FINANCIAL DEPRESSION.

Wairarapa Age, Volume XXX, Issue 8868, 31 October 1907, Page 5

FINANCIAL DEPRESSION.

COUNTRY BANKS CLOSED. NOISY DEPOSITOKS. Received October 30, 7.40 a.m. NEW YORK, October 29. All the banks in Oklahama City have closed temporarily, owing to cash stringency. It is expected that the banks in the Indian Territory, Oklahama Territory, Arkansas and Northern Texas, will also close, owing to the refusal of the banks in Kansas City and St. Louis to forward soecie. 'The Bankers' Trust Company of Kansas City and the Bath Trust Company, of Maine-small concerns —have suspended. The leading life insurance companies have granted • thirty days' extension of time for payment of premiums. The clearing-house banks in Boston, Philadelphia, Chicago, and elsewhere aro issuing clearance-house certificates. On the dissolution of the bankers' pool for providing loans for brokers, call money rose to 75 per cent., but just before the Stock Exchange closed two banks each loaned a million dollars, £200,000, on the floor of the Exchange at 50 per cent. A crowd of depositors created a disturbance outside the Hibernian Savings Bank 'at Chicago, because sixty days' notice of withdrawal was enforced. The police dispersed the crowd. New York gold importations from abroad now amount to 27$ million dollars, £5,500,000. RESTRICTION IN STOCK DEALINGS. Received October 30, 10.22 p.m. NEW YORK, October 30. Owing to the cash stringency there is a general restriction in stock dealing and banking business throughout the United States. The San Francisco banks are issuing clearing house certificates. RESUMPTION OF "RUNS." HUGE GOVERNMENT DEPOSITS. Received October 30, 10.51 p.m. NEW YORK, October 30. The runs on the Trust Company of America and other trusts were resumed yesterday in a diminished volume. The officials of several suspended trusts state that the banks anticipate resuming business on Monday. Mr Cortelynu, Secretary of the Treasury, announces that the Government has deposited £42,723,043 with the national banks. Fourteen millions had been deposited since early in September. GERMAN DISCOUNT RATE RAISED. Received October 30, 10.51 p m. BERLIN, October 30. The Reichs Bank has raised- the discount rate to 6£ per cent, in order to prevent gold exports to New York. BRITISH CONSOLS. Received October 30, 10.51 p.m. LONDON, October 30. Consols are quoted at 82.