Daily press. [volume] (Newport News, Va.) 1896-current, 1910-09-28
WEDNESDAY. SEPTEMBER 2S, 1910
REAssuRINe NEWS COMES FROM
WASHINGTON.

One day last week a prominent
financier of Richmond gave out a
pessimistic interview in which he de-
clared that the country was on The
verge OF another great panic. In the
course of his statement this prophet
said that It was essential that the rail
qoads be allowed TO increase their
freight rates on account of the IN
crease in operating expenses. There
is the explanat on of his gloomy view
point. This gentleman. il is said, sees
things through railway glasses and,
while his opinions on financial ques-
items usually are wor hyaof considera-
tion. il is not unlikely that his ideas
in This instance are warped.
As though designed to offset any
harm that might result from the fore
bodings OF the Richmond prophet, the
treasury department at Washington
comes forth with the announcement
that 1t is unlikely that there will be
any shortage of money this fall any
where in the United States. Rea sons
that appear to be excellent ones IRE
given for his cheerful and reasurcingj
promise. According to the opinion
of the treasury officials. the press dis
patches say, the danger mark III
American financial circles. II there
actually has been one during the past
few months, has been passed. Ca'
banks, it is pointed out. saw indica-
lions of a money shortage some
months ago and, knowing that they
could expect no help from the federal
treasury such as was given them n
1908. began to prepare for the emer-
gency themselves. Geld was accuni'
lated reserves built up, risky loans
cut down and other precautions taken.
Consequently the expected financial
stringen-y did not materislize. A
week ago ten million dollars was
moved out of New York to banks In
other parts OF the country without
causing any kind OF disturbance.
A press dispatch from Washington
gives the following as some of the
reasons for the departments conf
dence:
Money is plentiful in England and
on the Continent of Europe. That is
always said 20 be a coed sign in max
ing prediction for this country.
Nearly every crop in the United
States this year is reported to be
bumper crop.
Corn will set a new record. Four
anhs of the crop has been gathered,
so the chances of loss from fros's are
small
The oat crop is the greatest IN years
The cotton crop viii 5e 100000,
bales greater than it was last year
Nearly all other crops are reported
very large
Next month. !; is estimated, invcs
tors all over the country will receive
nearly $4,000. 900 in dividend checks
from indr strisi. railroad and othe'
corporations. That vii add. Of course
to the money genera ally in circu'aiion
The record crops are one arSumen
against a money shortage. bccaAs'
they mean that the United States WI
have a great amount Ct food ana man
ufaciurinz materials 70 sell TO EuTo.ss
r,sropc. IN the meantime. vii =
selling material to America. but un
donbscdiy rot to the extent Il d.
tarf ear. end therefore vii CIV
Amer cans money. This vii BE- pat
IN gold. which VIII come across n
ocean In bars.
There T. TO occasion for pane :
the United ststes ~ this time. as 70
above facts demonsira'e. - the raj
roads might - well hook for ano'be
~isae O. tan 20 srpvort iheiF 2ropos'
20 increase rates.