Evening star. [volume] (Washington, D.C.) 1854-1972, 1884-05-14
the FINANCIAL BREAR
Warrington Ranks Sound.
But THE SPECTATORS AGrrATEp-scESEs on TT
sTRKETs-Nor MUCH EXCITEMENT HERE

sTRKETs-Nor MUCH EXCITEMENT HERE
The rumors OF the disturbances In Wall street to
day spread from the brokers Offices In this city 10
the streets very quickly, and were soon the theme
OF gossip about 18th and streets Anxious spec
ulators found their way TO the public rooms OF the
brokers' Offices and watched the blackboards with
much interest
"Things look bad said one broker 10 a STAR re-
porter. 1.-The trouble is that the market has been
oversold Things seem bound 10 get wound up In
this way once In four years
WHAT WASHINGTON BANKERs SAY.
"The trouble is" said MI. Paris, OF Crane &
Paris, shat some bank officers have been auing
business outside OF their banks instead OF attending
to their legitimate banking business In my
OPINION there Will be very few people affected by
this except the gentlemen who spend their time
banks they are perfectiv safe and sound and there
Is no need OF any excitement here at ALL and there
VIII not DE unless the newspapers publish some
SENSATIONAL articles This is the time FOR people who
want 10 get stocks cheap 10 buy them. There are
stocks selling to-day for from 10 % points below
what they sold for three months ago, which are IN
iacl JusI as valuable to-day as then am on that
SIDE OF the market"
PRETTY BAD.
TITS pretty bad" said one OF the firm OF Middle
ton Co. when asked how things looked In New
York, "but II 1t stops now the effects will not be
Tar reaching. But you cannot tell ANYTHING about
panic. We have Just received dispatch saving
That Wall street is so crowded from Trinity church
GOWN that one could walk on the heads OF the peo-
pie. Men have lost their heads, and IL Is hard 10
predict what will happen"
WHAT MR.. II. d. COOKE SAYS.
1.-THE trouble in 1S,3," said Mr. II. D. Cooke
was that the country banks began TO withdraw
their deposits from New York Now this has been
SO long expected that banks say with 100000 that
home. now have their 100000 at home and only
sioouU In New York. so they are not In a posi-
ton TO be very seriously affected
'What Will be the effect here?r asked THE STAR
reporter.
"The banks here Will not be Affected said Mr.
us this good time to buy?n asked the reporter
~ DOM know whether would buy for a few
Gays untll IL could be seen just what viii be done
~ taxes nerve, however, TO make money, and a
man who had the nerve TO buy now might make
money. The only national bank" continued Mr..
National Metropolitan bank OF New York, of which
Geo l. Seney Is president Seney has been push
ing lou OF wildcat railroad schemes. and doubt
less mas loaded the bank up with stocks"
THE SUBSTANCE OF THE NEWS
received from New York at H. ID. Cooke & Cos M
to O'Clock, was that the only bank that had failed
was the Metropolitan National OF New York Re-
ports that the Phoenix and United states banks
had Jailed were denied. These reports grew out OF
the refusal OF these banks to certify brokers'
checks as Is customary. About half dozen fall
ures OF brokers' firms. including Hatch & Foote and
y. NJ. Bogart co. were reported. AT 3 O'Clock II
was stated that the members OF the clearing
mouse were In session. and that weaker
nrms were being cleared out. 1t was thought also
securities OF all the banks connected with the clear
Ing house.
THE BRIGHT SIDE.
"ThiS thing" said q member OF a brokers' firm,
fought to have occurred a year ago. 1 think the
enect VIII be good 1t will get rid OF rotten stocks
NO REASON FOR UNEAsINEss HERE.
Mr.. G. II. b. White, the cashier OF the National
MptrODOlitan hank said &c NOT no tarbt
est necessity for uneasnesS among those interested
In the home banks. They will not be affected by
the New YORK failures. because they are not carry
Ing the New York stocks. but confine themselves
mainly TO District securities In his opinion there
is already a reaction. and he predicted that the
general tone OF the market Will be firmer to-mOr-
row.
WASHINGTON BANKS NOT AFFECTED.
Mr.. Pearsall, cashier OF the Citizens National
bank, did not feel the least uneasiness and was sat
fsf1ed that Washington banks will not be affected.
He thought there might be more trouble in New
York and 1t might be three four days before mat
ters were on sure foundation, but he said reac-
tlon is bound to come, because stocks so low at
present
Bradstreets Washington agency reports that tn e
banks here will not be affected by the New York
failures.
THE ELIMINATION REACHED.
MI. Hyde, OF Riggs & Co., thought that the New
York troubles had reached their eliminating point
and would result in nothing more than a shaking
out OF few weak concerns. The banks generally,
he thought, were too conservative to be affected by
the failures They had been preparing for this con-
dtion OF affairs ever since Garfield died The latest
dispatches he had received from New York reported
the continuance OF the excitement. but the market
already showed signs OF becoming steadier. As for
Washington banks, he had not the slightest fear
that they would be affected by the New York fail
ureS.
PAYMENT OF BONDS OF THE 18TH CALL
The acting Secretary OF the Treasury has directed
the payment Of the 127th call OF bonds with inter-
est to date OF presentation.
Gov. Boutwell, Is going to New York this after
noon to see Gen. Grant In relation to the Marine
bank and Grant Ward failure. He win 60 from
there to Boston to try some cases in that city.
ASSISTANCE FOR THE BANK EXAMINER IN NEW
YORK.
The controller OF the currency is In constant CON-
mun1cation with officials In New York, and is en-
deayoring, In every way, to obtain accurate inform
alton OF the situation. He has telegraphed TO
eral OF the best men In the service 10 proceed 10
New York to assist the bank examiner there.
THE NEWS AT THE CAPITOL.
The news OF the spread OF the financial troubles
in New York created considerable excitement in
the House to-day. The matter was a general topic
OF discussion. and uneas1ness is manifest on every
anxious The prospects OF a general financial crisis
Is spoken OF with some apprehension numb r OF
kilograms from New York have been received by
the Speaker OF the House, praying that an effort be
made to pass the funding bill at once which would
relieve about SAC, Co., 900 from the Treasury.
The Fish Cultural Association.