Washington, Mar. 7.
Legislation has been passed Albany," New York, giving the Governor, Mr. Henry Ti. Lehman, practically dictatorial powers over the banking system' and insurance companies of New York State—Reuter London Fixes Gold on the Franc London, Mar. 6.
For the first time in the history of the London bullion market, the price of gold was fixed on the FFench frane to-lay, the quotation showing decline of eleven-pence over the Washington, Mar. 8.
The Treasury Department today relieved Congress of the burden of deciding on what would be the best medium of exchange for the emergency period." The Seeretary of Treasury, Mr. William Woodin, abandoned the plan to allow the banks to use leaving house certificates and announced that an examination of the Federal Reserve system showed that it could provide ample currency to tide the country over the emergency period.
Federal Reserve like those that have been previously issued, would be circulated to an extent sufficient to supply America with the cash necessary for the normal conduct of business.
In addition to the Federal, Reserve notes, there are other forms of currency that can be used and do not provide for redemption in gold at the Treasury.
Federal Reserve notes are now extensive use and there is a margin for issuing more without disturbing the legal ratio of gold to paper, the Treasury pointed out. The law requires that the notes be tacked by forty per cent. actual gold, whereas they are now backed by 62 per cent. gold.
The third full business day since the President placed the country under uniform restfietions wit-messed few difficulties. The total business done was admittedly lower ut food supplies and other ncces-
Now York savings banks reported they intended to take advantage of the clause in their charters permitting them to require 60 days' Rotice before allowing depositors withdraw money. They. are authorised. to enforce this clause {at will and can permit a percentage of the withdrawals if they wish.
Industfy Carrying On General industry was carry on but trade reports indicated that many branches of it will be depen-Gent upon a freer currency supply ina few days. This was" especially: true of the steel industry. Bho "Iagasing, Tron Ages" the production' of the country's Sel alle was. fifteen per cent. of capacity, down about "three per Jeent: dive to the holiday. Business this week consists mainly of orders ed before the President issued is proclamation—United Press.
Text read from the printed page and cleaned; old type leaves the occasional error.