THE MONEY PANIC.

Taranaki Daily News, Volume L, Issue 61, 25 October 1907, Page 3

THE MONEY PANIC.

SENSATIONAL RUN ON A BANK. New York, October 23. The Knickerbocker Trust, on which there was a persistent run, holds deposits to the value of £14,000,000. There was a great rush on all branches. The elite of New York arrived at the bead office in automobiles. Splendid equipages tried to rush the doors. The police prevented a sensational scene. Inside, the cashiers, with immense stacks of notes and coin, paid out £1,#00,000 in three hours. Then the president announced the temporary suspension owing to the exhaustion of the currency, though he assured the mob there were plenty of Other banks refused to part with their cash.

The Knickerbocker Trust at first rashed quantities of cash from headquarters to the branches by means of motor-cars, milk-waggons, and gas company trucks. Altogether this bank paid out £8,000,000. RUN ON TRUST COMPANY. SIEGE SUCCESSFULLY WITHSTOOD. Received Oct. 24, 9.40 pjn. New York, Octoiier 24. The only further run on the New York exchanges related to the Trust Company of America, holdnig ten million sterling deposits, and £2,400,000 besides. All day the company withstood • run, paying out £2,4*)0,000. FURTHER SENSATIONAL FALLS. WESTINGHOUSE COMPANIES INVOLVED. PITTSBURG EXCHANGE CLOSED. GOVERNMENT ASSISTING THE BANES. Received Oct. 24, 10.5 p.m. New York, October 24. At the instance of the Clearing House Committee, the Pittsburg Stock Exchange temporarily closed, leading to the immediate depression of the New York Exchange, the Westinghouse Electriet Company's shares selling down- to 92, representing a drop of 37%. General Electric shares declined 13'/j points. The United States Circuit Court at Pittsburg in the afternoon appointed a receiver for the Westinghouse Electric and Westinghouse Machine Companies and tile Security Investment Company. Mr Corklyon, Secretary to the Treasury, substantially assisted the Pittaborg banks. His further deposit of two minion sterling in New York banks produced a better tone in Wall Street. Hie difficulties at Pittsburg will not affect the Westinghouse Air-brake and Union Switches and Bignal Companies, ■or Mr George Westinghouse's personal affairs. Xta Westinghouse trdnbles are due wholly to monetary conditions, not to lack of business, as most of the concerns I are solvent. THE KNICKERBOCKER TRUST. Received Oct 24, 10.28 p.m. New YoTk, October 24. Tte Knickerbocker Trait has not returned payment.