THE WALL STREET CRISIS.

Wairarapa Age, Volume XXX, Issue 8866, 29 October 1907, Page 5

THE WALL STREET CRISIS.

SITUATION BELIEVED TO BE UNDER CONTROL. Received October 28, 8.52 a.m. NEW YORK, October 27. The deposits in the First National Bank of Brooklyn amounted to £840,000. A receiver has been appointed for the Union Trust Company of Providence, Rhode Island. The only failure on Saturday was that of the Terminal Bank, an unimportant Brooklyn institution. Leading financiers are convinced that the situation is now under control. The.savings bank is enforcing notification of withdrawal, with the purpose of preventing drawing upon its deposits at present in the National Bank. GOLD FROM EUROPE. MR CORTELYOU CONGRATULATED. "AMERICAN FINANCE SOUND." Received October 28, 9.36 p.m. NEW YORK, October 28. New York is importing gold to the amount of £1,250,000 from Europe to supply the deficiency in money. It has been decided that Clearing House certificates shall be a valid settlement of accounts between the Clearing House and the banks on the banks depositing good securities. It is proposed to admit the Trust Companies to the membership of the Clearing House, enabling them to participate in the advantages arising out of the insurance of Clearing House certificates. President Roosevelt has congratu • lated Mr G. B. Cortelyou, Secretary of the Treasury.on the admirable way in which he handled the crisis. He also applauded the wisdom and public spirit of conservative and substantial business men, who had done invaluable service in checking a panic. President Roosevelt declared that American finance was sound and honest, despite occasional dishonest and speculative enterprise.