Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1890-12-21
Money Markets and the Press.


For month or more the most inter
esting. il not the most inspiring, reading
the newspapers have furnished business
men, has been reports of the condition
OF the London and New York money
markets.
II was an occasion for tho display OF
enterprise and genius; enterprise in col
lecting the news in the midst OF great ex-
citement and bowling masses on Change:
genius in preparing it for and sending it
TO the public in a form which, while con-
yeying correct information and every
essential truth, was distinguished by the
absence Of all sensationalism.
During periods of widespread alarm,
and when many peoples heads were
whirling with excitement, the editors
and reporters did their work with
calmness that would have done credit
to tho black-robed old Justices of the Su-
preme Court Of the United States.
At any time they might have precipi-
tsted panic, bat they constantly steer
ed the public away from it, and that, too,
without suppressing or distorting the
truth.
Our daily Wall-street reports which
come to us through the Associated Press
are models of intelligent and correct
financial reviews, and the writer's Of them
seldom miss any good point, or in even
the widest furry allow themselves to
become "rattled." They disharge their
duties with conscientious care and
fidelity, and hence our bankers, brokers,
and businessmen generally refer to their
column every morning rs a trustworthy
epitome Of what has been done and rs
n prediction Of what is to come in the
near future.
The public unknowingly is often I'M
der specially weighty obligations to the
press. A popular conception is that n
newspaper-man will publish any and
everything that comes to hand regard
less of consequences. THIS opinion is
entertained by some persons who ought
TO know better, including not few who
from their own heedlessness IN business
have more than once placed it in the
power of newspapers TO wreck them
by word.
Reporters and correspondents do net
rush about as recklessly as is supposed
certainly not on well-managed papers
aud if they were to do so there are edi-
tors back of them to scrutinize their
"copy."
The truth is that outside Of clergymen
and physicians newspaper-men are the
safe repositories of more secrets than
any other class in the community, for
sagacious men every day take them into
their confidence and say, IL you hear
anything about so and so come to me
before you publish it and will give yon
the real facts" These are the long
headed men of the town.
There is another class who preten-
tiously try to hide all their doings from
the press and who when they become
members of public bodies favor. and too
often compel, secret sessions in the hope
that the reporters will be baflled. Well,
II there is anything in tho world calcu-
lated to arouse the inquisitiveness OF q
newspaper it is to find that a COM
mittee or association has held "secret
session." and proceeding upon the
maxim that what is known to three is no
secret at all, he generally finds out what
he wants, and then to reward himself
for his astuteness and diligence gene
rally gives the item conspicuous pub
hcity. Some of the "secret sessions
held in the city are stupid beyond mea-
SIRE unreasonable beyond belief AL
that they seem designed for is to give
reporters trouble.
But this is going from the point,
for we arose to remark upon the accu.
racy and conservatism OF our financial
dispatches and to praise the Associated
Press and our special correspondents for
their work, and to take some small credit
to ourselves for publishing paper which
can be- enterprising without being sensa
tional brisk without being hashy
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