MONEY PANIC.

Dominion, Volume 1, Issue 52, 25 November 1907, Page 7

MONEY PANIC.

GOLD IMPORTS SIXTEEN MILLIONS. BANK OF FRANCE. BT TELEGRAPH—PRESS ASSOCIATION—COPTMOHT. (Rec. Nov. 24, 4.22 p.m.)' ' , Paris, Novomber 23. v Tho Bank of Franco is discontinuing small parcels of commercial securities signed by leading Fronoh firms for tho purchase at a premium of American .eagles, which will not circulato in Franco. Tho object is to keep down tho rate of exchange on London, and to prevent the drainage of gold in circulation. (Rec. Nov. 24, 4.30 p.m.) New Yofk, November 23. The gold imports arranged for in New York total sixteen million sterling, and the demand is still unsatisfied. INDICTMENT OF BANK OFFICIALS. GERMAN FAILURE. BT TELEGRAPH—MESS ASSOCIATION —COPTRIGHT. New York, November 22. In connection with tho Borough Bank, Brooklyn, from which illegal loans wore obtained on forged paper, fjho grand jury has. indicted Maxwell, ox-president, Gow, a director, and Campbell, cashier, for larceny and other offences'. \ Hamburg, Novembor 22. The Mooller Wax Company has failed. Tho. liabilities total and ,tho assets £50,000. . ■'"■•■■ This apparently means that the French Bank is discontinuing American paper endorsed by French merchants, and the credit thus established is being utilised in the, purchase of American eagles, which the Bank of Franco nearly always-has in .its vaults..' These American eagles would bo brought to Paris by American tourists, and as their ooinago fineness is known, they would bo bought by the Bank of France quite as readily as tho British sovereign.'. . . ■' ■. •■..,. ,