The times. [volume] (Richmond, Va.) 1890-1903, 1893-06-30
THE MONEY SITUATION.
BETTER TINES EIPECTED BY OUR
BANNERS AF1ER JULY IsT.
Tho Clearing House Association Decides to
Only Receive Paper for Collection
ut Holders Risk.

Inc nndncfdi SITUATION mas tdhcH tho
place Of every other question on the
street. and comes very near monopolizing
the thoughts and conversation Of the
bankers and business men.
The excitement in the money market
while 1t has unsettled business In Rich
mond, the action Of the banks and busi-
ness houses have been so conservative
that little has been lost or jeopardized.
Tomorrow the banks. railroads and other
institutions will turn loose more chan a
million dollars I'm dividends. the bulk OF
which goes 10 Richmond people and the
State and city their July interest.
Similar dividends will be paid all over
the country, and the amount of money
thus put in the hands Of consumers Will
be immense. Many look on this as re-
lief, which will make July 1st the turn
ing point in the financial depression, and
cause money TO be decidedly easier here
after.
talked with several bank officers yes
terday and they are all hopeful Of con-
tinuei Improvement. Mr.. J. w Lock
wood. cashier Of the National Bank, said:
/ am looking hopefully towards improve
loose Is obliged 20 have q relieving effect.
We can't expect the whole matter rightcd
all at once. however. The sore has been
running too long 10 be healed by one APP
plication The business Of this country
is done on q per cent. cash and Is per
cent confidence. The Shrinkage in the
confidence is what has made the biz
shrinkage In business.
Mr.. John S. Elicit, president Of the
State Bank Richmond has stood the
strain splenddly. and our people have
borne the Inconvenience consequent upon
the stringency Of the money market with
much patience. Matters have alrra dy
improved, and will continue 20 do so after
July 1st We can't expect a complete
restoration Of confidence until the United
States Government adopts financial meas
ures that will be not only satisfactory 10
our own people. but 10 other nations also.
Mr. J. ". Slnton, cashier of the city
Bank, says: The banks Of Richmond have
stood the stringency remarkably well.
They had 70 curtail their discounts. but
they have done as well as any I'm the
country in protecting their customers,
and they are IN as sound condition rs
they ever were. Indeed / expect they
now have more money than they are ac-
customed TO carry.
Mr.. John SHELTON Williams thinks the
present week VIII be the highest Of the
season. and that more or less improve
ment Will follow. Others fnanciers agree
in this opinion and, altogether, the future
looks very much brighter.
Action of he Banks.
The Clearing Houss Association Of
RiCbmond was called I'm general meeting
by its chairman, Major Johnson, presi-
dent Of the Citizens Bank, TO consider
the subject Of collections, and the respOn-
sibihty Of the banks I'm the Clearing
House for checks. drafts. notes. accept
ances and other Items deposited by their
customers payable ont Of the city. the
banks I'm this city having received notices
from their correspondents i'm other cities
that they would not be responsible for
such items after using due diligence.
The clearinghouse adopted the follow
ing notice. pursuant TO the law ON that
subject:
Clearinghouse Notice-Che-k ks. drafts.
notes acccptances and other ns. not
payable in this city. whether entered as
cash or not. are received and forwarded
for collection az depositoca risk only.
until we have have received final actual
payment
The question Of issuing Clearinghouse
certificates. I'm accordance with the re-
commentator Of the New York banks
was taken up. and g was resolved TO
issue them, TO be secured by a deposit
of collatorals, upon the application OF
any member Of the association. in such
sums and amounts as the committee to
pass upon the collaterals may deter
mine The following committee was APP
pointed:
W. j. Johnson. president Citizens
Bank; A. J.. Boulware. president First
National Bank: Frederick r. Scott. vice
president Merchants National Bank.
The issue of certificates is 10 Doe limited
10 sevcnty-fve per cent. of the value Of
collatcrals deposited.
The Virginia Safe Deposit and Fidelity
Company was appointed custodian Of the
cOllaterals