The San Francisco call., 1906-10-20
New York stock sfarket.

NV YORK. Oct. 19.-Ihe Bank Of Eng
lano today sent sensation pulsating through the
financial markets Of The whole world 6y It's IN
expected action Ia advancing its ofdci2l mini
muul discount rate from . 70 6 Der cent. FOL
lowing advance from 4 10 3 per cent on
OCTOBER i. q Speculative position IN all markets
Nas disturbed and the effect in New York
seems 70 AaFe been more acute than in foreign
I-tAs-s- me rusn TO seI at the opening Of
TOE market was emphasized hT vague fears
9.--S -Au isN-oSr1 uffelppment may be
Le---Q ne ctastlc measure thus adopted by the
great central Institution OF English finance
selae nneneisi diincul5y II the banking world
atlon wss most feared Prompt INQUIRY es-
ta5iisaea tAat nothing more serious was in
te-Fee lnan me necessity that was forced upon
rhe Engltsh lauk 70 stop the drain upOn its
reseI1f lund- The immediate factor in precipj-
telns ne action was the threatened withdraw
Z. OF 5000 eco from the bank for shipment 10
Egypt This il itself would make an inroad
upon TIE depleted reserve supply which would
s1s8esl pe1eLnptory measures 70 check It. The
downward plunge IN sterling exchange N this
la2r4ei also opened the way FOR renewed ne
con for New YorE socsapt ,s eersc+ 1ss
an iAneoAste rebound 4 exchange here There
vas some later reaction IN exchange rates with
lle &c l.-aails ~ OF tne money rate il New York
Rates Tor time -Oans were strongly bid at g
Per eent for al dates. and efforts were re-
porter q Aegoll2te some very large loans On
time. Lenders were little inclined 10 place
tlils except Tor the longer periods. Call
loans advanced 70 per cent Gonna tfrelv early
in TIC day The forecasts Of lie weeks ci,r.
reucy movement did not tend 70 ease fhe ZONE
OF the money market. Outgo to the interior bv
Coo Ihe shipments 10 Canada and q remittance
10 Henfa Lave called for almost as much but
these were about cfset BY the gain in sub-
treasury operations and the receipt Of foreign
gold The let loss q the banks however IS
estimated al from s.. 0O0. 900 to $1,000 600 The
present course pursued by the Bank Of England
has Us latest parallel II the period following
me outbreak Of the Boer war, IN 1893. After
raising the Official rate TO per cent in No
vem5er the rate went 70 6 per cent on the
last day OF November. This action was not
immediately elective IN the open money market
% London nor on the exchange rate in New
York But in the course Of December gold
began 10 90 ont from New York and WITHDRAW Is
continued in spite Of the acute strineency in
rate Up 10 1S6 per cent at the Stock Exchange
in the third week Of December. Drastic liquid
alton OF the stock market forced before
the strlngency was broken Practically no other
subject was considered IN the market today. a.
through the levying Of fines on the New York
Central for giving OF rebates and the conviction
OF the STANDARD Oil Company suit for CON
spiracy IN Ohio court were cited as IN
cidents likely TO depress the markets These
in the dominant effect Of the response in the
money markets TO the Bank Of Engiands &C.
ton The stock market was quiet and free
from Urgent pressure during the latter part Of
the dsT- Recoveries from the low point were
i1conslderable and the closing tone was heavy.
United States Bonds were unchanged on call
Bonds were weak Total sales par value, 81
New York Stock List
z r. Hutton & Co., 4s0 California street
members of the New York Stock Exchange fur
nsst the following list Of bond and stock sales
yesterday: