NEW YORK THE STORM CENTRE.
Thanks, however, to the skill with which the Bank of England had accumulated large amounts of gold in the . early part of last year, it was possible to meet the situation for a considerable period with large shipments of gold without any change being made in the Bank Rate here, _though afterthe turn of the present year, when it-became clear that Wall Street speculators had taken the bit between their teeth, with prices and brokers'' loans -alike soaring more rapidly than ever, it became evident that nothing was more probable than that the situation would result in a raid upon the gold reserves in this country. The expected happened, and not a moment too soon the Bank Rate was. raised to a level which has already had the, effect of arresting the gold shipments abroad, though whether the rise in our rate will have the necessary repercussion in Anierica, occasioning a slacken- ing of the Wall Street boom, remains-to be. seen.
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