The Montgomery advertiser., 1905-11-11
WALL STREET REVIEW
CALL MONEY AGAIN GOES TO 10
 PER CENT.
Estimates for Losses in Cash By the Bank for Week on the Currency Movement Run Over
 SS,OOO,O0O.

Naw York. Nov. 1O.-The rate for call loans went to Is per cent aedin touay and the estimates of the losses m eaSn asr by the banks for the week on ood sne enH eur to rency movement ran from $S.ooo.ooo 70 nearly SIG, ,000. Nevertheless, stocks showed effective resistance to pres
 sure and later in the Ths Say eenSneters eepor of the speculative operations TOT an au- vance seemed to have come 10 con certed determination to Ignore tne stringency in the money market as Ah influence on sentiment and to pay the prevailing rate for day to day loans and hold their stocks In the actlve discussion of the money sltuaeio.l; which went on all day, much was heard of a claim or complaint that the ap parent stringency in the money market was the result of manipulation ana was designed against important specuae oorsnare ative tranquility of other departments of the money markets was pointed .o as corroborative of this view. It was a view that did not receive much coua. tenance in banking circles, or outside of speculative circles about the StocR | Exchange. A decline of $S,00O,O0o | within a week in the cash hoIolngs ot l the banks. with the surplus reserve at | the beginning of that period down to | S2354,275, while speculative borrowing | continued into this week In attempteo
 extension of operations ,aav Tor the aavance are l planation for the necessity on the part of the banks to curtail loans. It is by no means unusual for interest rates TOT l to a per cent rate in the midst of vio- lent furries in the call money market on the Stock Exchange. The precedent
 of IS per cent quoted on call money soa at | the Stock Exchange in December. lSSs, | while per cent ruled Tor time loans
 and for mercantile paper, IS the most
 striking example. It Is this scompara-
 tive tranquility of commercxai ne xnain Int the reluctance of the Secretary oI e the Treasury to take any measures Tor the | relief of the money market so Tar as
 cerned. er The weeks operations of the banks with the sub-treasury alone
 show a loss of $5,127.o00, the variation
 in the estimates of the total casn JOSS
 movement by express to the interior which all the banks agree, however. mas been heavy. The high rate Tor money
 pressure for funds upon New York anc foreign exchange made further vice
 decline today. This was in spite of
 hardening of discounts In Paris ano
 the exchange market against loans
 placed in the money market was the l principal factor in the weakness or ex-
 change. The attractive level of none!
 rates was said to have induced large
 offerings from outside centres and foi
 account of corporations and capital
 ists at different parts of the country The calling of loans on the part of tn' local banks, however, kept up the ratt most of the time above II per cent ' Foreign markets were discouraged again by the Russian troubles as showr , by the fall in Russian bonds.
 There was not further transfer to th' interior through the sub-treasury to day, and this had some good effect or . sentiment It was pointed out in thi connection that the Government in
 stitution thus far in November had al
 ready transferred $3,340,000 to the in terior, compared with a total for tn whole of last November of $4730,00O The activity of the stock market dimin ished a good deal in the late dealings ! but there were only small concession' : from the best prices and the closing was fairly steady.
 Bonds were irregular. Total sales par value, $3,220,00o.
 United States 2's advanced 1-S pc .. cent on call. GEVv vnRW STOCK HIST