WALL STREET PANIC.

Gisborne Times, Volume XXV, Issue 2223, 29 October 1907, Page 3

WALL STREET PANIC.

United Press Association—Copyright NEW YORK, Oct. 27. The deposits-in the First National Bank, Brooklyn, amounted to £840,000.

A receiver has been appointed for tho Union Trust Company, Providence, Rhode Island. The only failure on Saturday was the Terminal Bank, an unimportant Brooklyn institution. Leading financiers are convinced thg situation is under control. The Savings' Bank is enforcing a notification of withdrawals for the purpose' of preventing drawing upon its deposits at present in National Banks.

(Beceivcd Oct. 28. 9.6 p.m.) NEW YORK, Oct. 28. New York is importing II millions of gold from Europe to supply the deficiency of money. It has been decided that clearing house certificates be a valid settlement of accounts between Ine clearing house and the hanks, on the banks depositing good securities. It is proposed to admit Trust Companies to membership of the clearing house, enabling them to participate in the advantage arising from insurance of clearing house certificates. President Boosovelt congratulated Mr. Cortelyou on the admirable way in which he handled the crisis, also applauding the wisdom and public spirit of conservative and substantial business men who had done invaluably .orvice in cheeking the panic. President Boosovelt declared that Ameripnii finance was’sound and lioncst despite occasional dishonest speculative enterprise.