THE MONEY CRISIS.

Taranaki Daily News, Volume L, Issue 61, 6 November 1907, Page 3

THE MONEY CRISIS.

London, November 4. Tlie Bunk of bngland rate has risei to 0 per cent. New York, November 4. The Comptroller of the New York Citj •sd United States Steel Corporation and many large private arms are paying their employees by cheque. The banks of St. Louis and Kansas City are circulating cheques and notes for small amounts as inonev. PAPER CURRENCY. Received Nov. 5, 10.3 p.m. London, November 5. The Times' New York correspondent reports that Mr. \V. B. Ridgeley, United States Comptroller of Currency, suggests that the Treasury should now utilise the wide interpretation alwavs given to the words of the law—namely, that the Treasury's deposits in the banks shall be secured by United States bonds or otherwise. Thus State and municipal bonds, which are legal investment* for savings banks in several Matt*, might be used in addition to United States bonds as a sound basis for note circulation by the National Bank* to the full extent of their legal powers. 6 HOPEFUL TONE IN WALL-STREET. Received Nov. 5, 10JO p.m. New York, Novembers. Bankers in New York advanced money subject to certain conditions, bringing the Trust Company of America •ad the Lincoln Trust Company successfully through the ordeal. A strong tone prevailed in Wall Street *t the close, and prices were well above Irf>ndon levels. Matters are now more hopeful, and President Roosevelt will lot call an extra session of Congress. Including yesterday's arrangements lor the importation of half a. million pounds' worth of gold, the total movement aggregates six and a-half millions.