WALL STREET PANIC

Rangitikei Advocate and Manawatu Argus, Volume XXII, Issue 8962, 30 October 1907, Page 2

WALL STREET PANIC

(Press Association—Copyright.) London. October 29.

The Bank of England is charging 5 per cent discount, and 5 and a-hall per cent for advances, and restricts currency paper to thirty days irom bill brokers, and sixty from custom- § The 'Times* 1 says that the Bonk virtually made the rate 5. per cent; ■without shdckijig weak . nerves abroad by changing the official mm; imiun. . ; • . , „ The usual American demand toi cold is the cause of this step. New York, October 29. ■ •Mr Oortolyou has returned to Washington, considering that the crisis is over. Loudon, October, 29. The "Daily Telegraph" states that two millions in gold leave. Loudon for New York ou Wednesday. New York, October 29. All the banks in Oklahoma City closed temporarily owing to cash stringency. It is expected that banks in the Indian Territory, Oklahoma Territory, Arkansas add Northern Texas will also close owing to tho refusal of banks in Kansas City and St. Loais to forward

specie The Bankers' Tritet Company. Kansas City, aud Bath Trust Company, Maine, small concerns, have suspended payment. The leading life insurance companies have granted 30days' extension of time for the payment ot premiums. . The clearing house for banks in Boston, Philadelphia, Chicago, aud elsewhere is' issuing clearing house certicfiatos. On the dissolution of tho bankers pool for providing loans for brokers call money rose to 75 per cent, but just before the Stock Exchange closed two banks eaoli . loaned . a million dollars on tho floor of the Exchange at fiO percent. , A crowd of depositors created a disturbance outsido the Hibernian Savings Bank, Chicago, because 60 lays' uotico of withdrawal was in force. Tiio Police dispersed the crowd. . New York gold importations from abroad now amount to 2H% million lollars.