Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-12-20
FOSTER NOT SCARED
BY Yesterdays FURRY Among Wall
Streets Bulls and Bears,
CALMLY WATCHING THE EVENTS,
Tut He Has No Intention of Going to
New York at Present
TO CONSULT WITH THE BANKERS THERE


Department was kept fully and promptly
advised of the progress of the stock market
IN New York to-day, and Secretary Foster
was in conference with his assistants sew
eral times upon the situation. After the
Department closed the assistant secretaries,
Messrs. Gear, Spaulding and Lsmbertson,
gathered in the Secretary's room and dis
cussed the events of the dav. There re-
porter found them, with no indication OF
any excitement apparent
The Secretary said in answer to ones
tion based on a report printed in New York
that be was much exercised over the mat
ter and intended to come over to New
York to consult New York bankers: II
am going to New York to confer with
bankers or anyone else about the financial
situation. There is nothing in it to war
rant such action. The idea has not preVl-
ously even occurred to me.
"You have noticed the engagements for
gold shipments tomorrow, and the pan
ickv feeling reported on the Stock Ex-
change"
A Comfortable Condition at the Close.
ooh. yes But there was a more CON-
Portable condition OF things at the close,
You know.
"As to the gold in the Treasury" con-
tinued the Secretary, 1--WE are all right
Last month the exports from this country
amounted to S7,000,000, but the Treasury
lost $500, 600 only. The reserve limit Is
fixed al Sl00 OOO, 900, and 1 have S24, 900, 900
more than that. The resources of this
country are greater and more varied than
most people know, and the money that is
paid to the Treasury can be used for re-
placing the amount sold. The money is
needed West and South, to buy grain, pro-
visions and cotton, and if l can save a man
$500 or 5000 on a million he doesn't stop at
giving me gold in New York for currency
laid down Tor him wherever he wants it.
II they get US down in this matter it will
be only after long fight and hard one. "
"A man bet me box of cigars to-day"
observed Assistant Secretary Gear, that
gold would be at a premium in New York
to-day. 1 expect to find my cigars on the
table when 1 get to my room.
Bound to Have His Cigars.
Don't believe YOU" sententiousIy OBJ
served the Secretary.
I'll they are not there I'll go cunning
alter them, " said Governor Gear.
"Bus, resumed Secretary Foster, eff it
were not for the scare that seems inevitable
IN connection with the shipments of gold
abroad 1t would not be such bad thing
AlAGl dll Lie DdlAuGe bl lEdut Is III OuE
favor at the rate of $40, 900, 600 month and
the gold will certainly ind its way back
here. Last month we shipped more pro-
visions abroad than ever before and 1 be-
leve the showing tor December will be as
good"
Continuing the Secretary said: "We
have nearly 5000, 100000 of gold in the
United States. Ii $780, 900 were to 60
ouE it would result in the reduction of our
public debt TO that extent, with the accom-
panyIng saving OF interest on that amount.
! am nos at all uneasy regarding the situa-
ton, and if Governor Gears friend wants
10 renew his wager that gold will be at a
premium before the 4ih of March I'll take
il and double 1t aftorward for the remainder
of the fiscal year ending June 50 next"
Then the Secretary and Mr. Gear ie II to
exchanging observations on the prosperous
condition of The country shown in the
purely agricultural portions, notably Iowa,
Governor Gears own State.
Fork Worth More Than 1t Was.
Pork is worth a cent pound more now
than it was a year ago. said the Secretary.
YES" asserted Mr.. Gear, 'It was quoted
at 50 40 a hundred in my State the last time
noticed the reports. That's a higher price
than the farmer ever got for 1t before, ex-
cept during the war, when it was paid for
in a 40-cent currency"
I've held a piece of land in Jones
county, Ia" said the Secretary, "for %
wears Never could get an offer for it until
this tall, and I've just sold it for SIS an
acre. cash.
We'll, YOU beat yourself by SIS an
acre, 8" remarked Mr. Gear. 'Its's worth al
least $40 an acre. Up in the northern tier
o: counties of our State 1 located quarter
section of land 81 years ago Never could
have sold it for $500 until this fall. Got an
offer of 3, 800 and let it 60.
Win these comfortable and consoling re-
fecrions fresh in their minds, the Secretary
aud his assistant separated, the former re-
llrraJing his statement Of yesterday that he
intended to manage the affairs OF the depart
ment as the active head until his term ex-
piTed, and that he had no doubt of his
ability to inalntain at its present figure the
gold reserve in the Treasury.