THE WALL STREET CRISIS.

Rangitikei Advocate and Manawatu Argus, Volume XXII, Issue 8958, 25 October 1907, Page 2

THE WALL STREET CRISIS.

. Further Heavy Fails. Press Association—Copyright. NeVv Yoßrc, October 2-1. At tho instance of the Clearing House Committee; the Pittsburg Stock Exohango has temporarily closed, leading to Immediate depression on tlio New York Exchange, The Westinghouse Electric Company's shares are selling down to 42, representing a drop of 37J. General Electric shares have declined 133 points. The United States Circuit Court, Pittsburg, in the afternoon appointed a receiver lor the "Westinghouse Electric and Westinghouse Machine Company, and in Security Investment Company s. Mr Cortelyou, secretary of the Treasury, substantially assisted the Pittsburg banks. His further deposit of two millions sterling with Now York banks has produced a better tone in Wall Street. # ~ , Tha difficulties at Pittsburg will not affect the Westinghouse Air Brake and TJniosi Switchers and Signal Companies, nor Mr George Westinghouse's personal affairs. The Westinghouse troublosjare duo wholly to monetary conditions and not to lack of business, as most of the concerns are solvent. New York, October 24. The Knickerbocker Trust has not resumed payments.

A Great Run. New YoEff, October 24. The only further run in New York, it is related,' has been on the Trust Company of America, holding ten million sterling deposits and je2.400.000 besides. All day the Company stood the run, paying out je2.400.000. hoassuring Statement. Mr Oortelyou, Secretary to the Treasury, states that tlio banks .in New York aro in an exceptionally strong position ami lie expects that fiiio movemet already initiated among banking and trust companies for similar concerted action and stricter supervision will have a Healthful and far-ro-icliing effect.

Vain Display of Wealth

Au enormous spectacular display of wealth, including a pile of £2,200,000 worth of bills and notes' in the teller's possession, did not succeed in stopping tho run on the Trust Company of America. The directors mingled with the panicstrioken depositors and fruitlessly remonstrated with them on their cowardice. 9 Leading financiers met Piorpont Morgan to concert measures with Mr Oortelyou to re-establish confidence in Wall street. They were sympathisers in the furious attack made by Mr Turnbull, vice-president of the Knickerbocker Trust, against President Roosevelt for having precipitated tho panic. The public and the newspapers do not" attribute the mischief to President Roosevelt. Mr Cortlcyou interviewed said "I will do in tho iargost*way whatever necessarv to afford relief and havo deposited 25,000,000 dollars of treasury funds with the banks." Mr Rockefeller is lending immense sums.