WALL STREET CRISIS.

Manawatu Times, Volume LXIV, Issue 249, 29 October 1907, Page 5

WALL STREET CRISIS.

The Situation Controlled. Importing Gold. Press Association—Copyright. Deposits in the First National Bank at Brooklyn amounted to £840,000. A receiver has been appointed for the Union Trust Company Providence, Rhode Island. The only failure on Saturday was that of the Terminal Bank, an unimportant Brooklyn institution. Leading financiers are convinced that the situation is under control. The Savings Bank is enforcing notification of withdrawals for the purpose of preventing drawing upon its deposits at present in the National Banks. Received Oct. 28, 9.36 p.m. New York. Oct 28. New York is importing million pounds' worth of gold from Europe to supply the deficiency in money. It has been decided that Clearing House certificates shall be valid for the settlement of accounts between the Clearing House and the banks, on the banks depositing good securities. It is proposed to admit the Trust Companies to membership of the Clearing House, thus enabling them to participate in the advantages arising from the Insurance of the Clearing House certificates. President Roosevelt has congratulated Mr Cartelyou on the admirable way in which he handled the crisis. He also applauded the; wisdom and public spirit of the conservative and substantial business men, who have done invaluable service in checking the panic. The President has declared that American finance is sound and honest, despite occasional dishonest speculative enterprise.