The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1873-09-29

Encouraging phases of tho FinnHctai
Crisis tu Kicii.ooud--Thc Banks nt
tit"4sosc of East Wcck~Ecports from
thc Factories.

Encouraging phases of the FtanHceal
rris., IL, Ricil,ooud-Thc Banks AT
tit"ttosc of last Wcck--Ecports from
the Factories.
4 was feared ~ many persons that Satur'
G9y wouId severely try tie strength OF our
banks. Heavy demands. i: was thought,
would necessarily bc made upon them for
c,urcncv 10 par the thousands Of mechanics
and la',orcrS Of Our city. and il was known
that not less than from 100000 to Sl3O,ooO
world >u;licc for this purpose. But such
WAS The determination Of ali classes OF the
l,rnp,c 10 stand hy our banks and aid them
I'm ,ar.! efforts 10 weather The present trar-
,;al storm that the day was passed without
ANY ;nronycuicncc to those institutions, while
atl our wc!kingmcn were fully PAID oil.
MANY manufacturers and builders ac-
cured supply Of currency without
ap1lvinc io the banks. and others readily
0ltaiact from the banks al they needed.
We visited al the banks after business
hours on Saturday. and found that the az
.:.r-.!-c amount of currency received by
,nr;u from dcpo>itor> during the day con
.,sl,l:;liy exceeded The amount paid out.
Their currency balances were further in
,..,.i>rG n several instances by rcmittancc>
from u,Grr ci!ir>. The president of one OF
I'm, l,,,ii,> informed Us TINT his currency de-
,,,>i.> for three DAYS had been larger each
'ley ,lcn IN" average daily deposits OF cur
T,,,rv .ar tho nine preceding months. The
t..r..',,:r1r facts show that the money drawn
OH. ,..rIy in the week ~ many tiin'd people
j ,fuGn. il way back into the vaults ot the
hanks. where il nIr bc used ior The genera!
good.
Tnt cashier o! a national bank states that
OF saturday a gentleman WI" ic>llc> III the
,ululrv came 10 him and vollntaril! leii-
drlr.d him securities to the amount OF
Sl5nnoo, with the remark that he knew cur
rrnry WuS IN demand, and that II thesc Sc
,.Iriti,- could be made available in obtaining
i they were 1T the service ot the h'hk' y
private hankjng house had similar o'er'
ana thr sane spirit was manifested by o'hef
persons.
r,l,a.r maturing during the week OF tine
;jn.ncial crisis has been met rs promptly IL
u>uaI. Al these facts show that the demo
r.l;La1ion in rr-ard to financial matters has
not materially affected business men or Other
sensible people in this community. lh'
crisis ba, been manfu!y met. but without
rgc1irlir which has run riot in other cities
Careful inquiry concerning the to5acet
factories of Richmond and Manchester dl>
cu>.l the gratifying fact that with one or tWt
tvrrptirn- they had made arrangements tf
rav of Il! their crnploSt> last saturday WIN
Ouf apniyinm TO the banks for FUNDS; also,
;lat urariy ail Of them will continue opera
tiol> without di>chlrTin@ more hands. vi
the i,O;n hands employed IN the IL tobacco
factories Of Richmond and Manchester II L
estimated that about one-haIf had been dis
CHARGED ,in t. saturday night. The majority
of the factories haV" not cur:ailed thelr opc
rIirn>. OF the Others, rotao have olscharSet
i ;ow operatives and others have pad o.
and dismissed I'LL with view OF closing 10!
4 short time
Among the iron-woracr>. Talbot & Bro
lhcr. George l.. >ioit. and the Richuont
stove aud Architectural Works lavc dis
CHARGED 10 hli.;>. The latter nave very
large orders 10 ill. and have employed many
additional hands daring tn" past three weeks
Int.od their business i, 80 much on the III
crease that Il has been necessary for them tf
send North and buy stoves. in order thai
some oi their cu>tonarS may be supplied.
Al tie manufacturers of agricultural I'm
ii.mrut>. and the builders, with one or TIVE
exceptions. plid oil without applying to th
banks for aS>ielanc2 and retained all The!
men.
The clnylo,c. 1t the Granite Guarrlc, re
c.iNrd their money in full. The funds Wer
>rni from abroad. The >tonc-cuttcrs W Il
n"Xt I've paid on their regular payday, til
10th ot October.
i.i:Amond enters upon another week iii
dor more encouraging auspices than TN
mos, hopeful could nave anticipated Wcei
a.o. The same prudence, moderation, an'
confidence which our citizens have dI'
pl;tycd in the darkest days OF the panic WI
if persisted in, enable lis to pass the CHS!
much caller than We have hitherto had an
reason ~ expect.