MONEY PANIC.

Dominion, Volume 1, Issue 36, 6 November 1907, Page 7

MONEY PANIC.

GOLD MOYESIENT. . * SECURITY VALUE OF BONDS. NO SPECIAL SESSION, or TEUsanArn—puess association— copyright. (Rcc. Nov. 5, 10.-3 p.m.) o London, November 5. Tho New York coi-respondent of " The Tinios V roports that Mr. W. B. Ridgoley, United States Comptroller of tho Currency, suggests that tho Treasury should now utilise tho wido interpretation always givon to tho words ,of tho law, namely: That the j Treasury's deposits in the banks " shall bo secured by United Statos Bonds or otherwise." Thus, • Stato and Municipal Bonds, which aro legal investments for' savings I banks in several States, might bo used, in addition to United States Boiids, as a sound ' ba?is T ;f6r;a note circulation by tho National ' Banks to the full extent of their legal powers. ; A BETTER TONE. (Rcc. Nov. 5, 10.20 p.m.) New York, November 5. , Bankers of New York havo . advanced nioiioy, subject to ccrtain conditions, bringing tho Trust Company of America and tho Lincoln Trust Company successfully through tiieir ordeal. — A strong tono prpvailed, in»"ft'all Streot at j the closo of tho,day, and prices wore well ! above London levels. Matters aro more < hopeful, and President Roosovolt will not call an extra session of Congress. , Including yesterday's arrangements for tho importation; of half a million pounds' worth of gold, tho total movement of gold aggregates G.} millions. PAYING WAGES BY CHEQUE. New York, November 4. : Tho Comptroller of Now York City and tho United States Steel Corporation, also many large private firms, aro paying employees by 1 cheque. : The banks of St. Louis and Kansas City ' aro circulating cheques and notes foi; small ' amounts as money. i . LONDON^'DISCOUNT RATE. London, November 4. { The bank rate of discount is now six per cent. j Tlio Bank of England's discount rate, was raised from to 5 peV cent, on Monday, October < 28, to 5i per cent, on Thursday, October 31, and ' to G per 'cent, on Moiidav, November 4. : ' ■ i ' ■ . I -. (