PANIC IN WALL STREET.
Received March 14, 11.55 p.m. ' NEW YORK, March 14. A panic in Wall Street caused great demoralisation. All active issues declined three to twelve points. This is attributable to the banks calling in loans to meet heavy impending disbursements. Mr B. Cortelyou, Secretary of the Treasury, announced that thirty million dollars which Mr L.M. Shaw, formerly Secretary of the Treasury Department, had deposited in banks would not be withdrawn at present. Consols touched 84 11-16 and closed at 4-16ths higher. Received March 14, 11.55 p.m. LONDON, March 14. The Times says that the position is partly due to heavy liquidation in American shares and fears of an advance of the bank rate. It was also the result of a prolonged spell of dear money, active trade, and the high prices of commodities. There was also many wild rumours of financial embarrassment on the Continent.
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Wairarapa Age, Volume XXIX, Issue 8381, 15 March 1907, Page 5
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148PANIC IN WALL STREET. Wairarapa Age, Volume XXIX, Issue 8381, 15 March 1907, Page 5
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