The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-11-08
RICHMOND HAS NOT
FELT MONEY PANIC
Representative Business Men Say
That Recent FURRY Passed
This City BY.
BANKS MEET ALL DEMANDS

Indications of panic and money
|stringency from all parts OF the coun-
try seem to have little influence on
actual conditions in Richmond and vir-
GINA If the reports from representa-
tive sources are to be taken at their
face value.
While other sections are clamoring
for ready money, banks are issuing
clearing house certificates instead of
cash. and manufacturing plants an
suspending or curtailing their produce
! ton on account of the difficulty of
securing money, Richmond houses re-
port themselves as being crowded with
work, and as securing all the money
they need for their business opera
tions.
There have been some Indications of
a mild retrenchhlent. and some OF the
large manufacturing plants have al
ready slightly reduced their forces, as
though trimming their sails in view of
the possibility Of a coming storm. and
Representative business men. while en-
pressing their confidence in the future,
| say that these precautions have been
wise and businesslike.
Conditions in Rich,nond.
Many lines of manufacture and
wholesale trade report that they are
loaded to their capacity with orders;
and that the Richmond banks have
afforded them all the assistance which
has as yet been needed on account of
any money stringency in other mar
kets affecting their business.
In fact the conditions shown in
Richmond seem to be reflected more
or less throughout the South, proving
the Southeastern States to be the
| most prosperous section Of the Union
\ RI .H.v 1v fch Is
under present conditions continuing
to enlarge It's business. and which Is
undoubtedly making money. An indi-
cation of this comes in a dispatch from
| Charleston. IS. c.. conservative and
| growing port of entry. in which It
Is stated that the, banks in the clear
| ing-house association decided to stand
| pat on the financial situation, and not
| to resort to the issue OF certificates.
such as are now being used in other
1 cities of the country. The banks Of
/ Charleston report in fact, that they
have plenty of money. having. 1t is
said. more than $2O,O0o.o00 In their
vaults In actual currency, an amount
considered sufficient to tide them over
any situation which may present It
SELF Charleston has no large manu-
featuring plants, whose pay-rolls call
4 for inordinate amounts OF cash. SO that
the amount in hand may safely be
counted on to carry the banks there
for some time, in the face of any run
that may develop.
Practically the same conditions OBJ
tain In other cities OF the South. Cot
ton and tobacco crops have brought
into the banks large quantities of cash,
SO that In almost every financial centre
the banks report n sufficient amount
on hand to carry the business Of The
community through any reasonable pc
riod of depression.
! What Richmonder. Say.
In regard to the local situation tinan-
clally, Mr.. l., Y. Morris a former prcs-
dent OF the Chamber Of Commerce,
: said yesterday:
1T is indeed gratifying to every
icitlzen of Richmond that Richmond has
!. gone on as usual. its banks assisting
!. the legitimate business Interests. Man
ufacturers are hehindhand With orders,
and by Whatever name you may call
the recent flurry,st has passed us by,
lf there has been panic, Richmond
has had none OF it."
Practically tho same report comes
from other sources, and in widely d.
vergent lines of business. Mr., Malvern
G, Patterson. president OF the r. A.
Patterson Tobacco Company, said yes
terday that he was surprised at tho
DAY IN which the various local lines OF
trade were keeping up, in view Of the
, reports from other sections of the
country
IL consider the financial situation
Z here as splendld." he declared. III
there has been any crisis. we have
weathered y finely, and business con-
ditlons in Richmond to-day are bette,
!. than IN most any other place In which
!, J, we have correspondents"
~ Speaking Of the tobacco business