The times. [volume] (Richmond, Va.) 1890-1903, 1893-08-15
FINANCIAL SITUATION.
There Arc False Rumors Circulated ON the
Streets and Are Repeated By Thought
less People ms Actual Facts.


from breakfast to tea-time in these days
of financial depression will go home at
night with the firm conviction that mer-
chants, manufacturers and capitalists are
In imminent danger of losing their entire
property, and that business In few
days will have consummated into
complete collapse. Don't believe anything
unless you absolutely know 1t, and only
then when you have seen It with your
own eyes. Is a good maxim to paste In
your hat. There were enough rumofs on
the streets yesterday 10 hurt the credit
OF the Bank OF England, much less weak
er institutions, and had those rumors
been received with credit there would
have been a mess, and had there been
any truth In them there would have been
uneasness In Richmond's financial world.
A rumor which circulated freely was 10
the effect that the Richmond Locomotive
and Machine Works had stopped work
and that the hundreds of workmen had
been thrown out Of employment. There
is absolutely no truth in the statement.
The works are running full time, and
there are orders that will keep the estab-
lshment busy until November. The men
on Saturday were paid $1,000 In scrip,
and succeeded admirably In purchasing
their household supplies with the paper
There was little trouble, and the en-
bloyes are a contented lot of individuals.
Rumor the second was that Allison e.
Addison had shut down. There was alb
solutely no truth in that statement.
Their establishment is manufacturing fer
tilizers with the usual force, and there Is
no trouble whatever.
Rumor the third was that Mayo had
| entirely suspended. The only truth in the
| rumor was that without revenue stamps
| the establishment could not make ship
| ments and would be forced 10 suspend
until some arrangement could be made
| TO obtain stamps from the Government.
But such a statement is applicable 10
! all OF the tobacco manufacturers. They
| are all in an unenviable position and
trying one, for 1t is pity for them TO
be forced TO suspend when they have
orders for shipment, thus throwing men
| and women out OF employment, while
| there are hundreds OF factories IN the
country who have been forced to close
| their doors for lack Of orders. The to-
bacconists say that they have received
reasonable amount of trade this spring
and summer, apd could do good business
| now II they could get the revenue stamps,
but with no currency and the refusal OF
| the Government officials 10 receive GER
placed in a dilemma that is embarrass-
! ing, to say the least.
Messrs Thomas Atkinson and T. G.
| Williams have returned TO this city from
| Washington, whittier they went Ia confer
| with proper officials as 10 the situation
here and 10 find out If something could
| not be done TO put more currency INTO
! circulation or TO arrange so that certhed
| checks can be taken here in exchange for
| 81 "a ct
| that when Mr.. Atkinson and himself
arrived in Washington they found Secre-
! tarv Carlisle out OF town. They visited
| the under secretary and stated their busi-
ness to him, and he gave but little II any
/ announcement The official stated that
| the provision that currency should be PAID
! for revenue stamps was upon the statute
books OF the United States, and he saw
| no way to change II. He said, however,
that he would present the Richmond gen
! tlemen's views TO Secretary Carlisle when
] ne returned and use ali effort in securing
10 the tobacconists OF Richmond some
relief. The two Richmond tobacconists
! then conferred with Senator Daniel ana
| CONGRESSMAN Wise relative to the sltua-
! ton. and the two Congressman promised
TO confer with Secretary Carlisle yester-
! day They did so, as will be seen from
! The Times telegraphic dispatches, but
he might be to render Richmond manu-
facturers aid he was poweress 10 do so.
! II aid is not forthcoming quickly, as
/ was stated above the tobacconists or
| Richmond will be forced 70 suspend ope-
rations for several OF them stated yes
! terday that they would not manufac-
! tnre tobacco unless they had stamps for
shipment.
| The procedure Of Shaving" or dis
! ortt oh n
! some merchants, who forced their pa
! irons TO submit TO such treatment re-
! caived severe condemnation by all right
thinking business men yesterday. There
were some men Saturday night who
| resorted to this deplorable practice ana
! the man who was dependent on his
weeks wages for his bread and meat
! had to 90 the best he could. In these
times. when every one is dependent on
each other, II is hardly the time for the
| stronger 10 take advantage Of those
less favored, and there is no question
| as to the final result-the man who acts
| pineerly or mean now will In a short
| time be the individual Who will not have
enough TO keep him for a week The
| nuhljc-spirited merchants, and there are
| many OF them. know. as all intelligent
men do. that the scrip issued and certi-
! fed checks given are as good as old
/ wheat ana tDdt WIFI currently Pi'Hti-
| full the firms who are now forced 10
| issue such papers would not have the
| slightest trouble Fears as TO the sound
| ness OF such paper Is all bosh. The
| hanks are solid. and to-day are better
| off financially than they were two months
| ago Business. as compared with other
! seasons. is dull but compared with other
| parts OF the country there is no reaso3
10 complain. Crops are excellent, avn
with the legislative branch OF the Gov
eminent attending strictly TO business
and doing something sensible quickly,
| there is no reason why Richmond should
not come out OF the depression with every
! banner flying. and with showing en-
viable by cities Of more population and
more pretensions
Bankers say that money IL easier, and
| the consensus Of their opinions is that
in n few days matters will take n de-
cidedly favorable turn. They say there
is no cause for alarm, that there Is
nothing pancky about the depression SO
far as Richmond is concerned, and that
among fnanciers here there seems 10 be
a determined effort 10 help each other.
/ This being the case. there Is no reason
| why the retail dealer should not also
put his shoulder to the wheel, and by
| saving his currency, aid by next Friday
| or Saturday the many manufacturers
| who will need actual cash al that time.
III the retail men would do this, the
! man who IS TO snffer-the wage-earner-
would be In far more enviable position.
| and there would be less trouble than on
/ A.3 4. Id Il, m