THE MONEY PANIC.

Taranaki Daily News, Volume L, Issue 61, 29 October 1907, Page 3

THE MONEY PANIC.

SITUATION UNDlilt CONTROL. New York, October 27. The deposits in the first National Bank at Brooklyn amounted to £810:000. A receiver has been appointed for the Union Trust -Company 0 f Providence at Rhode island. The only failure on Saturday was that of the Terminal Bank, an unimportant Brooklyn institution. Leading financiers are tne situation is now under control. Ihe savings bank is enforcing notification of withdrawals in order to avoid the need of drawing upon its deposits at present in the national banks. RESTORING THE .EQUILIBRIUM. Received Oct. 28, «UG p.m. v x- . * ew Sork > October 28. iork « importing one and aquarter millions in gold from Europe to supply the deficiency of money. It has been decided that Cle.irin" ilou«e certificates be a valid settlement of accounts between the Clearing House and fees! 1 baDkS depUßitin S S° od It is proposed to admit Trust cornpanws to membership hi the Clearing House enabling them to participate in the advantages arising from insurance in Clearing House certificates. President Roosevelt congratulated Mr. Cortelyou, Secretary to the Treasury, on the admirable way in which he handled tile crisis, and also applauded the wis--1?" a " d ,P" blic spirit of conservative substantial business men who had done invaluable service in checking the panic. President Roosevelt declared American finance was sound and honest, despite occasional dishonest speculative enterprises.