreciate having them called to
our attention so that they may be corrected in the second edition of the MANUAL.
Yours very truly,
THOMSON'S STATISTICAL SERVICE.
By WM. O. THOMSON
