The Providence news. (Providence [R.I.]) 1891-1906, 1893-08-03
BANKERS CHEERING Up.
The Worst Is Over and Confidence
Is Beginning 10 Return.
WHAT PROVIDENCE BANKERS SAY
three signs That Point to q Better State
OF Things-The Return Of Gold Must
lie by Legitimate Methods--Thc 90
day Law.

That the backbone OF the fnar cial
siringency is shattered is now pre-; ty uai-
formly admitted. The Eastern stntes were
the last to feel the blighting eff .cts of u
tight money ira and. compared with
most we stern Localities, have gotten of
pretty easily.
In Providerce the outlook has ne e.
reached tie alarming stage and thei are
prospects now Of an approach lange
for the better. Gold IS slowly
coming back. The epforcepent OF
the nine,y-iay rule by the savings banks
o. the city has undoubtedly contrib
uted TO a more serene atmosphere
In all loc Il banking circles The
effect would have been much more
beneficial il the rule had been insisted
upon two months ago. Comparatively
few depositors are now inclined To with
draw. as is evidenced by tn, scarcity Of
written application.
Hankers Are Hopeful.
Most of the local tankers are hopeful
o; better state of things in the
near future. An ofilcial OF the State
bank was s,en today bya represe ntative
of The News and expressed the Lelief that
the causes that will operate to restore
THE three primary signs upon whci
we b Sc our hopes for the future" ne
said, "are the exports of produc the
partial assistance Of United States Lon Is
ard enforc .mt mt Of The 90-day limit
of withdrawal The amount Of American
proiuc' shipped to the old country Is
already on the 1 crease and means cor
responding flow of gold Into Aner.cnn
| cnHaro Uha pty-Hav Will
undoubtedly work grea: advantage o
b ,th Lankers and deposi;ors. II should
have leen cnfoicd two months ago.
The people do not new, apprehend
u run ana are content to allow their
savings to stay In the banks,
There ara comparatively few
requests for withdrawal The
law Is not ironclad and ces no injustic,
to depositors who are really in ueed Of
ready money. No bank ia the city
would refus, to let man
have money when he really needed it. The
lay Is designel for @the verJ
result that it is bringing about.
the warding off of a su lden aud comp etc
run on the banks. People are resting
easily with the assurance that no great
drain on bank resources can be made"
Legitimate Return of Gold Needed.
George l.. Littlefeld, president of tho
First National Bank Of this city, thinks
that the first thing to be hope for is a leg
itimate return OF foreign goll to
this country. Fictitious impor "A ions O!
the yellow metal, gotten up sol.ly to
STIMULATE plblic confidence, will not
help us out of the hole" he said, in he
course Of conversation today. what
we nee and must have Is go d that co nes
back I'D us I'm exchange for our owi couI-
modties. This may b, expected ef ire
long. The Cudahy fa lure. which
saw reduclio of $3.50 per barrel in the
price Of pork. 'will tend to give us for
eign market for the product that could
not be Obtained when the late ex.
ceesive. prices prevailed. Wheat
and cotton are becomiag cheaper
and will find foreign market. Gold
will begin To come back in steady
stream. Foreign buyers are not going to
invest in American produce so long a.
the prices are kept Sd far above their
reach. The general condition will OF course
aflett g local condition. We are not
ye: out OF the woods, but with the return
OF gold ana the restoration Of shattered
confidence we have nothing to appre-
herd"
The general impression among BANKERS
is that the worst l. now over aud cJnfi-
dence will soon return. The stoppage
OF mills has seriously interfered with the
financial condition of the state, bat re-
sump, ion must come sooner or later.
why shouldn't things improve"
asked well-known business man. "We
have everything in our favor. The banks
have proved their soundness and ability
to meet emergencies and stand up under
them. The crop prospects are gool. and
the falls pro iucts will be worth a mint
OF money. Stocks have reached low
figure. many much lower than their in
trinsic worth. There are signs OF an
upward tendency already.
Gold will soon be pouring into this
country. The Sherman silver act will
soon re repealed, and that will restore
con fldence. The Presidents mess we
will be n reasoning one, aud that, too.
will have good effect upon tue public
mind. Why shouldn't the situation i'm
prove from this day on3 IL would lie
contrary to human experience not to ex-
pact IL ~