The times. [volume] (Richmond, Va.) 1890-1903, 1891-07-09
THE INDUSTRIAL OUTLOOK.
An Interview With 7. P. Grasty, Of the
Manufacturers Record.
ENGLISH MONEY WILL FLOW FREELY.
He Names the Towns That He Thinks Most
Solid, But Prefers staunton to Them
All-The Great Boom This Fall.

Mr.. Thomas P. Grasty. who has written
enough about Virginia to fill book big as an
unabridged dictionary. came into Richmond
from tour of the Valley towns of Virginia
last evening and was found by TINS re-
porter at Murphys Hotel. He talked about
the industrial outlook.
Il have been in Philadelphia and the
vicinage for the last four weeks, and while
there had frequent conversations with men
like Clarence VI. Clark and j. II. Dingee, who
have invested a cool twenty millions in Viz
ginia"
And what seemed 10 DO the concensus Of
opinion concerning the status Of affairs.'
IL is encouraging to every investor in really
substantial enterprises but gruesome in the
extreme 70 the mushroom schemes. Indeed.
MI. Clark went SO far rs TO say that he con-
sidered the present stagnation in speculation
u most healthy condition. for it will prevent
the organization Of those mushroom. town
companies which have done so much harm to
the whole State. il was impossible for the
people of the North 10 find cut the facts. and
50 they went in 'pell7mell' and those who
lost on the wild cats cursed the entire South
ern country.
MONEY Is EASY.
Money is easy all over the country" Mr..
Grgsty went on to say, and it is only ques-
ton OF certainty OF good crops when the
twenty millions of gold which has recently
been shipped 10 Europe will come back. X
the present prospects Of the cotton crop be
maintained Europe will have to pay us three
hundred and fifty million dollars. IL the pres
ent outlook for spring wheat be maintained
more than a hundred million will como back
in exchange for wheat.
But there is no lack Of money even in
these days OF alleged tight times. You will
note that money in New York is seeking
borrowers at per cent. on call. Indeed.
there is more unemployed money than has
been in the banks for several years"
That per cent. money The TINES re-
porter queried. lis loaned only on govern
ment bonds or listed securities How does it
happen that honest development is being
blockaded in spite of all this abundance of
money!"
1T is due simply to lack of confidence. In
thirty days If the wind and weather prove
prOpitious, the financial public will be eager
for Investments. Investors are like squirrels,
at the first approach of danger they run into
their holes. sit down quietly for a few minutes
and out they come. They can't stay in their
holes.
INCREASE OF POPULATION.
The European journals have for some time
been engaged in discussion concerning the
increase of population. The question has
matte regions of Africa. the junges of Brazil
have been discussed. Little has been said OF
America, because such papers as the
London Daily News have been predict
ing that gold would soon be at premium
here. and because they are all angry with the
United States for passing the Mckinley bill
My paper. the Manufacturers Record is in
favor of reasonable protection. bat personally
/ en- in favor of free trade. pure and simple
] think the animOsity eDgendered by the high
tariff has caused the selling of American Sc
curItes and the demanding Of gold in pay
ment.
But Providence. after ALL" he went on 10
say. is on our side. The great American
cereal crops and our promising cotton crop
and the short cereal crops of Russia and India
and the continent of Europe and Great
Britain. will cause such a demand for our
products that We will get back
eagles for dollars OF the exported gold
and the outcome will be such a confidence in
the inevitability of American luck that Eng
llsh money will low more freely TO America
than II ever flowed t the Argentine Republic
or anywhere else on the globe"
TIT SOUTH TIE GAINFR
And how will the South be the gamer?
The South" Mr.. Grasty said is the only
region where opportunities for profitable in
vestment are offered The West has had its
day Take the great investment firm Of Jar
WIS, COnkIn Co., Wnlcn paced more THAN
fifty millions of tnglsh money III the West
during the last decade That firm has all at
once transferred It's base Of operations to the
South with headquarters in Baltimore"
What towns in Virginia do you consider
absolutely solid2
Front Royal. Basic. Waynesboro. Buena
Vista and Roanoke. but tho town which
selected as my future home is Stanton. At
Stanton there is every attraction TO the
home-seeker and at the head of the
development company there is the most
success nj developer and most indefatgable
worker in all Virginia namely Mr. Erskne
Mller-but ( think that Clifton Forge aud
CovIngtOn and Newcastle viii all ultimately
be big towns. Close to these towns are
grouped raw material and the all have rail
road cooperation But Richmond will profit
by all this development and will double It's
population by the next census. / think the
autumn of 1891 will show in Virginia the