Show BANK OF ENGLAND RAISES DISCOUNT RATE RTE ON GOLD LONDON DO Nov 4 The The persistent de demands demands demands de- de mands from America for tor gold In spite spie of the recently Increased discount rate o of the Bank of ot England and and In face of ot tho the continued rise In the cable transfer rate rato caused the tho Bank of England this morning morning morIns morn morn- mor- mor ing Ins to raise Its Is rate rte from rom 5 56 to 6 per cent Although h an Increase e to this rate rte next Thursday would not have surprised the market the announcement of ot the rise to today today to to- da day occasioned somewhat of ot a Hurry flurry furry lo 10 cally caly It I J is considered however In financial circles to be th the natural outcome of ot the unfavorable New York bank hank statement ment When the Bank of or England's rate was raised to 5 55 p per r cent O October tober 31 it was thought that tho the position In the United States was clearing satisfactorily but the continued engagements of oC gold at a I lots loss lotsof of 2 to 3 per cent on the exchange rates caused a recrudescence of or nervousness ss In Inthe Inthe inthe the discount market and rates were ere put up from 58 51 to 6 f per c cent nt In endeavors endeavor to assist the bank to protect Its r reserve er e but hut the futility of or the efforts is shown by the fact et that since Thursday the United States Stales had drawn dally daily daly from the bank substantial sums Bums already aggregating aggregating ga- ga ting Egypt has also recommenced withdrawing withdraw withdraw- In ing gold The Tho rl rise In the Bank of England's rate of or discount coupled with wih the tho unsatisfactory tor tory position In New York as revealed by bythe bythe bythe the New York banks statement caused causel it f depressing effect erect all around on the stock exchange toda today Con sols dropped i 1 and Americans were offered In many man cases at ata ata ata a ers point below parity without finding buy buy- The position here hert however Is re regarded regard red d ded ed as being very ery ver sound and the tho declines re registered toda today were more In the nature of or a sentimental marking down of or quotation quotations quo quo- tation than actual selling The Tho market In short r regards n rt th the th advance ad of or tho the bank rate as 05 purely purel active arthe measures mc a against Americas America's gold demand and to prevent the lie New Now York crt City 6 per cent bonds from being belm placed here herr |