PANIC AT WALL STREET.
' New York, March 14.
A panic has occurred in Wall Street, causing great demoralisation in financial operations. All active issues of stocks have declined from three to twelve points. The crisis is attributed to the banks calling in loans to meet heavy impending disbursements. Mr Cortelyou, who assumed the duties of Secretary of the Treasury oh the 4th inst,, has announced that thirty million dollars sterling, which Mr Leslie M. Shaw, late Secretary of the Treasury Department, deposited in the banks, will not be withdrawn at present. Consols touched 84 x 1-16 yesterday, but closed 4-16 higher. London,i March 14.'
The Times believes the crisis is due to heavy liquidations in American shares, and fears that there will be an advance in the bank rate, and that another result will be a prolonged spell of dear money, with trade active and prices of commodities high. There are also many* wild rumours of financial embarrassments on the Continent
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Manawatu Herald, Volume XXIX, Issue 3761, 16 March 1907, Page 3
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161PANIC AT WALL STREET. Manawatu Herald, Volume XXIX, Issue 3761, 16 March 1907, Page 3
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