Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1907-10-29
poBeved Great Assistance in Re-
revInu Financial StrIngenCy
Will Be Had.
BANKS TO REOPEN
lnperial Bank Of Germany Raises
Rate Of Discount Causing
Some Depression.
I,,rtiruIarly in LOndon-Due to An
tcipatcd Demand for Gold
BY New York.

by New York.
Now york. oct 29.-Great assistance
+ an relieving the financial stringency Is
svrssted TO result from the large en-
/. r,rcmsuts Of gold for import made
yesterday and from the further large
4 IMPORTS which it is believed will be
. made within thc next few days. The
. movement Of American crops TO Euro
an markets. togo thor with the re-
vyaI of a demand for copper abroad
FH give the United States large cred
h. with foreign bankers, ana these
ar De awaited of in bringing In gold,
b is believed To- the fullest extent that
tmav De necessary.
10 was announced today that several
r the banks which were compelled
E o suspend last week have about per-
.fected their plans TO reopen for busi-
E uess President Montgomery Of ths
4 hamilton bank q Harlem institution
4 hich closed last week said today;
1 This bank will resume business in
j few days. not later than Monday
i 'eXt in any event. / understood also,
that the Twelfth Ward bank will re-
tumo in few days"
4 The runs on the Trust Company or
america aud the Lincoln Trust conn
volume
/ The announccmcr- OF the increase Of
H. rate of discount by the Imperial
Bank of Germany from $40 20 6h per
bent was of somewhat unfavorable ef-
fect ON the London stock market as
Indicating thai there win be no ex-
lansion Of credit at present for specu-
tive purposes.
Notwithstanding this, however
american securities IN London held
Iirm. The only noteworthy weak fea-
lure IN London, was Canadian Pacific
which declined Pa. Amalgamated Cop
per advanced 7s. Anaconda, tA, Atchi-
SON, A st. Paul IA: Illinois Central
] p. and Northern Pacific rs. Union
Pacific was unchanged n. S. Steel
common was a. lower and United
States steel preferred 4 higher.
Operations were much restricted
y hon business began al the stock eN-
change today bot the tone was irregu-
ler prices moving contrarywise I'm diff
ffrent parts OF the list.
The market became quite weak In
the course OF the first hour owing to
influences Of a 81 break IN
canadian Pacific. In which there was
evidence Of forced liquidation. The
Pepper stocks formed a point Of re-
distance. Amaigamated Copper rising
] ~ Anaconda, ., CRANKY Mining, 8.
hnd American Smelling preferred n
point Northern Pacific and Pacific
riail also rose 2.
BERLIN RAISES DISCOUNT.
Berlin, oct 29.-The discount rate Oh
PIE Imperial Bank OF Germany was
5aised today from ga 10 6lA per cent
u rs significant Of the changed sltua-
Jon In the market here thar the adj
ance was a fun 1 per cent. whereas
De bank Oct. ] only discussed RAISING
Pie rate one-helf per cent The change
Is directly due 10 New Nork's demand
tor gold, which 20 is feared here will
Lead 20 gold exports from Germany.
The exchange rates of an the lead
Ing countries are now above the COLA
point The market had expected the
ierman bank TO await the Bank OF
highlands action, but yesterdays gold
engagements in London for New York
'pparenuy rendered Immediate action
here necessary
Trading on the bourse today was
very quiet. The advance of the dis
count rate Of the Imperial Bank OF
Germany from 5ia 10 6is per cent had
only "a slight influence on prices. TITO
previous discount rate was q per cent
rate.
EFFECT IN LONDON
London. oct 29.-The rise I'm tho
discount rate Of the Imperial Bank of
Germany had "a depressing effect on
me markets here. Consols early An the
Jay declined 7-l6 for the account 10
- l-l6 but recovered 10 So az noon. or
utors here expect that the discount
ie OF the Bank Of England viii be-
reascd. Thursday, or possibly earlier
tom 4la TO 5z
Americans opened fairly steady a
points above parity but eased uu-
liquidation principally from Berlin
.e 90 Che higher German bank rate.
N at noon the market was ruling
ll with Southern Pacific ana Came
. an lac.fc 3 points and Union Pa
point below yesterdays closing
citations
Crane Ims fen 10 points ON the
so decrclses shown iu lbs statement
copper opened today az & CO. 5s or
p GI above last nights closing
oiationa
how PARIS VIEWS IT.
Paris oct Pa careful inqui,
Iae ln banking circles here indicates
Ut there is mo- immediate prospects
" gold exports 40 Sow YORK from
ris Tine rate of exchange De- unfuv-
4" oie and besides tha Blua of Fmr.a
"l De- Inclined tD rcnrt Naye.tne-
'he lispo of tns Bank of
e W.ll De io help NoH York .n-
u'iD...F oy assisting London lu tan
eal MAT gold would cmlarrass the
aa 1n thore. This w0Ild Doe accom-
'.'a nN Che purchase of .onr uws
ri.lH, Ono the same way lB