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Show GENERAL ADVANCE IN MONEY RATES Bank of England Raises Minimum Mini-mum Rate of Discount an Entire Point. London, July 30 As had been an j ticipated, the Bank of England today-raised today-raised its minimum rat of discount an entire point, making it 4 per cent. The step was taken as a protective-measure protective-measure in view of the chaotic financial fi-nancial conditions on the continent! following the outbreak of war be-' tween Austria-Hungary and Serv ia I and the almost general advance of the bank rates in continental renters j By discounting bills freely during the last few days while ordinary sources for discounting were prac tlcally suspended and by arranging credit In connection with gold com ing from New York while American exchange was not so difficult to obtain, ob-tain, the Bank of England considerably consider-ably relieved the financial work Now. however, 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. France Takes $5,000,000. Something like $6,000;000 In gold went out yesterday while France took practically the whole of the $5,000.-00) $5,000.-00) which arrived from South Africa on Tuesday and although $15,000.0ni is coming from New York to pay for securities sold recently, this sum can hardly arrive In time to offset any further continental demands Absolute gloom prevailed today on the stock exchange. Yesterday's ' ' 1 crop of failures and the fact that there was no Improvement in the European Eu-ropean crisis had a most depressing effpet. Quotations were somewhat under j esterday's figures but were purely nominal and what little business busi-ness was done was a matter of prolonged pro-longed negotiation The hammer, whose tapping On the desk announces failures on the stock exchange, was herd early today when the Derenhurg company, with large continental connections, announced that It was unable to meet its obligations obliga-tions All the failures thus far announced an-nounced have been of firms which do continental business Germany to Increase Rate. Berlin, July 30. Settlement deal-1 ings on the Bourse werp entirely sus-I pended loday and the brokers who gathered on the floor confined them selves to cash transaction.' Exciting scenes were witnessed on the produce exchange, where wheat and rye were quoted from $1.75 to f per metric, ton higher. The imperial German bank still maintained its waiting attitude, but t it Is understood that it will follow London's example in increasing the bank rate. No Business in Paris. Paris July SO. The Paris bourse opened today as usual but there was no business The nominal quotation of French 3 per cent rentes was unchanged. un-changed. It was announced by the committee of the bourse that the monthly settlement set-tlement for July had been postponed I until August 31 for all stocks, including includ-ing rentes. The French public sepms to regard a general war as a certainty. The crowds outside the savings hanks today to-day were three times as numerous as those of yesterday Private board-1 ing and the precautions taken by the J j bank of France have almost removed; minted coin from circulation. Paris, July 30 The Bank of France today raised its discount rate from 3 1-2 to 4 1-2 per cent, and its rae for loans from 4 12 to 5 1-2 per cent. Stockholm, July 30. The Swedish Rlksbank today raised Its discount rate from 4 1-2 to 5 1-2 per cent. |