THE MONEY PANIC.

Taranaki Daily News, Volume L, Issue 61, 28 October 1907, Page 3

THE MONEY PANIC.

; BELIEVED BY MILLIONAIRES. > New York, October 25. Mr. J. D. Rockefeller deposited with the Union Trust Company two million pounds sterling to aid them or to afford relief generally. Mr. Pierpont Morgan sent to the Stock Exchange just before it closed for the day five million pounds sterling, lent at ten per centum. The effect was magical. Brokers ' scrambled for the money. The scene was the wildest of the year. Some stocks instantly rose by four to six points. Mr. Morgan's offer came when brokers were in despair and were sacrificing their stocks at any price The offer induced a striking rally. Mr. Morgan was loudly cheered. Mr. Rockefeller, who visited Wall Street for the first time for manv vears, was also cheered. The superintendent of the New Yorkbanks declared that the institution would bo solvent if rash nnd unreasonable depositors did not endanger the situation.

CRISIS APPARENTLY OVER. " Received Oct. 27, 4.17 p.m. New York, October 2<l. Mr. Pierpont Morgan and associates made additional loans to stockbrokers •t 20 per cent. Runs are subsiding, but the safest banks, such as the Union Dime Savings Bank of New York, with six millions sterling deposits, insist on the precaution of sixty days' notice of withdrawals. Mr. Cortclyou, Secretary to the Treasury, distributed amongst the banks a farther eight million dollars. A receiver has been appointed in the Knickerbocker Trust, b:t plans are in progress for the rehabilitation of the Institute. Mr. Morgan declares the situation raerally has improved, and the battle practically won. BROOKLYN BANK SUSPENDED. 8/ _ . —" Received Oct. 27. 4.17 p.m. New York, October 26. The Williamsburg Trust Company, of Brooklyn, with a million and a-half sterling in deposits, was the first national bank in Brooklyn suspended. READY CASH SCARCE. PROPOSALS TO AUGMENT THE CURRENCY. ■T r '" Received Oct 27, 4.43 p.m. New iorfc, October 20. (Tfce scarcity of money in New York fa now the greatest difficulty in the •ituation. The efforts of Messrs. Cortelyou, Morgan, and Rockefeller only slightly relieved the strain. It is suggested that Clearing House Certificates be issued, as in 1893. It » also proposed to import five milHons jn gold from Europe.