Daily press. [volume] (Newport News, Va.) 1896-current, 1907-11-08
Three Large Central Financial In:
situations in Europe Advance
Their Rates Of Interest.
Bank Of ENGLAND GOES TO SEVEN
Bank of France and the National Bank
Of Belgium Also Endoavorins to
Hang Onto Their Gold Surplus
More is Ordered BY American
Bankers, However.
(Dy Assoclated Press.l

NEW YORK. Nov. THE contest
OF the European money markets to re.
tain their gold resources was indi-
Gated by the simultaneous action to-
day of three of the large GENITAL
banks OF Europe and n call for meet
ing tomorrow of the government
hoard OF a fourth. The Bank OF Eng.
land advanced its rate OF discount
ON six 10 seven per cent. rate
which has not been befo.e rechcd
since 1873. The Bank of France adj
vanced It's regular discount rate from
three aud half per cent to four per
cent. The National Bank of Belgium
advanced its rate of discount from
I'VE and half to per cent and D..
Koch. the governor cs~the Imperial
Bank OF Germany. called a meeting of
the governing board for tomorrow.
which is expected to advance the div.
count rate OF The bank from 6 TO Z
per cent These movements In Eu-
rope are regarded as nm indication of
the ability of New Vol, 10 command
gold ana the efforts of European
hanks to protect themselves against
this demand. Even these high dis
count rates, however. are regarded
as insufficient To prevent the further
importation of gold into this country,
In view of the large credits which orc
being created by the shipment OF
wheat and cotton.
VIII Not Entirely Stop Exports.
The high rate fixed by the English
bank is not expected to entirely arrest
EXPORTS from London TO New York
but Is counted upon In London to
eqnaiize the distribution OF the yellow
metal among European money cen.
,c.s. SO as to Offset losses 10 America
ny imports oil goil from other places.
Inc STOCK mari2et reflected the pres
sure Tor money by considerable de.
ciines today, but these declines were
generally expected ty bankers who
looked upon the rapid advance In quo
,a'ions OF the ytar as hardly justified
by the situation.
There is d strong determination
among the conservative interests that
there shall no1be large speculation
Tor the rise atthe present time. Thev
believe that SIGH n movement would
not only be kelly to lead to disap.
pointment. bit that 1t would make
calls upon tlA money market which
cannot well b met under present con
ditions.
How shqtaae is Being Met.
The engagement gold today brought
mp the total Importation on the pres,
ent movemdt to s4O.425. 900. an
amount whih permits loan eypon.
sion of more than $3.50, 900. 900 if the
legal reserHs had not been lreadv
impaired. he situation ir regard TO
me trust cmpnnies is gradually be-
coming norhal.
The temRrary scarcity of currency
caused by boarding and the desire
OF the banf to husband their resour-
ces is beiE met very generally. ac-
cording to epo.ts reaching New York
bankers. bl the issue of printed GER
iihed cheds or temporary interest
bearing ndes and in some cases bv
script Used by manufacturing and
otner nonIanking corporations This
resource ns very generally resorted
10 In the hnic of 1893 and practically
no troubharose from auy such issue