WALL STREET PANIC.
KAJtKET STILL VERY UNSETTLED. A SUSPENSION AND A FAILURE. 1 GOVERNMENT COMES TO THE BANES' RESCUE. Received Oct. 23, 7/59 p.m. New York, October 23. A sodden and persistent run precipitated the temporary suspension of the Knickerbocker Trust, causing excite- j ment on Wall Street. Heavy selling in nil departments led to another heavy slump in shares. Acute weakness was experienced on the Pittsburg and Philadelphia .exchanges, in sympathy with New York The Mayer Company, members of the New York Stock Exchange, dealing mainly in Delaware and Hudson Raifrood stock, failed for Bix million dollars. They have issued a statement predicting th« payment of all their Utilities tod a speedy resumption of business. Mr Cortelyon, Secretary to th» Treaty, has deposited six million dollars with the National Banks at New York, Mu is it reported that, if Accessary, he deposits a further fifteen million.
TTh« New York Stock Exchange Is passing through another panic, one however, that is evidently serious, the bottom having l*?en gradually dropping out of the market since Saturday week. New York is suffering from the effects of "frenzied finance" A Wellington Mnk manager, speaking to a Dominion representative recently, said that, taking the worst .view—and this might be Ito bsst thing that could happen—if jame ensued, and a smash came, it only means that the written-up value of TTL other stofks and bonds would disappear into thin air, and the Jtock would be on bed-rock. Whatever bappened to railway stock, there is alWajs the track, the rolling stock, the «Mc and properties as the bedrock asfor the stock or shareholders. Panic Wmld mean "getting rid of the water."] DECLARATION" BY THE PRESIDENT. DHTERMIXATIoy - TO STAMP OUT DISHONESTY. Received Oct. 23, 10.12 p.m. .... . New York, October 23. » . ® ooseve "> speaking at xfaanyille, declared his legislative and Jxeentiye policies represented an effort to punish successful dishonestv. He doubted if the policies had anv material effect in causing the slump in the •toek markets, but if they had, that would not alter in the slightest his deMrmination for the remainder of M« term of office to persevere unswerving--4- " e fia d done was to unearth wwogdomg He added: "All I did was to turn on the light. It is impossible i without the patient Acre/ dßyß - W " CkM than he
[Mr Henry Clews, of New York, in SUfiiuaml circular o7 August 27 last, "General excesses such as overjnanron of credit, overissue of seenrion, and orer-confidence have been the Barn and natural reasons for recent reMom. Of course, with the market in » nypw-MBritire condition, investors ■M spectators alike are naturallv more W taw frightened at the anti-eirpora-Oon ernsade. There have been some !*"!* wdf»eet official utterances conwwing the Government's poij CT \j\ corporations; and the antiKi "'"Played in.many of the States « naturally disturbing at thin _ time. Nothing, however, that the Mmmutration conH hare said or e f Uve <*«*** downward movement. Liquidation from natural causes was inevitWe. It has been predicted in these Mnees for months past as the onlv "iLl® mon ey and security markets. Whether the core is comnot remain* to be seen. It is IK?"' 1 " » f '"Juidation has yet rnn its and. if not, still lower prices , gnrtl* antrapated, although we may a fair temporary recovery."]
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Taranaki Daily News, Volume L, Issue 61, 24 October 1907, Page 3
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540WALL STREET PANIC. Taranaki Daily News, Volume L, Issue 61, 24 October 1907, Page 3
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