New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-11-25
LONDON STOCK MARKET
ANXIOUS OVER CRISIS
Stock Exchange Depressed on
Latest News from the
Near East.
AMERICAN SHARES SOFT
danger of Real Monetary Press
IRE Becomes Appreciably
Less Without Being En-
tirelv Eliminated.
tirely Eliminated.
rBv cable 70 The Tribune

London. Nov. -+.-lhe tone u '"V
stock market vas good at the begin
ming Of last week and mildly depressed
later Renewed anxiety over the Euro
resn crisis was, of course, the main
actor in the situation. The little bosi-
ness there was was almost entirely OF
professional nature the public wait
i1c patiently for clearance of the for
eign political horizon.
Consols remained neglected, but the
price managed TO close unchanged
on the week at - SIG for cash. The
continued money ease is not proving
Of much benefit to the market, the eX-
PLANTATION Of which is doubtless 10 he
found in the Near Eastern situation.
The American market was practically
steRnant. A few Of the leading shares
gave evidence Of a reactionary ten
dency in conformity with price move
ments in Wall Street. A disturbing IN
huence in Americans was the money
trust" investigation. The monetary po-
sition is steadily improving, and the
fear of monetary stringency is dimln-
ishing. The general expectation is that
not only will there be no fresh advance
in the bank rate this year, but that the
open market rates Of discount will con-
tinue.
IL is. however. somewhat premature
10 assume that all danger Of monetary
pressure this year has passed away.
There is a possibility-indeed,Na proba-
bility-that America will bid for gold in
London this week and that the Bank of
England in December may become
relatively weak Still, the fact that
America has refrained from disturbing
Europe this autumn by demanding gold
seems to justify the expectation that
the shipments of gold to the United
Ststes will not be large.
Economically. the position is almost
sli that could be desired Trade every
where is enjoying great activity, and
as the worlds crops for the current
season are abundant and no monetary
stringency has occurred there is a
prospect that trade next year will be
even more active than it has been this.
~ recent years the expansion Of ttads
has TO some extent been curtailed by 4
relative absence of activity in the
United States. but the good crops in
that country during the present season
are likely 10 cause American trade 10
become very active, and thus increase
the volume of trade generally.
IN this country. also. trade is un-
usually active. and profits in all indus
tries are exceptionally large There
was an increased disposition among
bankers last week 10 take bills and
open the market The rate for three
months drafts eased off to 4 11-16 per
cent. for four months to As per cent
and for six months TO Al per cent.
Two months drafts remained firm at
a. per cent. Money was fairly plenti-
fu and nrocursble without difficulty at
from TO 31a per cent.
The movement IN discount rates re-
fleets the general expectation that a
bank rate higher than per cent will
not be Witnessed for the next six weeks
and in the new year money will rapid
~ become plentiful 1t is noteworthy
that the fall in discount rates last week
occurred Notwithstanding the drop In
American exchange practically to the
gold point and the purchase Of $4,000
rsr gold for the United states.
In considering the strength Of the
Bank Of England at the present time
account should be taken both Of the
benevolent attitude OF New York and
Of tire fact that gold Is not being with
drawn through any shipments of prod
nee from the United States this au-
tumn, though these shipments have
been exceptionally heavy and although
Am-rica has had it in her power to
take gold. The further rapid expansion
Of trade in the United States and the
growing prosperity Of that country
should also be noted, as they may Gre
ste an unusual demand for currency
before Christmas and an effort may be
MADE 10 relieve the situation By gold
shipments from this side.
The addition Of 1906, 900 to the re-
serve Of the Bank OF England last week
restored the total 10 -S13S, 10000 For
the time Of the year the bank is strong
The addition 10 the gold for the week,
Al9OOOO, brought the total to $751;
S25.00o The proportion OF the reserve
10 liabilities has risen from just less
man 80 per cent to J0.67 per cent