The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1907-10-29

ferent parts of the list.
The market became quite weak in
the course of the first hour owing to
| unsettling influences of 5A point
break in Canadian Pacific, in which
there was evidence of forced liquida-
ton. The copper stocks formed a
per rising ", Anaconda 2, CRANKY
Mining 5 and American Smelling pre-
ferred a point. Northern Pacific and
Pacific Mail rose 2.
The market gave clear evidence of g
renewal of forced liquidation caused by
the withdrawal of credits, in which the
stocks affected figured as collateral
Canadian Pacific slumped points un-
der this process, Pennsylvania 4, ST
Paul 2A Union Pacific 21A American
Smelling 2 Great Northern preferred
11a and Southern Pacific Atchison
Missouri Pacific and United States Steel
stocks point or more. Shortly after
IL o'clock the market quieted Business
at the New York clearing house was
quieter today than at any time since
the financial disturbance began. Aside
from the daily session of the loan COM
mittee to examine collateral offered by
banks to meet their balances, there was
practically nothing to be done.
The cleaning out of loans at the
stock exchange through renewed Of
ferings of stocks on the market where
there was no adequate demand to
meet the supply caused prices to
crumble away at heavy sacrifices for
the sellers. Canadian Pacific decline
reached points, Pennsylvania nearly
5, Union Pacific AS, St Paul 3as
Great Northern preferred 8. Missouri
American Smelling 2 u and a large
number of. stocks between 1 and 2
points.
France VIII Keep Her Gold.
Paris, Oct. pa careful inquiry
made in banking circles here indicates
of gold exports to New York from
Paris. The rate of exchange is unfa-
vorable and besides the Bank of
France would be inclined to resist.
Nevertheless the disposition of the
Bank of France would be to help New
York indirectly by assisting London
in the event that gold demands would
EN- barrass the situation there. This
would be accomplished by the pur-
chase of long time sterling bills, in the
uation in London year ago. Bank
ers who are in touch with America
consider that the situation in New
York has decidedly improved. The
of opinion is that the crisis
is bound to result in great good as
necessarily it will force currency leg
isIation which will prevent a recur-
renee of the causes of the present
troubles.
The American houses here. as evil
dence of the confidence of the French
investors in conditions in the United
States, report that investors in this
country attracted by the low prices,
are indicating a willingness to resume
buying. Already some purchases have
been made.
London Markets.
London, Oct. 29.-The rise in the
discount rate of the Imperial bank OF
Germany had a depressing effect on the
here. Consols early in the day
declined 7-16 for the account to
30 Lis but recovered to 81 II at noon.
Operators here expect that the dis
count rate of the Bank of England will
be increased Thursday, or possibly
earlier, from 4 " to " per cent.
Americans opened fairly steady at
20 points above parity, but eased un-
Ter liquidation, principally from Ber-
in, due to the higher German bank
rate, and at noon the market was
ruling dull with Southern Pacific and
Canadian Pacific points and Union
Pacific 1 point below yesterdays clos
ng quotations. Grand Trunk fell 1 u
points on the large decreases shown in
It's statement
Gold Starts Tonight.
London, Oct. 29.-The sum of G601, 900
n bar gold was today sold and 899S, 900 !
n American eagles was taken from the |
Bank of England, as part of the gold |
Intended for shipment to America. The |
gold was insured at Lloyd's and will go |
% New York on the Kron Prinz which |
caves Southampton tonight. The price |
If the eagles was 76s. Cd.
Why the Rate Was Advanced.
Berlin, Oct. 29.-President Koch of |
he Imperial bank in proposing to the |
committee the advance in the |
discount rate called attention to the |
act that the position Of the bank had |
crown weaker compared with previous |
ears. He said the margin of uncover
ID notes had increased, gold in small |
mounts already had been shipped |
Lbroad, heavy pressure on the banks
vas expected at the end of the month
md the rise in foreign exchanges, par
icularly on New York, Paris, Amster-
lam, London and Italian centers to-
'ether with the rising tendency of the
pen market discount rate in Berlin,
made an advance of the official rate
lecessary which must be a full one per
ent In order to be effective.
Trading Quiet i'm Berlin,
Berlin. Oct. 29.-Trading on the
course today was very quiet The ad-
ance of the discount rate of the I'm
'erial bank of Germany from 5 u to 6
z per cent had only a slight influence
n prices. The private discount rate
vas Il per cent higher
Two Banks Consolidate at TX, C.
Kansas City, Mo, Oct 29.-The
Vyandotte State bank at sol Min
esota avenue, Kansas City, Kan,
'lth deposits of 100000, was absorb
d this morning by the Commercial
National bank of Kansas City, Mo.
he work of transferring the deposits
egan Immediately, but the doors of
he Wyandotte State bank will remain
pen for several days for the conven-
ence of its customers. The absorption
Id not cause any excitement and was
onsidered only as an incident
James F. Downing, president of the
lew England National bank, and
eading member of the clearing house
ssociation said that no trouble had
cen experienced at any of the banks
n the Missouri side excepting the
'ankers' Trust company which closed
esterday to go into liquidation. AS on
there was no appearance of