Daily press. [volume] (Newport News, Va.) 1896-current, 1908-01-16

seen before the crash IN October The
appearance of the surplus reserve in
New York may not mean an album
dance of money for all uses. but il
will mquestiunably tighten the weight
that has been on what Is called lc.
ultimate business, az compared with
stock speculation. No one wants the
blanket entirely taken from the stock
Exchange for some time to come and
II probably will not be- The blankets
partial removal the past three days has
started bull movement which wonld
have for its elimination another col
lapse, II the professionals were given
all the money they asked for. There
is no danger however, in the low call
money rate for two reasons. TIE
first is that quoting nominal rates for
call money does not always indicate
that loans are actually made at those
rates In any considerable volume. and
the second Is that there Is no doub.
control VI the Frances in New York
city are taking precious good care tina.
the professional operators Will never
again have the full swing of the banks
they had all last summer and early
in the fall.
The advance in quotations which has
been in progress for several days
naturally Is II reflection In part OF
the Improvement In the financial
situation not only in the United States.
lat In Europe. The reduction of their
Discount rates by the Banks of Eng.
land and France showed that fear OF
the future important gold lmportations
by the United States has passed,
which in turn implied belief that
the Improvement In the American
market was permanent Unless n
period Of wild speculation sets in IL
VIII be so. That is the reason why
the professional element In wall
street will not ret all the money it
would like TO have TO operate with.
lndustrially the country Ii doing as
well ns can be expected. Here In
Newport News we have practically
known absolutely nothing of the fin.
ancial depression which has so dis.
trnbed nearly every corner of the
country. but the coming bnck of the
horded money and the restoration or
confidence Will probably mean some.
thing to the city With the general
Improvement in the flnancial world.
steamship companies should ind II
easier to mise money with which to
meet the cost of betterments which
nave been held up by the stringesfcy.
While the local shipbulding company
had. orders enough. not 10 be bothered
ly the stringency, II the truth were
known 1t would probably be ascer
tanned that the company had many
contemplated orders held up because
the purchasing company did not have
the cash to meet the necessary de.
posits. Thus while the city has not
outwardly felt the depression. who
knows what has occurred lnwardly, so
to speak
Tho future OF the city of Newport
News Is bright. OF that there is no
doubt The one little "flurry" we had
VIII have no bearing whatever on the
commercial future of the city. 1t was
Ike speck of cloud which alone
marred an otherwise perfect sky. We
OF Newport News have every reason
TO look at the future with deep
seated confidence-a confidence which
has for its foundation solidity OF n
great industry and OF its banks. These
are not days for croakers, grumblers
and GROWERS. There Is no room for
passimism. Optimism should prevail
In every heart and every brain.
These are the days when we should
cast aside all forebodngs and get to
work for ourselves and for our city
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