Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1914-07-30
'DOURSES RAISE
DISCOUNT RATE
Pessimistic Situations on All
Markets-German Banker and
Wife Commit Suicide.

LONDON, July 30.-As had been an
| ticipated, the Bank of England to-
day raised its minimum rate of dis
count an entire point, making 1t 4
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 Austria Hungary and
Servia and the almost general adj
vance Of the bank rates in continental
centres.
BY discounting bills freely during
the past few days. while ordinary
sources for discounting were prac-
tically suspended, and by arranging
credit in connection with gold coming
from New York while American ex-
change was so difficult to obtain, the
Bank of England considerably re-
lieved the financial world. Now,
however, that a raid is being made on
it's gold supply by the continent of
Europe, the Bank of England has
found it necessary to take protective
measures.
Absolute gloom prevailed today on
the stock exchange.
Today's failure was that of the
Derenburg Company.
American securities were nominal
early. Dealers would do no business,
and quoted prices within range of
three or four dollars.
PARIS, July 30.-The Paris Bourse
opened today as usual but there was
no business. The nominal quotation
of French 8 per cent. rentes was I'M
changed.
1t was announced by the commit
tee of the bourse thatNthe monthly
settlement for July had been post
poned until August 81 for all stocks,
including rentesr
The French Minister of Finance
declared today that he was resoluteiy
opposed to suspension of specie pay
ments which had been advocated in
some quarters. He said state of
war alone would justify such a meas
ure and even then only in the case
of imeprvious necessity.
The French public seems to regard
a general war as a certainty. The
crowds outside the savings banks to-
day were three times as numerous as
those of yesterday. a
Private boarding and the precau-
lions taken by the Bank of France
have almost removed minted coin
from circulation. The director of
large industrial establishment today
sent out fourteen men to scour the
banks in the city and try to change
bills into coin in order to enable him
to pay his workmen's monthly wages.
They were met by an almost invaria-
BILE refusal
A line of several thousand store
keepers waited outside the Bank of
France today in the hope Of getting
silver for their notes. as their inabil-
ity to make change is paralyzing re-
tail business
The Bank of France today raised
its discount rate from 31s to Az per
cent, and its rate for loans from AZ
to 5R per cent.
AMSTERDAM, July 80. - The
Bourse reopened today, a committee
of bankers having placed a large
sum of money at the disposal of the
Bourse committee for loans on ma
tional securities.
Yesterdays crop of failures and the
fact that there was no improvement
in the European crisis had a most de-
pressing effect. Brokers stood about
in groups waiting for something to
turn up, but they declined to do any
business. Quotations were somewhat
under yesterdays figures but were
purely nominal and what little bust
ness was done was a matter of pro-
longed negotiations.
SYDNEY, Australia, July 30.--Com-
petition was greatly restricted at the
wool sales here today as a conse-
quepce of the European crisis. The
better descriptions were quoted 10
per cent. lower while the inferior
qualities showed an even greater de-
cline. The bulk of the wool offered
was withdrawn.
BRUSSELS, July 30.-The rate of
discount of the Bank Of Belgium was
raised from to 8 per cent. today.
~ WY .,