The times. [volume] (Richmond, Va.) 1890-1903, 1895-01-01
HARD on MANUFACTURERS.

Manufacturing operations have telt
most keenly the tendency TO lower
prices. Considering the peculiar aim
culties and uncertainties that for such
protracted period environed Amos
every interest Of this character, ana the
constantly declining markets, u IS SUI
prising that there have not Deen ihore
failures, more shut downs anu more
people out OF employment.
Commerce, il is needless 10 say, mas
been materially affected by the causes
operating pretudicially upon the inter-
ests of agriculture and manufacture so
that both the volume OF Tdue anu , III
profit OF transactions have necessarily
decreased. ,.
We are thus fully prepared in taking
stock Of our situation at the ehd OF ne
year not to find the usual progress lhui-
Gated by former annual statements, Dut,
in common with every section TO note
reduction I'm the value and volume OF our
business for 1894 as compared even WIN
the returns for lSg'. as the uepressisI6
and prostrat.ng influences operated IOI
a longer period in "a. The ngures Tor the
jobbing trade Of Richmond in 1891 as
compared with the previous year, snow Il
decrease Of some 10 per cent. IN value.
the sales OF our manufacturers about j
yer cent. and the number Of hands en-
plOyed appear about II to 10 per cent. less
than in 1893 Bank clearings usually IN
dicate quite accurately the money Ndlue
of transactions, but estimating the last
six days OF the year. they show a decline
at Richmond. OF only / IL per cent. as
compared with 1902, being for the present
year Sll3,434 7O9.7s This apparent ais
parity between amount or actual busi-
ness and exchanges may lie explained in
part by the fact that for several months
in 1893 a number of transactions were OF
necessity made Independently of the
banks and also that probably semi-an-
nual and annual dividends and settle
ments were approximately the same as
1888 and % and tended 10 maintain the
aggregate of the latter year.
BUSINESS woSDERI UILY SUSTAINED.
But making these allowances for the
bank clearance OF 1884, being compare
lively so large. they nevertheless INDICATE.
when the lower prices ruling In 1894 are
considered that the volume of business
has been wonderfully sustained. The
railroad tonnage would probably be the
best criterion Of this volume but as
these figures for the calendar year are
not yet published, they must be the sub
JeCt for future comparison. In this con-
nection IL Is most encouraging to note
that for the month OF November Brad
streets Journal reports that the Southern
Group of Roads show material in
crease in gross earnings for November,
1884 over the corresponding month of
lS.H, OF Is per cent only one other group
OF the seven, the Central Western show
ing comparative increase, that being
40 OF | per cent. Another indication OF
general Improvement IS given in Dun's
Review, which reports for November I'm
a table constructed from the pay rolls
OF "A large number of employees distribu-
ted from the Atlantic 10 the Rocky
MOUNTAINS, 10 per cent. more hands en-
ployed than in November, 1893.
II is hoped that so far as the tariff is
concerned, and the decline in prices
from this and other causes outside OF
our momentary system, that the indus
tries OF the country have sustained or
discounted the worst they have to look
for. and have about adjusted themselves
10 the changed conditions. that while
not unduly exposed 70 foreign competi-
ton in the home markets. they are
upon better basis 10 compete abroad;
that the small margins will offer no
temptation 10 over production. and that
with the turn of the year better and
safer business il all lines may be look
- for.
BETTER TIMES COMING.
With respect TO the currency question,
so important TO every interest. IL now
looks as If the history OF recent events
had so impressed both the public and
our lawmakers that the much-needel
steps Will be taken TO institute a radi-
cal reform in this matter. and place the
banking interests OF the country upon
such a basic, as both TO relieve the gov
eminent of functions which do not and
cannot from their nature, properly per-
tain to IL, and enable the people from
lneIF OWN ItSOuEctS, 10 mamie Wisely ms
branch OF business, so essential to their
welfare and prosperity. With this
change and some changes In our navl-
cation laws, and commercial relations
abroad. as proper and necessary COM
plement 10 the tariff legislation al
ready had. and which are necessary 10
develop the carrying trade OF the coun-
try in some proportion TO its commerce,
there is nothing in the situation as far
as | can see. TO retard a return TO pros
perr,y, We can justly take courage
from dangers passed. rejoice In the
blessings We have. and indulge in the
hope that as a whole people. with our
many natural advantages. better fti-
ture is In store for us. In this section.
and especially in this community, we
have many exceptional reasons 10 be
.ankfui.
The slow but steady Improvement IN
the channel of James river VIII be
noted In the papers of January lst, as
stated by Major II. ID. Whitcomb. en-
gineer in charge OF the James river i'm
provement. AS this important work
roes on and the river Is deepened to ac-
S~c.adata vaasels az grNatae draft -