The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-03-16
THE FINANCIAL OUTLOOK.
Banker Tappen Does Not View It with Alarm.
Though Money Ia Still Scarce.

NEW YORK. March 15.-The continued
caused renewed anxiety in downtown
financial CIRCLES to-day. The uneasiness
was increased by the reports that banks
were calling In their loans. because as was
alleged. their oat.of-town correspondents
were still Withdrawing their deposits. and
Chicago bankers had given notice to their
agents here that they would require. be-
tween now and May /, ct least sl5, 600, 900
in bills of small denomination. Added to
this was the great difficulty said to be
experienced by merchants in selling or dis
counting their paper; in fact, it has been
alleged for some days that this was impos-
slble, and that, in consequence. failures
of mercantile houses were to be expected
unless there was an immediate ease-up on
the stu alton. With refe renee to the de-
mand for money from outs Of town banks,
particularly In the West, it was said by the
presidents of some of the largest banks,
tn Csc with extensive out of town connec-
lions. that the indications were that the
flow of money to the West had ceased.
Whether it would break out again, and, If
90, how soon. could not be foretold, they
said. Under ordinary circumstance the
return flow of money to this city was
rather TO be expected.
Frederick ID. Tappen. president of the
Goliath National Bank. said: Il think
the condition of the financial situation has
been greatly exaggerated, and that In q
very short time we shall see the money
market very much easier. and that the
banks will have more money than they
will know what To do with. The sit
too, with regard to the sale of commercial
paper has also been exaggerated; although,
of course. there has been. and is. q
stringency in that line. Merchants have
been thrown back on their banks because
as freely as usual in the open market. But
the banks have taken care Of their GUS
toners. l think"
Ex-Secretary FairchiId's Warning.
BOSTON, March 15.-The second annual
banquet of the Massachusetts, State Board of
Trade was held at the Revere House this even
ing. Among the guests were Hon. Charles 8.
Fairchild. ex-secretary of the United states
Treasury, and Judge j. L.. Torrey, of st. Louis,
author Of the TOrrey bankruptcy bill. President
Charles E. Adams made a brief speech of well
come. and introduced Mr.. Fairchild, who said:
You of Massachusetts, as business men, from
the beginning Of the government to the present
time. have made a profound impression upon
Ought not bodies such as these to at
tempt to produce. throughout the country
for the general benefit. Out West they are
thinking to put water in the national currency
and thereby gain an advantage for themselves
at your expense. Cannot such business assOcia-
lions rs this show these people that they
are mistaken7 1 do not believe we are
TO be IN any sure and comfortable condi-
ton TIL this question is settled. The
government stands to-day with no surplus
revenue. All these devices have been exhausted.
The government can sell bonds and buy gold,
but that is only a palliative. The law of nature
Is at work, blowing this currency We are grind
ing out like O sand blast directly against
the financial foundations of the bust
ness OF this country and undermining
IL. You are going to lose your gold In this cOun-
try just as surely as the sun will rise. Every
time your rate of interest goes down and your
| prices go up your gold will 20. The only way
you can hold 1t is by an mormon amount of in
terest, such as you have had during the last few
weeks.