CLOSING DOWN.

Dominion, Volume 1, Issue 45, 16 November 1907, Page 5

CLOSING DOWN.

AMERICAN INDUSTRIES HAVING A BAD TIME. EFFECTS OF THE GOLD FAMINE. IMPORTS £12,000,000. BT TELEGRAPH—HIESS ASSOCIATION'— COrTRIGIIT. New York, November 14. The Governor of New York Stato has appointed a "oinmittce to " investigate the State's banking business. Owing to the stringoncy of cash, nnd tho absence of orders for a radius of fifty miles round Pittsburg, 48,000 persons havo been discharged from the factories and 2000 from tho railways. Half the hands employed in Indianopolis manufactories have also been discharged. Twenty-one sawmills in Wisconsin, havo closed, throwing COOO men out of work.

Mr. Pierpont Morgan has boon negotiating with tho Bank of Franco for tho transfer to New York of. gold valued at threo millions sterling. The total import of gold up to yesterday amounted to twelvo millions sterling. ■

HOARDED MONEY. ITS RELEASE WOULD REVIVE BUSINESS. (Rec. Nov. 15, 10.13 p.m.) New York, November 15. Mr. Cortelyou, Secretary to tho Treasury, interviewed, said that, if mpnoy now hoarded was restored to tho channels of trade, within twenty-four hours thero would bo an almost complete resumption of business. Ho declined to legislate for currency reform until the proposals were rigidly scrutinised. I KNICKERBOCKER TRUST. EX-PRESIDENT COMMITS SUICIDE.

(Ree. Nov. 15, 10.13 p.m.) New York, November 15. Charles Barney, until lately' President of thr> Knickerbocker Tmst—which was one of tho first banking institutions to suspend, and which is still suspended—has committed suicide. ( > A "lilCn MAN'S PANIC," AND MORE. • Tho intimacy of tho connection between Wall Street speculation and industrial enterprise was the text of a prophetic paper rend a little whilo ago beforo the American Bankers' Association by Mr. M. 12. Ingiills, President of tho Merchants .National Bank, Cicncinnati,. Ohio. Mr. lugalls wrote:—" Some people affect to the liquidation ! n "Wall Street, and say it is only paper loss of speculator. o , and that there has been no actual loss, and that tho general business of tho country and the future are not affected, and that wo may go on without reference to what happens in that roalm of finance known to the public ns Wall Street. As wel ltbey might say, the mariner on ouo of those largo ocean steamers need pay no attention to his barometer, but keep n'l sailing his ship regardless of what it may show. We'know that ho might booh bo wrcukorl, mill that the prudent mariner, when ho sees the barometer falling, always trims his sails and puts his ship in condition to nioot tho coming disturbance which the variation of thnt instrument shows is coming. While the fall in tho price of securities in Wall Street may not force everybody to sell, and as some men say it is nothing but a loss of paper profits, tho fact in whether a man is obliged to -sell or not it affecls his financial ability to carry on budness and help others, and there is ho doubt but what tho mechanism is business and trade of our country is as delicately adjusted to tho conditions of that financial centr,o as tho barometer to tho atmosphere. And the ujis nnd downs of Wall Street show to tho pralent business man whether he should,put,lus business in order, and limit his commitments, or go on regardless of the signs of the- times. Tho chimces I'-ro that if he follows tho latter eoiirrc he will soon bo in trouble, mid find himself ami friiMids crowded to the wall by disasters which, if ho had taken heed, ho might have avoided.