The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1890-08-23
MONEY IN NEW YORK.
Stringency in the Market
Merely Mechanical.
WHAT a BANKER SAYS OF IT.
Mr.. John G. Moore Talks Of Seattle, the
sound. Washington and Finance
Oregon Mines.

A party of pleasure seekers from New
YORK city, consisting of Mr.. and Mrs. A.
l. Terrill, Miss Terrili, Miss Bertha Ter
nil, Mr.. John G. Moore and Misses e. L.
Moore, Rash Moore and Faith Moore. ar
rived with their servant at the Rainier yes
terday afternoon. Mr.. Te-riil is promi-
nent New York lawyer, and Mr.. Moore
head OF the weil-known banking firm
of Moore & SchIey, in that
city. He is also president of the Marquette
& Houghton railway and is prominently
interested in several others, including the
New York, Lake Erie & Western. They
came in their private car in company with
President Hill, of the Great Northern, over
the latter road as far as Butte City. Then
they went by the Northern Pacific to the
Yellowstone, and thence TO Portland and
the Sound. Their car has gone back by way
of Winnipeg aud will NEE. them at Vic
toria, to which place they go today for
return over the Canadian Pacific.
Mr.. Moore told PosT-INrEILIeENcERre-
porter thai he is travelling mainly for pleas
IRE, though as his firm Is constantly in
vesting in securities. he is of course desir-
Gus OF seeing the country and what re-
sources 1t may have and what inducements
for investors. He declared that he was
greatly pleased with the whole Sound coun-
try and especially with the thriving city of
Seattle. With such vast mineral, lumber,
and agricultural resources there is bound
to be great future for this state and the
cities and towns in it Mr.. Moore said that
though he had heard great things Of the
Sound and its cities. yet they fully came
up TO his expectations.
The talk then drifted to the great strin-
gency in the New York money market of
the day before, the greatest since 1874. In
answer to the question whether a panic
was likely, Mr.. Moore answered: . Not at
all. The panics have been caused in times
past by lack of confidence rather than
lack OF money. Men have been afraid,
and SO have begun to hoard money.
The fear has spread and . panse
has ensued. This afternoon had
q dispatch from my partner on the
situation. There is no want Of confidence,
for property OF all kinds. railroads, steam
boats. mills, factories and land is earning
good dividends, and so capitalists are will
ing to make loans on such property--in
short. capitalists have confidence. But the
trouble is simply q mechanical stringency
resulting from absolute lack of sufficient
circulating medium. You see over $780,
that is big sum to take from q currency
which at best is not large enough. Then,
too. enormous sums of money have been
going out of the country TO pay for
importations. Importers, in anticipation
OF the passage of the Mckinley bill which,
in many instances. raises the duties, have
been buying very heavily, and we have TO
pay for what we buy. These causes COM
cd no II ~ ofx
nothing more. That will all pass away,
for the secretary of the treasury will soon
pay out about $4,000, 600 for bond pur-
chase, and the payments viii soon be made
on the large appropriations of the present
congress. That will restore to circulation
the money now locked in the treasury
vaults; and anticipate no further diff
Guilty"
State Senator r. f. Reece. OF Portland,
is at the Arlington, having come to the city
to meet his sisier-in-iaw. Mrs c. B. Mar
tin, of Lancaster. O who has brought out
his three children. Misses Maud and Hazel
and Master John G.. Reece. The whole
party leaves for q trip to Vic
toria today. Mr.. Reece is one of the
stockholders in the Elkhorn mine at Baker
City. He says that there is much
good quartz with a few piacers at Baker
City and that development is extending in
all directions. The difficulty is that there
is much refractory ore. and q smelter is
needed on the spot with the requisite
auxes. They also need q competing rail-
road at Baker City, as the Union Pacific
road fixes rates so as to take
all the profit of the product. Mr.. Reece
says that Baker City was credited with
about 5000 population by the census,
though it claimed 4.500. The town did
not trouble about it. though most of the
tnwna IN fha sfafa uara rrotaet;p0