HUGE WITHDRAWAL

Hokitika Guardian, 8 March 1933, Page 5

HUGE WITHDRAWAL

RUN ON U.S. BANKS

962,000,000 DOLLARS FOR WEEK

(Unite.! Proso Association — Jy Electric Telegraph—Copyright.) WASHING TONfi March 7. Withdrawals totalling d6z, 000,OCO dollars were reported by 450 odd member banks of the United States Federal Reserves' System on Monday for the week ending March Ist. In New York district withdrawals totalled 444,000,000 dollars during the same period, while in Chicago the week’s loss was. 123,000,000 dollars., The Chicago live stock exchange will close on Tuesday afternoon. The Board of Trade will suspend cash grain operations on Wednesday. Packers ancl wholesalers generally have sufficient food to last lor months, ana the live stock exchanges in other cities have announced they can carry

* The Speaker-nominee, Mr Rainey, told newspapermen that war debt negotiations would have to be delayed, pending re-adjustmorit of the United States financial situation.

EUROPEAN EXCHANGE MARKETS

LITTLE DEALINGS IN DOLLAR-

LONDON, Mftridi 6.

Uncertainty and uneasiness-’is; general throughout Europe, following 1 ' Mr Roosevelt’s proclamation. The dollar fell two points at Berlin, where it will probably be removed from official quotations. The Reichsmark is generally considered safe.

Holland considers that America has practically abandoned gold. Boom conditions prevail on the stock exchange owing to the possibility of depreciation of' the guilder, some industrial and oil shares advancing ten points. Doctor Trip, president of the'Netherlands Bank, declares that no special measures will be taken by the authorities. The Dutch banking situation is sound.

The French Ministry of Finance is ready to give America generous support to remain on gold, but the authorities have not yet requested help, Switzerland is not unduly disturbed. Bourse quotations improved after preliminary hesitancy. The dollar was not quoted. Dollars were offered briskly on the exchange at Riga, but there was 110 demand.

Heavy Continental biding caused a sharp rise in sterling rates. Paris 87£ Rome 671, ' Amsterdam 8/65, Berlin 14/65. '

LONDON FOREIGN EXCHANGE.

EFFECTS OF AMERICAN CRISIS'.

RUGBY, March 6

Following Saturday’s brief suspension of business, the London ioreign exchange market re-opened to-day, in all currencies except the American dollar. The decision was welcomed in the city, and had a reassuring effect. Quotations, however, were mainly nominal- No quotations were made for South American curencies, and ijealing in dollais is suspended until plans for overcoming the crisis and the reopening of the banks are announced in Washington-

On the London Stock Exchange, the effect of the latest American developments are noticeable in .declines in South African gold mines shares. British Government stocks generally are one-sixteenth to a-quarter lower. War Loan per cent, closed at £99 Is 3d. There were a few dealings in trans- . Atlantic issues, but after the early fluctuations the tendency at the close was slightly steadier. RETURN TO SHELL MONEY. « CRESCENT CITY (California). March 7. Clam shells, in ten and twenty-five cent denominations, hearing the 'signatures of the issuers, made their appearance ag money here on Monday. The issuers promised to redeem in silver on. demand.