The Birmingham age-herald., 1906-10-28

some important lines. Trainmen complain that some of the railroad companies re- fuse to receive grain for transportation, putting them to embarrassment to meet contracts for delivery. The iron trade re- ports a scarcity of iron for delivery, and the pressure for early delivery of copper also continues.
 Most important of the facilities of com merce, of which the available supply shows indications of strain, is money, as some time past. The main pressure has shifted to foreign money markets, but the effect is transmitted through all mar kets by the medium of the exchanges. Interest centers on the Bank of England as the best index of a situation winch Is world wide. That institution has had only partial success in shifting the de- mands which were eating up It's reserve to other quarters. Notwithstanding the drastic measure of 6 per cent official dis count rate which was adopted last week. this weeks return of the bank shows a decline again in the proportion of reserve to liability, both by decrease In bullion holdings, and by increase in loans. Its reserve continues near to the $90, ,0000 600 level which Is regarded in itself as danger tone for this season of the year. Not only is the absolute reserve at a figure lower than for October since 1893, but the deposit account Is unusually ex- banded leaving the proportion of reserve to liability at but 3664 per cent. Tho London Statist points out that the aver. age loss in reserve of the Bank of Eng land from the middle of October to the end of the year for the last five years, reaches over $22, ,5O0,00O This year there were extra demands to be met, especially the heavy movement to Egypt to meet inflated speculative conditions there. The Bank of England proclaims Its inability to meet further demands at this time and its urgent need In fact of recupera- tion. The Bank of France Is indisposed to take over a share of the burden, al- though 1t did not advance its official dis count rate this week as was feared. But 1t exercised its privilege to supply de- mands upon 1t to withdraw bullion by proffering silver instead of gold.
 The New York market is known to be largely indebted to London in the form of finance bills held by London bankers. Large amounts of securities have been held in London also for American ac- count
 The weeks stock market in London developed interest charges of per cent to carry these holdings over to the new account. The consequence was an ex- tensve closing out of these accounts in London and their transfer in some cases to New York. Maturing finance bills are
 
 these borrowings are supposed to be transferred to New York It is reported that this condition prompted the New York bankers to advise Secretary Shaw against treasury measures that would make large additions to New York bank reserves at present as it was believed the result would be to facilitate an export movement of gold and thus go to the re- lief of foreign money markets rather than our own.
 Rates for call loans have declined in New York this week, but rates on time loans have been firmly held at per cent and for some periods a premium. There has been renewal of the demand from the interior, both west and south, to meet harvesting needs. It is not believed that adequate provision is yet made for the remaining needs of foreign money mar kets before the end of the year. The possible necessity of liquidation of securi- ties to meet the situation has a natural effect in halting speculation.
 The bond market has been dull and ir- regular United States bonds were un- changed on call