The Birmingham age-herald., 1906-04-13

market, and a considerable part or the temporary borrowings which have been going on. are known to be for the pur- pose of deferring the Notation of obliga- tions of a more permanent character There fell due today a g per cent in- stallment of subscriptions to an issue of some sir. 100000 of Atchison convertible bonds, thus calling for upward of s4,- 100000 On Monday a 10 per cent install- ment falls due on subscriptions to $l00,- 000,000 of American telephone convertible bonds. thus calling for $10,000O00.
 It is understood that the New York city government, which borrowed s5OOo,- GOO last week for a period, of a week, rather than market bonds on the high interest basis necessary at that time, has placed it's bonds for half the amount on satisfactory tefns but has borrowed the other half again for short time term Borrowings of this character will be sup planted when they fall due by more per manent obligations which will then make their demand on the resources of the money market. Another $1,000.000 in gold was secured in London today and it be- came known that one of the Canadian ganks had secured an amount yesterday said to be $3,0O0, GOO in London for in- port to Canada, but with the purpose of bSlnS lll6 pIOttthS lbi4 lodiiill6 III tili' city. The response of the foreign money markets and to our own foreign exchange market does not offer great promise for a laGge extension of the gold movement. The rebound in sterling exchange here was paroxysmal. Compared with the low rate of yesterday for demand bills. which was at one time 4S2.9O the rate was rushed up today 175 points to $4s4 50.
 The suddenness and violence of this morning is probably without precedent in the New York market. Discounts in Lon don hardened appreciably and conditions moved distinctly away from the position which offered a command by New York of the Bank of England's supply of British gold coin. An appropriate relief of the local bank tension has been se- cured by the largest transfer of speeula- tive holdings of stocks from New York to London. The process includes sales of stocks in New York, the payment of loans on collateral, the purchase of stocks in London, and reborrowing in that mar ket. 1t is supposed that bank loans in New York have been reduced many mill lion dollars by this process during the week. The weekly statement of the Bank of England showed the strain on it's re- sources involved in the gold withdrawals it's holdings of bullion having fallen dur ing the week SlOSzO,ffU. me uecllne m me loan account was not sufficient to prevent a considerable decrease in the percentage of resrve to liabilities. The Bank of France in the same period increased it's gold holdings s6,750,00o with a large con traction both in loans and the outstanding note issues. The increase in the pension payments has reduced the sub-treasury absorption from the banks from the week to a nominal figure
 The announced policy of the Secretary of the Treasury to deposit the current excess of government receipts over the expenditures with national banks at va rlous points relieved a portion of the demand upon them from the interior. But the heavy customs collections still center at that point. Considerable strength was connected with prospects of a labor settlement, and an adjournment of the coal conference was followed by re- action. Prices declined in sympathy to a fraction below last night, and closed easy.
 Bonds were steady. Total sales, par value, S2,455,0o0
 United States new As registered, ad- vanced 1s per cent on call