The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1873-11-11
Effect of the Financial Pressure upon
Rnsiuesy in Virginia.

RI e,ter from z. L. White, special correspondents OF
lNe''e . the New York Trlbune.J
p,cpyosp. Va, November 3.-The two
great manufacturing interests of Richmond
are iron and tobacco. A carefully-prepared
statement of the business of Richmond for
the wear 1872, which / find in the Dispatch
If January /. 1873, shows that there was
turned out OF the roling-mills, foundries,
macbine-shops, and car-factories OF the city
during that period work amounting 10 the
aggregate to S., 49,, 900. The value OF the
tobacco and cigars manufactured was
s.. 205 900. The largest iron manufacturing
company is the Tredegar works, when
previous to the panic employed about l,50O
hands, or about one-half of all those em-
ployed in this branch Of business IN the en-
tire city. During the past few years this COM
pany has been largely engaged in the building
of freight cars as we'll as In the manufacture OF
wrought and cast-iron. The number of cars
which they have finished has been about
1000 year. During the past year or two
the Tredegar Works have been building cars
for the New York, Midland, and Chesapeake
and Ohio railroads. The embarrassment OF
both of these companies and their inability
to meet their engagements with the Trede'
gar Works has caused suspension in most
of the shops Of the company and the dis
charge of about ninety per cent. OF all their
hands. The majority of these men are
white, and it is believed that very few Of
them have saved enough to support them
through the winter. The Old Dominion
| Nail-Works have reduced their force very
little. The remainder Of the iron manufac-
turers have reduced their force from one
half to three-fourths, so that an aggregate OF
about one-fourth of all the iron-workers in
the city are now employed.
THE TOBACCO MANUFACTURERS
have felt the present stringency of the mo-
ney market in manner entirely peculiar to
themselves. Every pound of tobacco, be-
fore it leaves the factory where it is put up,
has to nav to the United States Government
tax of twenty cents, and no matter how
difficult it is to obtain greenbacks, nothing
else will pay this tax. Manufacturers OF
other goods, when they are ready for the
market, can ship them without expense and
draw on the consignee for payment, the latter
having also the freight charges, &c. Before
ton of manufactured tobacco can be moved
the holder must obtain, in some way, s4OC
in United States currency, with which TO
purchase revenue stamps. 1t VIII not DE
thought strange, therefore, that when the
banks all over the country suspended the pay
ment of currency, and tobacco accumulated
on the hands of the manufacturers, the weaker
houses had to close aud the stronger ones to
reduce their production. In ordinary times
the internal revenue collector here deposits
the money which he daily receives In the
national banks which have been designated
as United States repositories, and the bal
ance of funds belonging to the Goyernmen
thus held by these banks averages abou
Sl25, 200. The collector also, at bis own FISK
receives for stamps certified checks, which
are collected by the banks in which they ar
deposited before the Treasury Department
Washington calls for the money. This r.
licyes the banks of the city, and makes