WALL STREET CRISIS.

Rangitikei Advocate and Manawatu Argus, Volume XXII, Issue 8964, 6 November 1907, Page 2

WALL STREET CRISIS.

Press Association.—Copyright] New York, November S. Bankers of New York have advanced money subject to certain conditions, brimnug the Trust Company of America, and the Lincoln Trust Company successfully through the ordeal. . A strong tone prevailed m Wall-street at the close, and prices were well above Loudon levels. Matters are more hopeful, and r resident Roosevelt will not call an extra session of Congress. Including yesterdry’s arrangements tor tho importation of halt a million pounds worth of gold the total movement aggregates (U millions. Tlio “Times’ New York correspondent reports that W. B. Ridgewy (United States Comptroller ot Currency) suggests that the Treasury i fdiomd'now utilise tho wide interpretation always given .to the words of tho law—namely, that the Treasury’s deposits in the banks shall be secured -by United States bonds or otherwise, Tims, the State i bonds which are

legal investments for Savings Banks in several States, might ;be used in addition to United States bonds as a sound basis of note circulation by the Natioual,Bauks to the full extent of their legal powers. Received Gth, V. 3 a, up London, November i>. Consols are SGJ. An all round i decline has taken place m stocks, | especially American. The rise .in i the Bank rate was due to tho antici- : patiou of extensive withdrawals for i America. The rfso was made earlier ! than expected because the issue o» clearing house certificates had uOo reassured tho American public. Gold is being hurried across the Atlantic, £4,500.000 haying .been withdawu from the Bank ot Eag- ; laud and the money market here , within a few days, A further rise to j(5 per cent, in tho Bank rate is ex poctod if the money famine con- , tiunos.

Paris, November 5. The Bank of France promptly responded to the demand of the -jt.uk Of England by lending 75 million francs in gold. New York, November 6.

Mr Picrpout Morgan has disOGvepod that twenty directors of the Trust Company of America and the Lincoln Trust have not deposited a penny of their own money in those institutions p.ik| has insisted on remedial measure? being taken qoforc guaranteeing assistance.