Morning journal and courier., 1893-08-11
WAGES IN CHECKS,
Shop Hands in Hartford, Danbury, Bethel, southington, Etc., to be Paid
 

Bethel, southfngton, Etc., to be Paid
 in Bank Checks.
 HARTFORD, Aug. 10.-Eight of the prin- cipal manufacturing concerns in this city, after a conference with the banks this morning, decided to pay wages hereafter only by check, payable through the clear ing house. The checks will not be payable
 in coin or bills at the bank upon which
 drawn. Other manufacturers will take
 similar action.
 DANBURY, Aug. 10.-It was announced
 today that all of the big factories of this
 city and Bethel had made arrangements
 with the bankers here by which employees
 would be paid off for the present in checks
 and cash, one-half of their wages being
 given them in cash. Arrangements have
 been made with the local bankers by which they will issue certified checks which will be paid to the help. These checks will be accepted by the banks on deposits or will be exchanged for New York drafts payable through the New because the manufacturers are unable to ! obtain cash to make their payments with l out paying a large premium for it and | this they are not disposed to do. SoUTHINGToN, Aug. 10.-The Peck, Stowe & Wilcox company, one of the larg-
 est concerns of the town, paid off it's em- ployees in checks to-day, owing to the diff fculty experienced in obtaining coin or I currency. The checks were all drawn on ! the Southington National bank and were promptly honored.
 TO RUN ON HALF TIME. SOUTH NoRwALK, Aug. 10.-Owing to the business depression the following con-
 cerns will run on half time for the present, beginning to-day: Raymond & Comstock,
 matters. employing 200 hands; Crofut & Knapp, hatters, two factories, each employ ! operators; Goldschmidt, corset manu fao- tory, 200 hands. The Norwslk Lock con- pany, 600 hands, is running three days l each week. The Norwalk iron works, 200 l operatives, have many orders ahead and
 are working to their full capacity. THINKS MONEY WILL SOON BE EASIER. Last evenings New York Sun thinks the ! present scarcity of currency will be short
 lived. It says:
 The opinion Is gaining ground among the | most conservative bankers in Wall street | and elsewhere throughout the country and
 is beginning to ba generally shared by all l those whose position in matters relati ng to finance best qualities them to form opin- ! ions upon the subject, that the existing | stripgency and disturbance must within a very few days come to an end from natural l causes. Then will ensue plethora of idle l money, in itself an evil, but in existing
 circumstances something entirely the re- | verse.
 l The condition is fairly unprecedented,
 and is fast assuming the aspect of reduc-
 tio ad absurdum. The people who have
 withdrawn money from circulation must presently look back and see that they not
 only lost considerable sum in interest,
 but that they threw away one of those op- l portunities in the world of investment l which occur only once in an ordinary life time. They will also see that they ! played directly into the hands of the for | eigner.
 They will note that within a space of @ very few days the Hollander, the English man and the Frenehmsn were enabled to make from one to two years interest on
 enormous sums of money. The need for
 currency gave this opportunity, and it was | the foreigner that got the advantage and not the American investor.
 Within the last few days, for instance, the possessor of gay 5000 or $2O, 900 in | currency. locked up in the box of a safe | deposit company, has seen the foreigners gold marketed at profit of 5 per cent, while his money has gone idle. The pos | sessor of $10,00O in currency could sell | it in the market for $10. .5O0, which he ! would receive in the form of certified check.
 The transaction would give him an in-
 terest on his $10,0 900 at the rate of per | cent. for the whole year, and he would
 still have the 1000 left and could 20
 into the market and buy house or a mortgage, or g hundred shares of Lake Shore stock or merchandise of any kind. and be secure in the possession of his $1O, ,OOO in form yielding high and satis- factory usufruct.
 It cannot be that this condition shall continue. Our sense of business oppor-
 tunity is too acute not to become aware of these opportunities and have our cupidity | and discrimination for gain not overcome
 and dispel our senselsss approximations. While the premium upon currency has proved great inconvenience and detri-
 ment to many persons, 1t has served an excellent purpose in awakening the people who hoard money, to the real significance or the times, and to consciousness of the real merit ot the extraordinary opportuni- ties that now exist for investing money in excellent securities on 8 basis yielding a higher rate of interest than has been ob-
 tainable in legitimate business since the
 war. Any conservative and methodicai investor can purchase the best securities to day on terms tlat will yield him from 8 to Is per cent. per annum, and it is no exaggeration to say that within six months money will be drug in this market and will not command 3 per cent. per annum. Fell Out of a Window.