WALL STREET PANIC

Dominion, Volume 1, Issue 27, 26 October 1907, Page 5

WALL STREET PANIC

: Q—. MORE FAILURES. FORTY MILLIONS WITHDRAWN IN A . FORTNIGHT. ' KNICKERBOCKER STILL CLOSED UP. VARIATIONS OF FEELING. BY TELEGRAPH—PRESS ASSOCIATION—COPYRIGHT. (Rec. Oct. 25, 11.42 p.m.) Noyj York, Octobor 25. Forty million sterling has boon 'withdrawn from New York banks during the past fortnight. " 'lho tight money market in New York yesterday caused paralysis of the foreign oxchange market. The situation as regards the Trust Company of America has been met. It is expected that the Knickerbocker Trust will shortly resume payments. Thc'.Hamilton Bank, Now York, with £1,400,000 deposits, and tho Twelfth Ward Bank have suspended, owing to lack of ready cash, but the, State Bank examined their affairs and, found them both to be solvent, as is also the Empire. City Savings Bank, which availed itself of the thirty days' clause, to save a, run. Tlio Nevada State Bank, Carson, has suspended.., Tlie. Southern Steel Comnany, Bir-. iningham, Alabama, with five million sterling capital, has failed.

!'. Wall Street was cheerful at the outset, but j'tho forced liquidation of sorrio stocks led to a slump. : I Later there .was a slight rally in the general position, and in the evening there was a distinctly more hopeful feeling. IS ROOSEVELT TO BLAME? OPINIONS DIFFER. • LIBERAL GOVERNMENT AID. / "New Yorltj October 25.; ' Wall Street . sympathises with a furious attack made by Mr:'Turnbull, vice-president of the Knickerbocker/Trust, upon President Roosevelt for precipitating the panic. The public and newspapers do not attribute the mischief to President Roosevelt. Mr. G. B. • Cortelyou, secretary to '■ the Treasury, interviewed, 'said :—" I will do in tho largest way whatever is necessary to' afford relief. I have deposited 25,000,000 dollars of Treasury funds'with the bank." '. Mr. J. D. Rickefellor,'''tlie "Oil King," millionaire, is also lending immense sums. ; Lending financiers met Mr. Pierpont Morgan, in order to concert .rAcasiircs.with Mr. Cortelyou to reestablish'- confidence. •Mr. Cortelyou declares that the National' Banks in Now. York aro Inan exceptionally strong position.. Ho expects tho movement already instituted among the banking and trust companies for sihiilar concerted action and stricter .supervision.-, will.'have a healthful and far-reaching effect; ■ -'.•'■' , \ ' ;" r A' : PiLE, of; 'money. ''\.; FAILED TO STOP THE RUN. '' ■■•''• -•' New York, Octobor 25. i An onormous spectacular display of wealth, including' a .pile of £2,200,000 ;worth of bills, and notes in the tollers' possession, failed to 'stop the. run; on. the. Trust,, Company of, America. , ..'-... .1 Tho directors mingled with- the panicstricken depositors, and, fruitlessly .romonstrated with them on their cowardice.