Omaha daily bee., 1914-07-31
WORLD MARKETS
STAGGER AS WAR
CLOUDS BLACKEN
Bank of England Raises Its Rate Of
Discount Entire Point, Making
it Four Per Cent.
is A PROTECTIVE MEASURE
Almost General Advance of Rates in
Continental Centers is
Reason.
NO BUSINESS ON PARIS B0URSE
Monthly Settlement for July Post.
poned for All Stocks.
BUSINESS AT BERLIN Is NIL
transactions Confined to Few Cash
DealH-Produce Exchange Ex-
cited Because of Rise in
wheat and Rye.
% BUSINESS ON PARIS BoURsE
Monthly Settlement for July Post.
poned for All Stocks.
BUSINESS AT BERLIN Is NIL

LONDON, July s0.--As had been an
ticipated tho Bank OF England today
raised its minimum rate Of discount an
entire point, making it per cent. The
step was taken as a protective measure
in view of the chaotic financial conditions
on the continent following the outbreak
of war between Austrla-Hungary and
Servia and the almost general advance of
the bank rates in continental centers.
BY discounting bills freely during the
last few days while ordinary sources for
discounting were practically suspended,
and by arranging credit in connection
with gold coming from New York while
American exchange was SO difficult to
obtain. the Bank of England considerably
relieved the financial world. Now, how
ever, that a raid is being made on its gold
supplies by the continent of Europe the
Bank of England has found it necessary
to take protective measures.
Something like $5,OO0OOO in gold went
out yesterday, while France took prac-
tically the whole of the S50O0,000 which
arrived from South Africa on Tuesday,
and although s15.OO0,OOO is coming from
New York to pay for securities sold re-
Gently this sum can hardly arrive in time
TO offset any further continental demands.
Absolute gloom prevailed today on the
stock exchange. Yesterdays crop of fall
ures and the fact that there was no i'm
provement in the European crisis had a
most depressing effect. Quotations were
somewhat under yesterdays figures, but
were purely nominal and wtiatslitue basi-
ness. Was done was a matter Of prolonged
negotiation.
The hammer, whose tapping on the
desk announces failures on the stock ex-
change was heard early today when the
Derenburg company, with large conti-
mental connections. announced that It
was unable to meet its obligations. All
the failures thus far announced have
been of firms which do continental busi-
ness.
German BOurse Practically Closed.
BERLIN, July 3O.-Settlement dealings
on the bourse were entirely suspended
today and the brokers who gathered on
the floor confined themselves TO cash
transactions.
Exciting scenes we're witnessed on the
produce exchange. where wheat and rye
were quoted from $1.75 to 81 per metric
ton higher
The Imperial German bank still MAIN
tained its waiting attitude, but 1t Is
understood that it will follow London's
example In increasing the bank rate.
France Raises Rate.
PARIS, July SQ.-The bank of France
today raised its discount rate from 3l5Q
az per cent, and its rate for loans from
4kd5h per cent.
The Paris Bourse opened today as
usual. but there was no business The
nominal quotation of French per cent
rentes was unchanged.
1t was announced by the committee of
the Bourse that the monthly settlement
for July had been postponed until August
81 for all stocks, including rentes
The French public seems to ragard a
general war as a certainty. The crowds
outside the savings banks today were
three times as numerous as those OF
yesterday. Private boarding and the pre-
cautions taken by the Bank of France
have almost removed minted coin from
circulation.
STOCKHOLM, July so.-The Swedish
Diksbank today raised its discount rate
from 4lsG5is per cent.