The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-09-11

| feet of the advance. Thus far the only
| movement which was a direct conSe-
quence was a drop OF 5-S per cent IN
consols''
The Pail Mall Gazette says: Unless
| the bank has information which is not
| generally known, the position scarcely
seems TO warrant q rise in the bank rate
| However moderate the advance, IN.
act Of warning a. the present low value
OF money cannot last forever and II -
| probably better to have the official "a te
raised by easy stages. as precautionary
| measure, than 10 postpone IL until a
bigger advance is necessary. when q
panic might easily have resulted II
| is possible that the directors may forsee
the necessity OF advancing the bank
rate 10 3 per cent
The Westminster Gazette says that
the advance of the bank rate was purely
a precautionary measure, evident from
the bank return showing the reserve to
be about the same as on the correspond
ing date Of 1895. The Westminster Ga
zette adds: 1T is generally recognized
in the market that the action of the d.
rectors was wise, and hopes are enter
tanned that il will check somewhat the
export Of gold The advance had an
I
but it is not likely 10 be permanent IN
less the withdrawal Of gold continues TO
such an extent as TO force a more ap-
probable advance Of the bank rate"
Americans opened weak and have
further fallen, owing to the idea that
that advance may cheek the outflow
Of gold 10 the United States.
The Withdrawals Of gold from the
Bank Of England today were f3Ss. 100 in
American eagles and $780, 900 in bars, a
total OF f45s. 600
London, Sept 1.-THE Times says.
editorially: There is god reason TO
think that the rise in the Bank Of Eng
land 5 discount rate could not have been
much longer delayed without a certain
amount of risk. The resolution OF the
New York bankers 10 obtain gold arti-
fctally in certain conting encies was
wise and patriotic. Fortunately. there
was no need of an artificial importa-
ton. We are satisfied that the present
bullion movement is a natural one in
obedience TO the normal play of econoan-
&c forces
I'VE calculate that the banks reserve
had been at least f31 900 600 and in view
OF the probable further heavy withdraw
ais. the directors acted wisely 1t will
piOOhoiy not stop the GRAIN or gold TO
America, but il will warn business men
that the reign of excessively low rates
IS ended for the present. 1t proves
that the governors are alive to the ne
cessity of keeping a much larger reserve
than was kept prior 10 1890 and that they
do net mean that the banks position
shall be endangered by the possibility
Of a sudden withdrawal of a part or a
whole Of the Japanese governments
balance Of I'll. 900. co.,
The Standard in an editorial joins in
the general note Of approval OF the
banks action "as ii was done in a man
ner to cause as little disturbance as DOS
sible. 1t is therefore rather to be re-
garded as a warning"
The Standard adds: whether their
action Will please the Americans is an
other matter. They must work cut their
financial salvation as best they can"
The Daily News says OF the banks
action: 1T gave a mild shock to the
city, together with the idea that the
governors must possess special infor-
nation. A little consideration shows
that it was only a mild-weather warn
ing to the financial world"