WALL STREET DEPRESSION.

Poverty Bay Herald, Volume XXXIV, Issue 11103, 24 October 1907, Page 5

WALL STREET DEPRESSION.

HEAVY FAILURES. ROOSEVELT ON THE CRISIS. RUN ON A BANK. (Press Assn. — By Telegraph— Copyright). ■} NEW YORK, October 23. I A sudden and persistent run precipi tated -the temporary suspension of tlu Knickerbocker Trust, causing excitement iri^Wall street. Heavy selling in all de pirtments led to another slump in shares, Acute weakness is experienced in the Pittsburg and Philadelphia. Exchanges it sympathy. ! , ■ ,' New York Stock Exchange members dealing mainly in Delaware and Hudson railroad stock failed for six million dollars, but issued a . statement predicting the payment of all liabilities and the speedy resumption of business. "•• Mr CortelycHTi Secretary of the Treasury, deposited six mUli<pri : dollars with tlie National banks, New.Yprk. It was reported that if necessary he" will deposit a further fifteen million. . President Roosevelt, afc Nashville, declared his legislative excutive policies represented the effort to punish successful dishonesty. He doubted if the policies had any material effect in causing the slump in the stock markets, but if it had, that would not alter in the, slightest, his determination, for the o remainder of his term of; office; to persevere, unswervingly. All he had done Was to Vurieartn wrongdoing. He added : "All I did was to turn on .thp light; It is impossible^ to excise cancer without the patientrfoelirtg for a few days sicker than, he felt before." ■„■■'; -;■■;.■,..• :>■■■> ' ;:' ; ;.;■/•.,; .\v-_ (Received October' 24, iß.27a.mi;) 1 ' NEW YOORKf October 23. ' ' (Received October 24, 8.16 a.m.) . The Knickeroocker Trtisti on which there Was a persistent run and temporary suspension, h6Jds deposits valued at £14,000,000, • There was a great 'rusb on all its branches. The elite of New York arrived at ; the Jieadbffioe in automobiles and splendid equipages, ,and tried to 'rush the doors. The police preyentejd 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 rresident. of th^ bank, announced a' temporary suspension, owing to the exhaustion of the currency, though he said the 1 bank had plenty of assets' in other.! banks, 'which ' refused to part with ' : cash. , r: " '. ' The Knickerbockers at first .; rushed quantities of cash, from its headquarters to the branches by means of motor cars, milfc wagons, and trucks'. The Knickerbocker has paid clamorous depositors eight million dollars. .•■■■■■.'■';'-;.•. :.\''. - 1; .';;'■;■ ■'■ ~ ■: " : ■;'■' The Wheat markets o|^Ne'w York and Chicago ; are depressed, reflecting the demoralisation of the stock market. ; : LONDON, October 23. The London market to-day opened .flat and unsettled, especially ■ for American stocks. Consols are unchanged.