FINANCIAL CRISIS IN NEW YORK.
New York, March 16. It is reported that Mr Edward Henry Harriman, president and chairman of the board of directors of the Union Pacific Railroad Company, has lost control of that system to Mr J. Pierpout Morgan. The various railway magnates w|io have been engaged in a rate war have agreed to a temporary cessation of hostilities pending a restoration of the financial equilibrium. Mr William Rockefellow. brother of Mr John D. Rockefellow, and president of the Standard Oil Company of New York, declares that the reason of the astounding decline in securities is a mystery. There has been a substantial rally on the New York Stock Exchange.
Action by the Treasury Department. London, March 16. A better tone pervades the London Stock Exchange. Reuter’s Washington correspondent states that Mr Cortelyou, Secretary to the Treasury, in order to allay the panic, has directed the Government Collector of Customs to deposit Customs receipts with the national banks.
He also offers to redeem twentyfive million dollars’ worth of Government bonds.
Altogether, Mr Cortleyou has placed seventy-one million dollars at the disposal of the New York banks.
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Manawatu Herald, Volume XXIX, Issue 3762, 19 March 1907, Page 3
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189FINANCIAL CRISIS IN NEW YORK. Manawatu Herald, Volume XXIX, Issue 3762, 19 March 1907, Page 3
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