The San Francisco call., 1906-10-22
DARK DAYS HANG
OVER BRITAIN.
Shortage of Money Causes
First Excitement and
Then Gloom in London
EFFECT IN AMERICA
SPECIAL DISPATCH TO THE CALL

SPECIAL DISPATCH TO THE CALL
LONDON, Oct. 22.-October 1s will
undoubtedly be remembered for long
time to come as a sort of black Friday.
One has to go back as far as those dark
DAYS at the end of the year 1899, when
British arms were receiving such Sc
we're reverses at the hands of the Beers
TO recall such excitement and such de-
preston as prevailed on the Stock EN-
change Friday, for never since that
year have the directors of the Bank OF
England felt themselves called upon
to make such sudden and unexpected
rise in the bank rate TO s per cent.
Therefore there was no wonder at the
excitement. nay, CONSERVATION, Wnlch
prevailed when the sudden announce
ment was made Throgmorton street
ran wild with excitement and brokers
and clerks recklessly hustled one an
other in their eagerness to get OF early
teIegram ms to the country. Prices, OF
course. fell all around, which can only
be regarded as natural when the s per
cent rate throws its heavy shadow on
speculation.
SHAW GOES TO NEW YORK
WASHINGTON. Oct. 21.-After con-
ference tonight with President Roose-
Welt on the various currency reform
matters that are now occupying the at
tenttOn or the administration, CcCAC-
tary of the Treasury Shaw took mid
night train for New York 1t is re-
ported that he will confer there with
men prominent in the financial world
on the remedies needed.
President Roosevelt will make strong
recommendations for currency legisla-
ton in his annual message He has
never delved into the money question
very deeply himself and is guided
largely by the advice of Secretary
Shaw, whom he regards as one of the
most successful and talented secre-
taries that ever held the treasury port
folio. Despite the urgent call for legis-
latfon, which has gone up from bankers
and large business interests, il is
doubted If Congress viii do anything
more than to legislate to facilitate
the issuance of paper currency of small
denominations, of which there is now
shortage.
NEW WORKERS HOPEFUL.
NEW YORK. Oct. 21-wherever
brokers and fnanciers met today,
chiefly in clubs like the Union, Metro
politan and Union League, what
amounted practically TO informal con-
ferences on the monetary situation
took place During the afternoon there
was quite a group of bank officers
at the Metropolitan Club who COM
pared notes among themselves with the
conclusion as stated by one of them
tonight that no weak spot had been
discovered anywhere in the city.
Great interest was displayed in these
conferences in the visit of Secretary
of the Treasury Shaw, announced in
dispatches from Washington It is
surmised that his errand is to gather
the ideas of men in the financial world
as to legislation to be proposed at the
next session of Congress.
Bankers generally expressed hope
full views as to the outcome OF the
present money situation, holding that
the unsettlement of the market Friday
and Saturday arose chiefly out of a
misconception of the action of the
Bank of England in raising its dis
count rates to per cent. Now that
such action is recognized as a simple
protective measure, made necessary by
diminished bank resources and ex-
pectedly heavy gold Withdrawals for
Egypt. much better feeling exists
in financial circles