The times. [volume] (Richmond, Va.) 1890-1903, 1895-01-01
A REVIEW OF THE CITY.
IT'S COMMERCIAL. MANUFACTURE
ING. AND OTHER ADVANTAGES.
There IL Every Reason TO Hope For Better
Times-Kichmond 10 the Eepfesents-
tive City Of The South

written for the Times by Hon. George L.
Christian. President OF the Chahoer oi
Commerce.
In reviewing the business situation ior
the past twelve months, the injurious Ill
fuences TO bich the material interests
Of the country have been exposed tor
series Of years become most az pa INT
These disturbing causes seem In 1894 TO
have had their cumulative erect, aha
the wonder is that We have passed through
an ordeal so severe without greater loss
The unproductive investment OF vast
amount of labor and capital in land
speculation and schemes 70 establish
industrial town. prior TO 1893, inevitably
caused serious diminution of the accu-
muated wealth of the country, and not
only involved those ,,ively engaged IN
the unwise and eXtravagant vehfnres
which characterized that epoch. but I'm
dered new enterprises OF real m ihslS
merit and checked for the tlme all
healthy progress and development. for,
tunately these operations were coulneu
for the most part TO speculation IN town
sites and manufacturing plants. Comnlo-
dities or articles OF trade, as rule, were
not unduly inflated in value, bat on the
contary. their prices were forced TO t,o q
had been so entirely directed 10 an al
together different class Of investments.
NO SUDDEN COLLAPSE.
Thus. while the monetary crisis Of 1873
and the prolonged tariff struggle of 1854
found the country in weakened Cohdl-
ton and a shrinkage Of values inevitably
occurred and has continued H. almost
all lines till the present there was no
occasion or room for any sudden col
vfpfr al ann
manufactured products. which constitute
the sustaining and recuperating tor IS OF
the country. The consequent disasters
to established industrial and commercial
enterprises were happily escaped, which
would have occurred had those depressing
influences Oyertaken the country IN n
period of general speculation and lniiarO h
Of values
The situation was rendered all the
more embarrassing however, and has
continued longer from the fact that
conditions in other countries where we
have most intimate trade relations.
were such rs 10 aggraNate rather IMAM
amcliOrate our domestic diii1cilticS. lie
ready relief to be had from generally
forcing an increase Of our exports by
low prices was not available TO the eN-
tent that was hoped. but on the contra
ry the disposition abroad from lack or con-
fdence and other causes, was 10 returu
MS our investment securities, of which
they are such large holders. Fortunate
" for the South DOunteous nature mas
done its part TO help the situation.
Crops. as as rule. have been good, more
diversified and OF necessity produced at
a lower cost, and in those most necessa
~ ftr sustenance where other sections
have been afflicted by failure, this sec
ton has had favorable. and in some
cases exceptionally large yields. II is
true that prices. with few exceptions
have continued TO decline, but this Is
nor an unmiNed evil. as the planter was
compensated in a measure for the
prices he had 20 accept By the Weld.
and the condition OF the laboring classes
AT commercial and industrial centres mas
been amelorated by the reduced cost OF
living.