The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1891-06-25

The 1nan ,ial situation throughout
the country, and particularly in Roam
oke, is frightening, and tho indications
all point to the fact that it will con-
tinue to improve and that in short
time the lack Of confidence, which has
chiefly characterized the present strin-
gent condition OF the money market,
will have disappeared and money will
once moro be freely circulated.
Tho following expressions of opinion
from tho leading bankers of Roanoke
clearly show the exact condition of the
situation:
Hon. Henry S. Trout, president First
National Bank: "Indications are that
money is somewhat easier in Roanoke,
and it certainly is easierin the North.
New York banks now hold larger re-
serve fund than they have had at any
time during the last four months. One
thing that has been making money tight
is the shipping to Europe of SO much
gold. This has had a greater effect on
the people than it should have had.
That is about stopped now, and I think
the financial situation will improve and
of last winter. They are gaining conf
dencc again. / think they have been
moro scared than hurt. There is moth
ing tho matter with Roanoke. Tho
tightness is over here. l think it will
continue to improve, and by October we
will have an abundance of money for all
legitimate business. With all the bust
ness done in Roanoke, the failures DUR
ing the past four years do not amount
to $4,000. This is an excellent show
ing. in my opinion"
Francis A. Barnes, president Stats
Savings Bank: The general impres-
sion is that money will be easier shortly.
The demand for money is very strong at
present. think it is becoming moro
plentiful. | think one cause of the
tightness here is due to tho fact that
banks have held an unusually large
reserve. At the present time we hold
sufficient to pay every dollar of our
obligations. OF course. as confidence is
gradually restored, this money will be
loaned out think Roanoke is recov-
erinG from the effects of thu tight money
market and one reason for this is the
good crops. They will bring money
into circulation, and then business here
is also picking up"
j. ID. Smith, president Roanoke Say.
ings Bank: "Wbilo money is just as
tight with US now as ever, | look for
gradual improvement in that direction
by the first of July. My reasons for
this are that during July there will he
a great deal OF money paid out by the
Government, and the crops have been
very good. That will, Of course, put
money in circulation. The tightness
in money here has been caused, TO a
great extent, by our citizens buying
property away from Roanoke. and we
have got their notes to pay. The large
gold exports have had some effect on
the money market There has been too
much wildcat speculation and as soon
as the people become conservative the
situation will improve. We have
learned the lesson and business will now
improve on solid foundation
Ill. j. Won llemert, stock broker: 81
believe the tightness in the money
market is easing up in Europe, but /
can SEQ no pelceptible improvement
here. But / feel confident that every
thing will come out all right and that
in the future there will be no wild specu-
lations, but things will be conducted on
purely business basis. Tho great
trouble now is that people have lost
confidence. The New York banks all
have large surplus. AS soon as peo-
pie regain confidence they will invest
their money. There is money enough
in the country if it were only put in
circulation
John b. Levy, president Citizens
National Bank: 81 think that after
July the interest which will be paid in
the larger cities will cause money to be
much easier in those cities, for the
reason that this money, which is now
locked up in banks, will go out among
the people and in month or two ii will
find its way all over the country. Also,
thousands of bushels of wheat will be
shipped abroad and we will get a rood
deal of this gold back which we have
been sending over there, and | think
that confidence, which has been badly
shaken, will be restored. People who
have drawn money out of tho banks will
put it back and thus allow it to be cir
culated The situation is looking
brighter. People in Roanoke, during
the past week, have been taking up the
paper they have. had in bank and we
have really nothing under protest.
IA good deal of money is coming in
here from some source. Our business
men all seem to have plenty of back
bone and they never give up. Roanoke
paper STANDS very well. Our bank,
when it was State bank, year ago
handled good deal of paper with out
of town banks and all this paper is being
met promptly. 1 think the worst part
is over for Roanoke, but we are not MAX
ing any 2cw loans Of any consequence.
J. L. Engleby, president of tho FL
deity Loan and Trust Company: paper
is being met we'll, and in most cases
money seems to be getting easier. In
July we look for change for the hotter