The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1892-12-20
He Is Not Going to New York to Confer with
Bankers, as He Does Not Believe the Flur-
~ There Warrants Such Action.
Willing to Make a Bet that the Yellow
Metal Will Not Command q Premium.
Exciting Time on the Stock Exchange When
the Dissolution of the Chicago Gas Pool Be-
came Known-BrOkers In Trouble.


Secretary Foster Not Alarmed at the Pam
icky Condition ofthe New York Stock Market.
WASHINGTON, Dec. 19.-The Treasury De-
partment was kept fully and promptly
advised Of the progress of the stock mar
ket in New York to-day. and Secretary
Foster was in conference with his assist
ants several times upon the situation.
After the department closed the assistant
secretaries, Messrs. Gear, SpauldinZ and
Lambertson. gathered in the Secretarv's
room and discussed the events of the day.
There reporter found them, with no indi-
cation of any excitement apparent. The
Secretary said. in answer to q question.
based on report printed in New York.
stating that he was much exercised over
the matter, and intended to como over to
New York to consult the New York bank
ers:
II am not going TO New York to confer
with bankers or any one else about the
financial situation. There is nothing In it
to warrant such action. The idea has not
previously even occurred to me-"
"You have noticed the engagements for
gold shipments tomorrow and the panicky
feeling reported on the Stock Exchange~
able condition of things at the close, you
know. AS to the gold in the treasury
continued tho Secretary, I'VE are all
right Last month the exports from
this country amounted to seven mill
ions, Of dollars. but the treasury
lost half million only. The reserve limit
is fixed at Sl0O. ZOO 0oO, and have S24, ,00O,-
OOO moro than that The resources of this
country are greater and more varied than
most people know, and the money that is
fnR sxAIh "a nnd
for replacing the amount sold: The money
ls needed West and Southsto buy grain,
provisions and cotton; and II can save
man $500 OF 5000 on q million he does not
stop at giving me gold In New York for
currency laid down for him wherever he
wants it. If they get rs down In this mat
ter, it will be only after long fight and q
hard one."
"A man bet me box of cigars to-day"
observed Assistant Secretary Gear. that
gold would be at o premium in New York
to-day. expect to find the cigars on the
table when i act to my ROOM"
Don't believe you WILL" sententiously
observed the Secretary.
IF they are not there PH 60 cunning Aft
or them" said Mr. Gear.
But" resumed Secretary Foster, 'if 1t
were not for the scare that seems inevita-
BILE In connection with the shipments OF
gold abroad. it would not be such . bad
thing after all The balance of trade 10 in
our favor at the rate of $40. 600, 600 month.
and the gold will certaiAly find it's way
back here. Last month we shipped more
provisions abroad than ever before, and
believe the showing for December will be
as good" Continuing the Secretary said:
I'VE have nearly 5000. OO0. 600 of gold in the
United States. If two hundred millions
were to go out il would result in the reduc-
tion of our public debt to that extent. with
the accompanying saving OF interest on
that amount. | am not at all uneasy re-
garding the situation, and If Governor
Gears friend wants to renew his wager
that gold will be at premium before the
4th of March will take it and double 1T
afterward for the remainder OF tho fiscal
year ending June so next"
Then the Secretary and Mr.. Gear fell to
exchanging observations on the prosperous
conditions of the country. shown In the
purely agricultural portions, notably Iowa,
Governor Gears own State.
"Pork Is worth a cent pound more now
than 1t was year ago." said the Secretary.
"Yes." assented ME-. Gear; 1T was quoted
at S5.40 hundred in my State the last
price than the farmer ever got for 1t be-
fore except during the war, when it was
paid for in forty y-cent currency"
II have held piece of land in Jones
county. Iowa." said the Secretary: for
twenty years Never could get an offer fer
it until this fall, and have just sold it for
S25 an acre, cash."
"Weli. yon beat yourself by SIS an acre" I"
remarked Mr.. Gear. Its worth at least
$40 an acre. Up in the northern tier of
counties of our State located a quarter
section of land thirty-two years ago. Never
could have sold it for $500 until this fall.
Got an offer of So. 500 and let il co."
With these comfortable and consolIng re-
Elections fresh in their minds the Secretary
and his assistants separated. the former
reIterating his statement of yesterday that
ne intended to manage the affairs of the
department as the active head until his
his ability to maintain at its present figure
the gold reserve in the treasury.