Show BANK OF ENGlAND HOLDS ATTENTION Now Nos York Oct Dank Danl of England has commanded the atten tIO of tho whole fInancial world In Inan an au unusual degree during durinS the lust weel eek with Its third successive ad mee ariee In Its discount rate In two weeks doub doubling ng the rate In that i period Ominous Intimations como come I from Crom the EnglIsh money moner center at the same time that additional measures will no ne resorted to If to avert further Inroads on resources Coming In a ot assurances of the ample resoUrces of oC the mone money market the action furnishes of a wide miscalculation of the situ atlon On what may he be the In that miscalculation opInions differ but there arc nrc certaIn of the factors In Inthe inthe the problem which fire are clear One or of those these Is the tho fact or of extensive Amerl AmerI AmerIcan can borrowIngs I LOndon market markot Critics In London allege that an un unbridled bridled speculatIon In the New Nei York stock market Is responsible for tho ho condition cond I Ion Borrowing from foreign money mar leets through the lie summer I is a usual proceeding on the part of New York of oC the amount of New Yorks her bore rowing rosIng this year are currently accepted point to a heavy hean excess over j the customary amount a round ull bil billion lion dollars being the figure most frequently frequent heard The current eBU mate Is questioned question ell IJ by such an author It as Jacob H bend hend of Kuhn Loch Loeu Co was tas exaggerated to the amount of oC these borrowIng and assets also that have hao been much reduced In Inthe Inthe the last few months One principal element clement In the lie inIs calculation of the autumn mone money mar market market ket undoubtedly lies In the thc ab abnormal ormal of the c foreign trade Not only have Imports In Increased increased creased but exports have The Tho discrepancy here shown Is sum cleat clent In Itself to account for much of lie tho scarcity of exchange to provide remittances abroad Another element elemont Is the clela delay In iii the Issuance or of new bonds h by the great corporatIons for which Important foreign subscriptions were expected which would 1 serve to take up part of the maturing foreign Indebtedness of more temporary tempora ry no nit tUre tire The action of the stock market marlet has shown the contest going on against the lie unfavorable of tho ho homoney money situation The brilliant bus busl busness ness outlook encourages the obstinate holdings of stocks even eyen while the narrowing mono money resources reduce the demand rho rapId rise in for foreign eign exchange rates last week plainly however that foreign lenders of mone money here were insIstent upon re of oblIgatIons The ho t of the Interior exchanges meanwhile showed that lint the demand for currency was not justified I |