, 1890-11-13
WALL STREET SCARE
Views of Spokane Bankers Re-
'garding the FURRY ON the
Stock Market.
They Take a Hopeful View of the
Situation-W ashington
Is Safe.

Much interest is shown by Spo-
kane people in the pending furry
In Wall street. Tho general feeling
Is one of hoperulness. Said Hon. A.
NJ. Cannon Monday evening;
"The great difficulty lies In
Europe and not in the United
States. During the past year vast
amounts of foreign capital have
been taken from the money centcrs
OF Europe and put into breweries,
distillerles, numbering and Touring
mills, timber and coal lands and
many other Industries of America.
"The Mckinley bin has had II
temporary effect. When 1t became
apparent that the bill would become
law, the importers bought large
amounts of goods to get the benefit
OF the old tariff. That took q great
deal of gold out of the United States.
At the same time the European
manufacturers became alarmed, and
their alarm has now reached the
money markets abroad.
"The situation is clear. Either
values are too high or money Is re-
strictcd. / believe the world needs
more money. The past few years
have been devoted to development,
and not to speculation. We have
increased the products of the world
out OF proportion to the money.
~ do not regard the situation as
at all alarming, unless the difficulty
in Europe should increase ma
terially. There is nothing in
America to encourage u panic.
I'm Washington the situation Is
hopeful, more so than in the older
states. We have both gold and
silver, enough for all legitimate
business, and our exports this year
Will bring us great deal more,
even If Eastern investments should
stop, which is not probable, because
much of the money that Is being
taken out of Wall street will seek
Western fields of investment.
This year we shall export prod
ucts valued mt from $4,000, 600
to $50, 100000 Eastern Washington
will sell %, 900, 900 bushelf of wheat,
besides oats, rye, barley, flaxseed
and potatoes. This does not include
the great numbering, mining and
stock-growing industries, which will
add many millions. Western Wash
ington has her coal, iron, hops, lum-
Der and fishing industries, which
she is constantly throwing upon the
worlds markets. All this Will carry
N Ia hr, In ,hn,
people will only use an ordinary de-
dree of business conservatism, and
there Is nothsng to indicate that any
other course will be adopted"
w. II. Taylor, president of the
Spokane National bank, was seen at
the Hotel Spokane last night by a
REVIEW reporter
"What do you think of the furry
on Wall street this alternoon,n was
asked, land do you think 1t will
affect the West very much?"
mo, SIR" he responded, "I don't
think 1t will have much effect out
here, for the reason that we do not
get much money just now from
New York. l have been expecting
to see some such thing happen, fol
during the past year money has
not been easy In that place. The
money has been pretty gener-
ally distributed throughout the
Southern aud Western sections.
1t has been flowing from New
York. Why, 1t is much easier in
San francisco than there. There
has been n good deal of money sent
from England, too. and | was told
by II prominent New York cashier
that If demand was made on
their banks for, say, $4,000, 900 in
gold, it would have embarrassed
theul. | think that money will be
easier In this section than ii has
been. We have good deal coming
in for our cereal output, and then
we are in u shape to handle our
| ores"
Mr.. j. j. Browne said: ~ have
not given the matter the considera.
ton 1t merits. do not consider the
situation at all alarming to the
West. Flurries like this tend to
foster feeling of distrust. 1t may
tie up good deal Of money in the
New York banks, and again it NAV
encourage spectators and investors
to place their money in the West.
| The difficulty appears to be of u
local nature, though the general
country is always more or less in
sympathy with Wall street."
UNFORTUNATE sQUATTERs