Show I RATE ADVANCED TO 7 1 iN N ENGLAND LO LONDON DON Nov NoV 7 The The directors of the Bank Dank of En England land this mornin morning put up tho minimum discount rate from 0 6 to 7 per cent The only thin thing thine which would have averted a this rate would have havo been beon as assurances from responsible quarters in New ANeW York that the situation situation situation situa situa- tion there was sufficiently well wel in hand to warrant the tho expectation that there would be bo an aI early cessation of the gold cold old dram drain drin on this market In the tho absence of such an assurance the Bank of England Eng Eng- laud land utilized the tho only weapon at hand to protect its it reserves It t is is re realized however that even this bJ high h rate rato may not prevent shipments ship ship- moats ments wont of gold old to Now low ow York but it i is HI hoped that it may attract tho thorn metal from abroad in in sufficient quantities to restore tho the equilibrium Tho To step W was 8 doubly necessary as tho the bank must nurse its is supplies just at present for forthe tho the autumn county cash cah requirements as aswell aswell well ns as the usual E Egyptian demands and there is is a possibility of demands for gold old from Ar Argentina The last lat occasion when a 7 per c cent nt rate was enforced by the Bank Ban of En England Eng Eng- land was in in 1873 and W was due doe to financial finan finan- cial troubles on the continent and in America On that occasion the rate rite ev eventually reached D 0 per cent but it quickly fell fel to 4 Tho The local business community is is bound to feel fecI the pinch pich and the tho clara ciers anticipate the tho drastic rate will wi causo cause an even greater squeeze in in Germany Germany Ger Oar many wih with a consequent increase of tho the discount rate rato of the tle Imperial bank and selling orders from Brin Berlin The announcement of tho tIm increase of the Bank of En England's land s 's rate rte by a full ful point had a n strong effect on the stock exchange here which opened 3 16 hj higher her owing to tho the settling of railway dispute fell feU a a point point Home rails rais started starter 1 I to 4 1 1 points point dearer but lost most of at tho the advance within a few v minutes American rails rais had a n similar action acton Tho opening prices ruled around pari parity pant but a drop of a point followed immediately after the publication of tho bank rate anti and selling brought quotations quo quo- quotations at noon down 1 to 3 points lower than yesterday It I W was not until tho the bank statement was issued that the market fully realized real real- how heavy had been tho drain on tho the gold gold reserve Th Them The figures showed tho the weeks week a decrease to be the total reserve bein being against L last week weck and at this thiB time last year There Thero were i inquiries in tho the market this morning moring for another in ingold ingold gold zold for America |