WALL STREET PANIC.

Gisborne Times, Volume XXV, Issue 2221, 26 October 1907, Page 3

WALL STREET PANIC.

United Press Association—Copyright NEW YORK, Oct. 23. Tho Knickerbocker Trust, on which there was a persistent run and temporary suspension, holds deposits valued at £14,000,000. There was a great rush on ail its branches. The oiito of New York arrived at the head office in automobiles and splendid equipages, and tried to rush the doors. Tho police iireventecl them. There was a sensational scene inside. Cashiers, with immense stacks of notes and coin, paid £1,000,000 in three hours. Then Mr. Arce, the president of tho bank, announced a temporary suspension, owing to tho exhaustion of the currency, though he said the bank iiad plenty of assets in other banks, which refused to part with cash. The Knickerbockers at first rushed quantities o 7 cash from its headquarters to the branches by means of motor cars, milk wagons, and trucks. NEAV YORK, Oct. 24. The only further run in New York reported is on tho Trust Co. of America, holding ten million sterling. All day it withstood the run, paying out £2,400,000. (Received Oet. 24, 10.0 p.m.) At the instance of the clearing house committee the Pittsburg Stock Exchange temporarily closed, leading to an immediate depression on tlie New York Exchange. AVestinghouse Electric Co.’s shares are selling down to 42, representing a drop of 3IJ. General electric shares declined 13J points. Tho United States Circuit Court, Pittsburg, in tlie afternoon apointed a receiver for tho A\ estinghouse Electric, AVestinghouse Machine Co , and Surety Investment Co. Mr. Coi'telyou substantially assisted the Pittsburg banks. His further deposit of two million sterling in tho New fork banks produced a.bcttortone in Wall street. Tho difficulties at Pittsburg will not affect the AVestniohouso Air Brake, Union Switches and Signal companies, nor . &eor S° inghouse’s personal affairs. I ho“ Wes tinghouse troubles are duo wholly_to monetary conditions, not lack ol bus ness, as most of the concerns arp solVL Xhe Knickerbocker Trust has not resumed payments.

SPECTACULAR DISPLAY OF AVEALTH. .

NEAV YORK, Oot. 24Mr. Co-rtelyou declared that the national banks of New York were 1 an exceptionally strong position. He expects tho movement already initiated among banking and trust companies for similar concerted action and stricter supervision will have a healthful and fai-roaching effect. An enormous spectacular display of wealth, including a pile of £4,200,000 worth of bills and notes in tho teller’s possession, failed to stop X run Oil tho Trust Company of America The directors mingled with tho panic-stricken depositors, and fruitlessly remonstrated with them on their cowardice. Leading financiers met air. Bierpont Morgan, and decided to take concerted measures with Air. Cortelvou to re-establish confidence 111 AA'aU-street. ." ■Sympathisers state that the furl-, ous’ attack made by Air. Turnbull, vice-president of the Knickerbocker Trust, against President Roosevelt precipitated the panic. Tlio public •mil newspapers dp not attribute the mischief to President Roosevelt. Air. Corti'lyou, interviewed, said: “I will do in tho largest way whatever is necessary to afford relief. _ I ■have deposited" twenty-five million dollars of. Treasury funds with tlio banks.” Air. Rockefeller is lending immense sums. AVELDINGTON, Oct. 25. Tlio Bank of Now Zealand has received a cable from its London office that London is not affected to -any extent up to the present by the troubles of New York.

SCANDAL IN GERMANY. EXTRAORDINARY ALLEGATIONS. United Press Association —Copyright (Received Oct. 25, 10.22 p.m.) BERLIN, Oot. 25. An action for libel brought by General Count Kuno Aloltko against Herr Harden, editor "Zukunft, is causing a tremendous sensation in Berlin. Extraordinary allegations, impugning the morality of Aloltko, Princo Philip of Eulonberg, and other high Court officials, whom Harden also accused of forming a ring around tho Kaiser for political purposes, and exercising a baneful influence, only allowing tlio Kaiser to hear what suited them. Moltko’s divorced wife gave startling ovidence. Harden declared that he wrote solely to do tho Empire a political service and destroy the ring. ■His counsel stated that Harden did not accuse Mo-like of unniimablo offences which the articles had been interpreted to suggest, but, added counsel, “I say plaintiff is tho only member of tlio circle to whom tlio allegation does not apply. 1 have a witness who 0111 nrovo it.” Harden asked the Court to hear witnesses to prove tho plaintiff was aware of liis associates’ conduct-. It was decided to admit tlio evidence, blit the general public were excluded.