The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1893-11-05

Inc money VIII Come to Those Sec
lions Which Support a Stable Ad-
ministration.
A prominent business man and hnan-
cier of this city, made the following
statement upon the bright outlook be-
fore the country and State to TINES
reporter yesterday:
Every indication at present points to
the early resumption of business and of
good times. The enormous accumula-
ton of money in the financial centers
is unprecedented. In New York, usually
in October the amount held by the
national banks OF that city in excess of
their reserve Of IS per cent, is from
S3,oo0,oo0 to SO, 600. 900. it going down to
this figure on account of the crops being
moved during the month of October.
Take this year, the amount held
by the national banks, instead of being
from So, 900. 900 to $4,000, 900, has been
from S45, 100000 to O,OOO,0 600, while
the total accumulation Of money in
New York city amounts to the enormous
sum Of about 5000, 900. 600. In other
cities, such as Baltimore, PHILADELPHIA.
Boston, ETC., instead of the usual 25 per
cent. reserve, there Is held about SO per
cent, while in some of the Western
cities, for instance, Chicago, as much
as 100 per cent. is held.
"There must be somewhere in the
neighborhood of $500, 600, 900 or $780,
100000 held in this way in the vaults of
the banks of the leading cities. If we
add to this the amount boarded by indi-
viduals and firms the amount of money
out OF business cannot be far from a
81 900. 900, 1000, half of the national debt
at the end of the war.
England has been accommodating also
for the last two years and money is
stored away there in enormous ouan,
titles, being loaned at l and per cent.
England has nowhere to invest this
money except in the United States
South America being cut off by the
wars in that country and the failures
OF Argentine Republic. while the con-
dition OF Australia does not invite in.
vestment.
"Ihese enormous amounts of money
are lying idle without any return what
ever, but they will not continue to SO
lie idle without interest much longer.
The people that own this money will
want some interest or obher return for
it. The question, therefore, naturally
presents itself, where and in what way
will it be distributed?
"It is found that in the last wear
manufactures of all kinds have been
shut down and the consumption of
manufactured articles has continued,
with the inevitable result that the
stock on hand has been reduced very
materially Take for instance pig iron.
One year ago, while the product was
not up to the normal amount, still
there was about nine million e, ZOO, OOO)
tons annually. At present the products
amount to only about four million (4,OOO,-
00O) tons annually. The consumption
was less than the product, both one wear
ago and at present.
This shows two things. first that at
present the product Of iron is abnor-
mally small and second that the manu-
facture OF all things out of iron is
abnormally small, and as this lack of
production has been going on for some
time the supply OF all kinds of iron pro-
ducts must have been reduced ma
terially
under these circumstances it seems
inevitable that manufactures ell over
the country will have to start up; that
they will not only have to start up, but
that they will have to work full time,
not only to supply the natural demand
OF the people, but to supply the def
cheney caused by the time when the
manufactures were not in operation.
In addition to this it will be found that
the railroad rolling stock has run down
enormously and the cars and engines
are in great need of repairs.
This cannot go on much longer, and
period of repair and renovation must
come. AS soon as business brightens
up, as it will do, the likelihood is that
the railroad shops Will all have to 90 to
work with full forces; m anufactorie will
start up and the whole country will be
more prosperous than it has been for
some time.
"The chief trouble of the country has
been oyer-production. The over pro.
duction has been in large measure con.
sumed during this period of cessation
from work. Now that the repeal bill
has gone through, whether rightfully or
wrongfully, which was considered by
the fnanciers as endangering investors,
there is no reason why money should
longer be held in the banks or be
boarded. and the probabilities are that
very soon the financial skies will clear
up and money will pour out all over the
country; that the manufactures will 20
into operation and period of bright
times will come that follow every panic.
The history Of panics which have
been following each other for six hun
drod vaaro In Eup1opJ o.oz.d,z-.1