Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1907-11-08
Imperial Bank Advances Rate of
Discount from 61a to I've
Per Cent.
is THE HIGHEST EVER KNOWN.
Further Evidence That European
Money Centers Are Determined
To Protect Their Reserve.
Rise Was Expected in London ana
New horh--Doesn't Seriously A.
feet American engagements.

Berlin. Nov S--The rate OF discount
Of the Imperial Bank OF Germany was
raised today from eh TO 7ls per cent.
The increase bad an unfavorahle e.
feet on the market. depressing stocks
as soon os thc announcement was
made Prices partly recovered later.
but business was mcager.
INCREASE EXPECTED.
London, Nov. s.-The increase in the
discount rate of the Imperial Bank OF
Germany has been expected hero. s.
81 had little eject on the stock ey-
change whore the trading opened com-
par1tively Iuiot Americans were ole
fcrcd freely. hut they subsequently
steadicd % web above parity.
The Bank 90 England today received
$4,000 in American eagles from Paris
ana $4,000 ir bullion fom elsewhere
ON the continent and sold '31i 0C0 in bar
gold for shipment 90 tho United states
AS VIEWED IN NEW YORK.
New York. Nov. s-The advance
In the advance rate of the Imperial
Bank OF Germany from 6ia TO 7ls
per cent announced today from Ber-
lin. Is further evidence OF the deter
minauon Of European money ceuters
20 protect their gold stock
against depletion by the United
states. The advance was fully
anticipated as Gov Koch. OF
the Imperial German bank said week
ago that an Increase In the Bank Of
England rate would lead to similar
action by Germany ana his course
yesterday in calling a meeting OF the
directors OF the Imperial bank Tor
today asnniteiy foreshadowed the adj
/ vance The rate as now fixed is the
/ highest the German bank has ever
/ had. Not only has part Of the recent
! American engagements been taken di-
| rectly from Germany but the German
| stock of gold has been depleted lndi-
| rectlv as the American engagements
gt other European money markets
have resulted In larger exports o. gold
Co England and Holland The AM
cricen gold engagements already
placed IN Europe approximate S40.-
100000, so that the increases OF for
elgn bank rates don't operate as seri-
ously as they might have done during
the nNilN Gays OF the money nLIln-
gency About $4,000. 900 Of gold
have already reached New York. In
Guiding the Lusitania's stock Of Sf2.-
100000 brought ashore today.
Aside from the gold movements tho
nnanciai situation shows an absence
Of notable developments and steady
tendency back 20 normal conditions.
TREASURY OFFICIALS BUSY.
Washington. Nov. S.-~Therc Is a no.
ticeahle congestion IN tho treasury do
partment ia the handling Of securities
offered by banks in substitution for
government bonds now being deposited
as security Tor additional circulation.
The correspondence on the subject Is
almost unprecedented ana although the
officials applied themselves unremit-
tingly TO the work until late at night.
the volume OF W. rk increases rather
thau diminishcs. The amount 90 addi-
tlonal bank notes being spread Is daily
Increasing and the treasury ficials are
greatly encouraged IN the belief that
the crisis IN the money stringency has
passed and that a gradual relaxation in
the tension that has existed FOR three
weeks may be CONFIDENT lly expected.
The National City bank Of New York
York has arranged FOR $1,000 coo addi-
uonai circulation