SLUMP IN STOCKS.

Timaru Herald, Volume XIC, Issue 13435, 6 November 1907, Page 5

SLUMP IN STOCKS.

PAPER MONEY. ' Press Association-By Telegraph-Copyright . XE>Y. YORK, Nov. 4. The "Comptroller of-New.. York-City and the United Steel- Corporation, alio "many lpgf pflvate firms ax4r- employees by cheques,7;a©cU the - banks- at St. Look; -and Kansas- City cheques ,and; / noies .for'small amounts as money. ~J" T i j. : .; : r -. ; A NOT.K CIRCyLjV'LTON. Received 10.3 p.m-., November sth. .'TiQN'U OX,; Nov. 5. The new York . correspondent * of the "Times.!' reports; that>Mr--W<.< &■ Ridgle.y, United States Comptroller 'of'. Currency lias suggested that- ; tlie _ ' lYeasury should now ' utilise" tlie wide interpretation always given to words of law, namely that the Treasury's' deposits in banks shall be secured JDy iCnited/-States-bonds or otherwise: TjiusStater- -and- - municipal bonds, which are legal■ investaeafca for Savings Banks .in_.seyeriil .of the States' might- be used in Addition to States bonds as a sound basis for a- note circulation by the National Banks to the full extent of their"legal powers. MATTERS MORE HOPEFUL. Received 10.20 p.m., November sfcli: : 'NEW YORK. Nov. 5. Tlie bankers of New York advanced money, subject to certain -conditions, bringing the Trust Company of America and the Lincoln Trust Company successfully through the ordeal. 1 A strong tone prevailed 1 on Wall Street at- the close and prices were well above the London level..': Matters are more hopeful and President Roosevelt will not call an extra, session of Congress. Including yesterday's arrangements for the importation of half a million pounds ■worth of gold,' the total movement aggregates 6£ millions.