Daily press. [volume] (Newport News, Va.) 1896-current, 1907-10-26
SATURDAY.. ocrourR %. 1907
ALL DANGER OF GENERAL PANIC
HAS PASSED.

f1RS fRSSEO.
Although the baukirg situation in
Now YORK WAS disturbed by disclos-
ures of bad management and weak
ness on The part OF munster Of in.
slitut'ons thcrc rs now no reason for
fearing widespread impairment of
credit wild talk ana the hasty
Withdrawal az deposits caused
soma embarrassment ana involved
loss to both banks and dcpos-
itors but confidence was not be
clouded for the conditions were Who'll.
ly lacking which create real pnnlcs
and involve any general and danger
ous l!cuidation
The report OF mercantile agency
in this mornings Daily Press mdI
Gates That general business Is good
ana that banks AS a rule are solvent
ana unusually prosperous. such trou-
bic as has been experienced and may
happen again was purely local in
character ana banks outside OF New
York Vera not affected by The collapse
OF reckless speculative ventures In the
Metropolis, AS IN the various small
"mnics' OF The past five or six years.
the general public has been spocta.
tor rather than a participant. Tho
small business man and the people
generally have gone their way. lcay-
ing the bulls ana bears To settle ac-
counts with each other. little disturb-
cd by the REIMBURSEMENT of losing and
winning baunces 1t seems 10 be the
general belief by those who are in n
position 10 know that the United
States Is fortified rs it has never been
before against Il real financial crisis
Wealth has been created in enormous
amounts and distributed in a hundred
ccnters The Middle West ana the
Far West have become independent
of the East The agricultural inter
esis have paid oil hundreds OF mil.
lions in mortgages and have accnnu.
lated ready capital to work upon our
crops have been large and have
brought high prices We have had
cnormors balances in our trade win
the rest OF the world. and our debt
abroad Is now relatively insignificant.
The farming ana lahoring classes are
highly prosperous, and Industry and
business are in m extraordinarily
buoyant and active condition The
railroads cannot carry the frclgh, OF.
fered TO thcm. and the dcmand for
labor still outruns The supply in All
parts OF tile country a panic under
such conditions has no legitimate &c.
onomie cause. Any disturbance which
We may have experienced can be tinc.
4ed TO only unwise speculation on the
part OF the mon enjoying access to the
banking institutions.
The recent great an in The price
8cl securities has not resulted from any
real depreciation in the earning pow
er Of these securities. for they have
practically as great an earning power
now ms they had year ago. II came
chiefly from the forced Humiliation of
speculative debts. the debtors being
Obliged to sacrifice their holdings for
what they could get for them. Real
estate speculation aud Industrial pro.
motions have absorbed capital which
is not now available and the hackers
Of some such undertakings are losing
their own money and entailing loss
on those whose funds they tied up by
dubious methods. But these question
able commitments are not in the ag
gregate serious enough to completely
upset the banking world The dis
t'lrbmce caused was temporary, be
cause the condition of The country as 4