St. Paul daily globe., 1893-06-02
EASY MONEY PREDICTED
Mr.. Lowry Expects Times to Be
Good Again in the Near
Future.
Credit Is Reported
Splendid Among Eastern
Banks.

"The financial situation has improved
very materially within the last ten
days. The situation has been very UNI
usual, but confidence is being restored
and money Is plenty in the East. All
that is necessary to draw it into active
use is the restoration of confidence"
This was the expression that Thomas
Lowry made yesterday morning. after
an absence of several weeks in the East.
"Tne good crop reports that the East
is receiving from the Northwest are
having a good effect" continued Mr.
Lowry. Good crops mean prosperity,
whether the price of grain is high or
low. and if our crop outlook continues
as good as at present 1t will help US
very materially. There is disposition
IN the East among the bankers to help
all solvent parties in the West as far
as possible. 1t can hardly be said that
bankers have been too conservative, be-
cause the situation has been very un-
usual. The restless feeling has not
been confined to this country, but it ex-
lists all over the world. London is feel
ing its effect more than we are, and the
bank failures in Australia have added
to the trouble abroad. There is more
money i'll the New York banks than
ever known. there being an excess of
S25, 900, 900 over the reserve. L think the
New York bankers have been very
heroic. They are meeting and have met
every complication with courage. l
talked with many of them while in New
York, and they all expressed a special
desire to help customers. They think
money will be easy this summer ana
I'm thorn twill hn q gradual ltnnr0VH-
ment from now on"
"Is there any criticism Of the policy
of the administration in New York"'
THE, want of a policy by the adminis-
tration has helped very largely to bring
about the present trouble, and this opln-
ion is held quite generally by New York
bankers, regardless Of party affillatlon.
The utteranceS of Secretary Carlisle are
regarded as very lndiscreet, and the
opinion is that the damage had been
done before the presidents interview
was published stating that the parity
between gold and silver would be main-
tanned. | think the Northwest stands
better in the East than any other section
of the West. There is tendency to re-
sumo the buying of commercial paper,
and as soon as there is little more i'm
provement along this line there will be.
III my opinion, a prompt restoration OF
confidence.
II understand that locally there has
been very little trouble. The one or
two suspensions that have occurred
might easily have been added to had
there been many week spots in Mime
apolis. The result of the little furry
that you experienced here shows that
the business interests of the city are OIL
a solid footing. am feeling sufficiently
confident to say that the real estate
enterprises in which | am interested
will be pushed without interruption. If
| regarded the situation as serious |
might be induced to act otherwise. /
believe in Minneapolis, believe in her
resources, l believe in the good sense of
her citizens, and propose to assist in the
work of development that has been
prosecuted here during the last few
years to the best of my ability. L be-
lieve that in few months, in connec-
ton with our plan for the development
of Columbia Heights, we shall be able
to announce some pleasant surprises to
the people here. All that is necessary
at the present time Is to be sufficiently
conservative in business policies to keep
credit good. In my opinion there will
soon be an easy money market for all
legitimate needs"