PANIC IN WALL STREET.

Rangitikei Advocate and Manawatu Argus, Volume XXXI, Issue 8764, 15 March 1907, Page 2

PANIC IN WALL STREET.

Per Press Assoomtion.—Copyright, New Yobk, Maroh 14. A panic in Wall-street caused great, demoralisation. All active issues declined three to twelve points. The panic was-attributable to the banks calling in loans to meet heavy impending disbursements. Mr Cortelyon, Secretary to the Treasury announced that thirty million dollars, which Mr Shaw, Secretary' to the' Treasury Department, deposited with the banks will not be withdrawn at present. Consols touched 84 11-lCths, but closed at 4-16ths higher. London, March 14. The Times says the panic was partly due to heavy liquidation in American shares, and fears an advance in the bank rate, and also that it will result in a prolonged spell of clear money, active trade, and high prices of commodities. There are also many wild rumours of financial embarassments on the Continent.