THE SHORTAGE OF MONEY.

Taranaki Daily News, Volume L, Issue 61, 16 November 1907, Page 5

THE SHORTAGE OF MONEY.

THOUSANDS OF UNEMPLOYED. I New \ork. Novemlicr 14. The Governor of New York State has appointed a committee to investigate the State's banking business. Owing to the scarcity of cash there is 1 an absence of orders for a radius of fifty miles round Pittsburg. As a result f °rti -eight thousand hands have been discharged from the factories, and two thousand from the local railwavs. Half the hands have been dismissed from the Indianapolis manufactories. Twelve Sawmills at Wisconsin have been closed, throwing six thousand employees out of work. Mr. Pierpont Morgan is negotiating with the Bank of France for the trans" fer to New York of gold valued at three million pounds sterling. The total value of the gold imported up to yesterday is £12,000,000. CORTELYOU INTERVIEWED. Received Nov. 15, 10.13 p.m. New York, November 15. Mr. Cortelyou, Secretary of the Treasury, in an interview, said if the money now hoarded was restored to the channels of trade, within twenty-four hours there would be almost a complete resumption of lmsinp-'*. He declined to legislate on currency reform until the proposals had been rigidly scrutinised. A MAGNATES SUICIDE. Received Nov. 15, 10.13 p.m. New York. November 1.1 Charles Barney, until lately president of the Knickerbocker Trust, has committed suicide. ,