New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-08-14
STOCK LIQUIDATION.
rr,ps Of A PANIC NOT FELT.
rur VIEWS OF BANK PREsIDENTs-FA1LURE OF
CECIL. WARD & CO.

sur VIEWS OF BANK Observation-Disclosures OF
CECIL. WARD co.
An unusual activity in the STOCK market k IN the
last few DAYS has been accompanies ny neavy ue.
bnsiness and bank failures in widely differ
emf sections of the country the movement in stocks
hoo exclted considerable alarm III some quarters,
and minors of impending disaster. 1t has been
WHISPERED in Wall Street for several days that some
large brokerage firm was on the verge of failure,
hut the rumors have not yet been realized. Inc
Suspension of q small firm which was announced
at the Stock Exchange yesterday, had no
apprecable effect on the course OF the marker.
Prices of stocks continued to decline yesterday put
the decline was neither the result nor the cause oi
disaster. =, w,
Street banks agreed yesterday IN saying that they
did not anticipate serious trouble from the weak
ness of the stock -market. The decline might be
much greater, they said, and vet not Drng wLue.
spread ruin. 1t was healthy liquidation sucn as
fone branches of trade had already suffered george
f. Baker president of the First National Bank SAID
The recent failures IN aaG tme he
'jamboree In the stock market Dut tnere i
Ia the general business OF the country 20 Sac,o
good condition and there has not been whisper
even against one of them. We have here none o1tne
Eastern and only small amount Oh the
paper and would not give ~ TO any one 10 guar
aniee orr loans. Some OF the banks buy CONNER
cial paper but failure or two cannot affect them;
they can afford to make an occasional Toss he
capital of bank Is guarantee fund, anyway, and
one or two losses only affect the value OF the
banks stock. AS for the stock market III is ike an
auction shop into which merchant throws goods
which he has grown tired OF keeping on his shelves
He makes up his mind to gst rd Oh them az so oes'
ton of the stock market but the decline III prices
there is only healthy hguidatlon
"The bank failures in Vermont and Indiana were
sores but not indications of general financial dis
ease. The present condition OF affairs Is wholesome
and not critical" Observation-Disclosures,
Rank said.
II see nowhere the elements of a
panic The recent bank failures were incidents
of which the causes are plain enough The New
York banks perfectly sound, believe, and con-
servatlvely managed. 1t Is possible that here IN
the East we do not know as we'll as we ought 70
know whether Western banks are overloaded with
whlskey and provision paper. But this is only a
reservation which 1 make when say that the
banks of the country are in good condition. can
see no danger at present Oh any serious diS'uro-
The president of q well known Wall Street bank,
referring to Western banks. said: They will want
assistance soon in moving the crops and their
balances in New-York are very small. This Is a
good thing, however, for the New York banks cal
consult their own convenience, which they have
not always done in other seasons The Western
banks have profitable use for their money and en-
p9 il a than M ts do Ta1 at the Rank
SAID hat the local demand for money had been
good 1.-THE securities which have been offered to-
WISH he said, "but some large loans which
we made late in the afternoon were on unexception
able securities. Ijudge from the unusual character
of the loans that some of the smaller firms at the
Stock Exchange have sought the aid of their
stronger brethren. l do not anticipate serious
trouble in Wall Street, but the con-
slant decline must have It's inevitable consequence;
it cannot 60 without causing great losses 10 some
persons must say that should feel better If the
market would 90 the other way for day or two"
A member of large stock commission house said
that the present depression had been brought about
by the efforts to support certain stocks against the
natural depreciation which had been IL progress for
nearly two years. - m
The firm of Cecil, Ward g. Co. No. SO Newest.
announced it's inability TO fulfil its contracts yes
terday afternoon. Nearly 5000 shares of stock
were sold under the rule for the account of the
pended firm. One-thrd of tins amount was Wabash
preferred but the remainder was IN
small lots. The announcement OF the
failure caused no great surprise In the
street. The amount of the liabilities which are
stated by the firm to be not less than $50, 600. was
larger than it generally expected that they
would be- George W. Cecil, the Stock Exchange
member of the firm, is a son of John X Cecil, who
was at one time a prominent dealer. The father
entered Walistreetin 1S6 joining the firm of Law
renee Brothers g. Co. la 1869 he established the
new firm of Cecil, Stout q Ihayer which in 1876
was succeeded by that of John r. Cecil d Co.
George w. Cecil was elected member of the
Stock Exchange in 1877.