AMERICAN STOCKS.

Wairarapa Age, Volume XXX, Issue 8864, 26 October 1907, Page 5

AMERICAN STOCKS.

THE WALL .STREET PANIC. MEASURES OF RELIEF. Received October 25, 8.36 a.m. NEW YORK, October 24. An enormous spectacular display of wealth, including a pile of two million two hundred thousand pounds' worth of bills and notes in the tellers' possession, failed to stop the run on the Trust Company of America. The directors mingled with the panic-stricken depositors, and fruitlessly remonstrated with them on their cowardice. Leading financiers met Mr Pierpont Morgan to concert measures with Mr Cortelyou, Secretary to the Treasury, to re-establish confidence. Wall Street sympathises with a furious attack made by Mr Turnbull, Vice-President of the Knickerbocker Trust, upon President Koosevelt for precipitating the panic. The public and newspapers do not attribute the mischief to President Roosevelt. Mr Cortelyou, interviewed, said: — "I will do in the largest way whatever is necessary to afford relief. I have deposited twenty-five million dollars oi Treasury funds with the bank." Mr J. D. Rockefeller, the "Oil King" millionaire, is also lending immense sums. NATIONAL BANKS STRONG. Received October 25, 7.50 a.m. NEW YORK, October 24. Mr G. B. Cortelyou, Secretary of the Ti'easury, declares that the National Banks in New York are in an exceptional'y strong position. He expects the movement already instituted among the banking and trust companies for similar concerted action and stricter supervision will have a healthful and far-reaching effect. DOORS STILL SHUT. Received October 25, 9 a.m. NEW YORK, October 24. The Knickerbocker Trust has not resumed payment. FORTY MILLIONS STERLING WITHDRAWN. FOREIGN EXCHANGE MARKET PARALYSED. SUSPENSION OF BANKS. A SLIGHT RALLY. Received October 25, 11.42 p.m. NEW YORK, October 25. Forty million sterling has been withdrawn from the New York banks during the past fortnight. The tight money market in New York yesterday caused a paralysis on the foreign exchange market. Th-2 situation as regards the Trust Company in America has been met. It is expected that the Knickerbocker Trust will shortly resume operations. The Hamilton Bank of New York with £1,400,000 deposits, and the Twelfth Ward Bank, have suspended payment owing to the lack of ready cash, but the State Bank has examined and found both banks to be solvent. The Empire City Savings Bank, which availed itself of the thirty days' clause to save a run has also been found to be solvent. The Nevada State Bank at Carson has suspended payment. The Southern Steel Company of Birmingham, Alabama, with a capital of five million sterling, has failed. Wall Street was cheerful at the outset, but the forced liquidation of some stocks led to a slump. Later there was a slight rally in the general position, and in the evening a distinctly more hopeful feeling.