Evening star. [volume] (Washington, D.C.) 1854-1972, 1890-09-17
NO FINANCIAL TROUBLES HERE.
Bankers Are Managing Prudentiy, bus
Fear No Difficulties.


Bankers Are Managing Prudeutiy, bot
Fear No Difficulties.
THERE rs soxE rIoHrSEss OF xoxEr rrIf-
LOCAL Causes THAT HAVE CONTRIBUTED 10 n
MONEY FROM DISTRICT APPROPRIATIONS WIZ
HELP rHrScs-rALKs WITH nAxKrnS
Money is somewhat tight in Washington. and
tins is due to the scarcity OF that commodity
In Wall street Nearly all OF the local banks
have. as q matter Of caution. deemed n sd-
visable 70 shorten sail and are especially
careful about placing loans
This state Of affairs is not q positive cop-
dition here; il il simply . refe, action.
Tor there is probably no city in the
country That is less affected by the ups and
downs of the financial market than this Tho
Interests here are far enough removed from IN.
uncertainty that sometimes prevails in great
commercial centers TO make money steady nm.
ger almost any conditions
me banks here are all reported in excellens
eonoIuon. The bankers interviewed by srAa
reporters all speak hopefully of q speedy relief
NUN Whatever stringency 10 now felt
COL BRIrroS's REASONS
Inc woe president and acting president Of
'he Columbia National Bank. Col A. 7. Britton,
said; business here is not affected by the gem
erM condition OF the country in any appre-
.iaoie degree. We are largely dependent ON
tne disbursements OF the government, and
Whatever stringency has been felt here has
Deen occasioned principally by the fact
that the District appropriation bill ins,., A
OF being passed in June. 80 that the sppro-
priations would be available July 1, did
not become a law until about a
iIor.nlght ago. The disagreement between the
Dlstrict Commissioners tended 30 prevent in
some degree the money from getting into cir
culaton since the bill became a law We also
derive large sums from the general deficiency
Oil, which las not yet passed Congress- When
~ .aese circumstances Is considered the fact
,hat large number OF prominent citizens, who
nave gone to Europe and elsewhere during the
summer used large sums OF money in settling
up matters before their departure and have
not kept up their ordinary business operations
curing thelr absence we have sufficient cause
ior whatever stringency We have experienced
inns summer. IL Is proper to state that during
the past ten days the tendency OF the money
market here has been very much improved
ana the volume OF deposits in the banks has
largely increased. In fact the conditions that
have marked the financial condition here dur-
ing the past summer are much the same a. in
past years"
| NOT FELT HERE MrcH
Cashier White or the National METROPOLITAN
Bank said The money stringency in New
York does not seem 70 have affected this city
in the least. You see Washington does not RELY
Tor support on New York enough for that
and do pot think that there is much basis for
real panic. Inc movement seems 10 be the
result Of the lodges of certain spectators who
| are causing the whole trouble 1 think that
| II the banks would call IN the money loaned 10
| The spectators and Try 20 place il in the hands
| OF the legitimate dealers the trouble would
cease"
MR. JOHN A. PRESCOTT,
L 81. n
said: Tho effect of the stringency has beer
iolt more in the New York market than here,
IL has not had a serious effect here and the al.
uation Is now apparently better. consider
| hat the present situation in New York can be
attributed more to the bulls and bears than 70
| any known cause"
| WASHINGTON NOT AFFECTED.
President Samuel Norment Of the Central
National Bank was in his private Office when q
STAR reporter called and asked him how the
reported monetary stringency affected the local
! financial situation.
Il do not care to so into any elaborate arsu-
ment upon that subject" said he. II have
always been very conservative in my opinions
| on such matters and not having given the sub
| Ject that thorough thought and examination
II merits hardly feel myself prepared to give
any definite answer TO your inquiry except TO
| say that i cannot see how II will materially
affect this place. Washington is not a COM
| mercial city, in the strict sense of that word.
| For my own bank can say, in any event. that
| We are safe and solid"
EXPECTS THINGS TO BE BETTER
"ies. undoubtedly, there is a tightness IN
the local money market, =" said President Hen.
ming OF the Traders National Bank The
reason is simple enough-real estate speculs-
uon- So many people have boagh,
real estate on which one paymen,
has been made and on which tlIs
money has become u rather scarce commodity.
Most of these purchasers trying 70 obtain
| money from the banks. The situation. how.
ever. will ease up. / think, instead Of becom.
| ing worse, and there is no danger OF a panic
L understand that no part of the Distric,
| appropriation bill has as vet been
used. As soon as the s5OOO.OOO is dis
trlbuted what stringency is felt here
will cease. What the government ought 10 do,
| however, as TO go back TO the old plan of de.
posting the money from District taxes IN the
local banks No. this would establish no prece-
dent for outside banks, IL is simply a local
matter. having to do with the local government
and the local taxes The purchase OF bonds
| by the Treasury Department will have little ef-
| feet on relieveing the pressure here, as there
| are comparatively few bondholders here. The
trouble here is purely local and will dissppeas
shortly"
NOT LIKELY TO BE DISTURBED
Mr.. Henry C. swain, the cashier of the Sec
ond National Bank. said that he did not appre-
bend any serious effect here Of the financial
condition of the New York market Washing.
ton. he said was not likely TO be disturbed py
such hurries.