The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-09-01
THE GENERAL BUSINESS OUTLOOK.


A New York firm which makes a peri
odical diagnosis of the business situation
recently addressed inquiries to the officials
of a number Of the leading banks and
trust companies throughout the country
relative to trade and crop conditions and
are decidedly favorable as to business con-
ditions, though generally admitting that
crop prospects are not quite up to the av-
erage. A noticeable feature of the replies
is that most of them find no connection be-
tween the recent stock furry in New York
and general business conditions through
out the country. The stock furry was like
a local storm which does not disturb gen.
eral weather conditions The cashier Of
a leading bank in Pittsburg writes that
Judging from the general business con-
ditions existing here there is no reason
for the pessimistic view which obtains in
New York at present" A director of a ma
tional bank and other financial institutions
in Cleveland thinks there has been much
exaggeration in regard to the supposed ex-
tended condition Of the banks in the West"
He does not discover any signs Of an undue
extension of credits and says that, so far
as he can judge, middle Western bank
ing has been conducted on good lines"
The president of Cincinnati national
bank thinks that the recent furry and
downward course In stocks "only con-
Germs those Immediately concerned in this
haS he Sl;o
preston upon the general business of the
country" The vice president of a bank i'm
ST. Louis writes that business conditions
throughout the West appear in every way
favorable, and 'all lines of trade are full
of orders and find ii difficult to meet the
demands that are made" The president of
bank in Kansas City writes: 1.-The gen.
eral business conditions here are good Mer-
chants are doing a large business" The
president of national bank in Louisville
writes: II want to say with clear note
that 1 have not seen business. outside of
stocks and securities, in better condition
in many years" Similar expressions were
received from bank officers at leading points
in the South and Southwest. The presi-
dent of a bank in this city, name not given
writes:
We have been on the watch for indica-
tons of a diminution in general business
activity here. but there seems little indi-
past two of our customers have submitted
their statements-one. a wholesale grocer
showing an increase of Is per cent. in sales
over last year, and another. a manufac-
turer, showing approximately 80 per cent
Increase. The indianapolis clearing house
reports show steady increase of from 10
| TO 80 per cent. over corresponding months
| last year. Our own deposits have shown
a steady increase throughout the year and
are materially higher than sixty days ago.
There is practically no application for
| loans and rediscounts from our country
bank correspondents. One thing has been
noteworthy-the apparent absence of pam
| icky feeling among business men here.
in spite of the drastic liquidation which
| you have been having.
The treasurer of trust company in this
city writes that the business outlook is
encouraging, and. "aside from the security
market. we do not see any evidences of
conditions in this section being affected by
Eastern conditions" The similarity of
| these reports. amounting almost TO monot-
ony. adds to their significance. 1t is part of
bankers business to keep in touch with
| field. and class of men have better IA
cilities for doing so or make more care
full and intelligent study OF the subject
The unanimity of their opinions, gathered
from many points. that business condi-
tons are sounu, healthy and encouraging
Is an additional reason for confidence In
the situation. This does not mean that a
monetary panic and financial storm may
not come in the future. as they have In the
past and win continue to do at intervals
but IL does mean that at present. and as
far ahead as can be seen. the conditions arc
such as TO justify the extension and prose
cution of business on conservative lines
And. indeed. business should always bt
conducted on such lines. 1t is departur,
from them that brings disaster. Long
continued prosperity is apt to lead TO such
departure In overspeculation. expansion OF