MONEY PANIC.

Dominion, Volume 1, Issue 25, 24 October 1907, Page 5

MONEY PANIC.

HEAVY FAILURE ON WALL STREET. ; ; . .

LIABILITY SIX MILLION COLLARS. ANOTHER SUSPENSION. STATE DEPOSITS. ■DT TELEGRAPH—MESS ASSOCIATION—COPTCIGnT. (Rec. Oct. 23, 9.59 p.m.) ' , New York, October 23. A sudden and persistent run precipitated a temporary suspension of tho Knickerbocker Trust, causing excitement on Wall Street. ... ' .

: Hoavy selling in. all departments led to another slump in shares. ■ ,

.-Acute weakness has been experienced on tho Pittsburg and Philadelphia exchanges, in sympathy with that of Now York..-. Mayor' and Company, members of tho New York, Stock Exchange dealing mainly with Dolawaro and. Hudson railroad stock,, have failed,for six million dollars. .- .* . ■ They; have issued, a statement predicting payment of all liabilities ,and speedy resumption'of business. ~ ... ... •-, -i

■:' •Mγ. Cortelyon,. Secretary of : tho. Treasury, has deposited ; six .million dollars Natipnbl Banks of Now York, j It is reported that, if necessary,.he.will,deposit a further fifteen million dollars. : :. ; ■•..:■:. ' EXCISING A CANCER. , PATiENT BOUND TO;FEEL SICKER. ;': ROOSEVELT DETERAItNED, ' BT TEIEGEAPn—PHESS ASSOCIATION—COrTRIGHT. (Rec.i Oct. ,23, 10,12 p.m.)., Wew Yorlt, •' October 23. President Roosevelt, speaking at Nashville, declared ttiat.'.his legislative and executive policies represented an effort to punish successful'dishonesty. Ho doubts J if his policies' had had any material effect in causing the slump in'..-th<! stock but, if they, had, that would not alter in the slightest ■ his dctcr.Tiinat{o,i, ior the romaindor of. his term, of ofGco to persovero unsworvirigly.'. All ho ."had dono was to unearth, wrongdoing. .Tho President added: i. 1" All I did.was..to turn on; tho ~ ■ ,!:.-- v light.i ,It -is impi. ssible to ex-, ... ' cise. a cancer without tho; pa-] . : .tent feeling,- for. a-few days,. :,. !,. • sicker than ho.folt^before.".,, ..".-.

s According to the ''Scotsman," the Government some time ago intimated to Street that it was prepared to deposit m the banks 40,000,000 to 50 000,000 dollars, on condition that speculation' is not allowed to run .riot in the meantime,'— The '■•"Scotsman" :.condemns the .aVensurv's tendency to "in some way or other play a prominent part in thd"Bnmblin? operations" on Wall ; Street-The- "Financial ' Chronicle" of September 7 shows that Kincker ; ■ Looker Trust stocks were quoted at buyers 1175 dollars, sellers' 11200 do lnrs. lho President's present utterance /recalls his statements, at Indianapolis-whero he repudiated any attack ,on •" honest wealth "-and at Keokuk, where he admitted that his attitude, towards trusts had been a contributory ennse or the. recent.ftnancial weakness,...bat said that tins 'fact must bo accepted'ns/n disagrceablo yet, unavoidable feature of his ( policy.' . •