Show CALL UP TO 15 PER CENT I 1 but stocks first show resistance and then gain aggressive strength ignoring money stringency new york nov 10 the rate for tall went to 13 per cent again today and the estimates of the losses in cash vy the banks for the week on the cur ency movement ran from lo 10 nearly nevertheless stocks showed effective resistance to pressure and later lu the day developed aggressive strength tho conductors 0 the speculative operations tor aa advance seemed to have come to a concerted determination to ignore the stringency in the money market as an influence on sentiment and to pay the prevailing rate for day to day boans and hold their stocks in the active discussion of the money situation which went on all day much was heard ol 01 a claim or a complaint that he apparent stringency in the money tn arliet wa s ot manipulation tend was designed against important speculative pools in speculative stock the comparative tra of other departments of the money markets awas pointed to aa corroborative of this bew it was a view that did not re felic much countenance in banking or outside speculative circles the stock exchange A decline of to within a week titine cash holding of the banks with ahe surplus reserve at the beginning of that period down to while borrowing continued into ahls week in attempted extension of operations tor the advance at some joints seems sufficient explanation for ahe necessity on tb part of the banks lo 10 curtail loans it is by no means unusual for interest rates for a corn purpose to be held down to a faix per cent rate in the midst of violent flurries in tho call money market eft the stock exchange the precedent of per cent quoted on call money at the stock exchange in december 1890 which ruled tor time loans and sor mercantile paper is the most ng example it Is this comparative of commercial interest i ates that Is offered to explain for the relief of the money market so far as ahe purely speculative needs are concerned the weeks operations of the banks with the sub treasury alone ashow a loss of tha high fate tor money is an effective barrier against foreign pressure for funds upon new york and foreign exchange anade a further wide decline today this was in spite of a hardening of discounts in paris and berlin offer tags of bankers bills in the exchange market against loans placed in the money market was the principal factor in the weakness of exchange the attractive level of money rates was said to have induced largo offering from outside centers and for account of corporations po rations and capitalists at different points in the country the calling of bonns on tho part of local banks however hept up the rate most of the time above 11 per cent foreign roar ivits were discouraged again by the russian troubles aa shown by the tall in russian bonds there was no further transfer of currency to the gerior through the sub treasury today and this had some good effect on sent men it was pointed out in chiscon lection that the government institution thus far in november has already transferred to tho interior compared with a total for the whole bof last november of the activity of the stock market diminish ed a good deal in the lato dealings but there were only small concessions irom the best prices and the closing waga fairly steady bonds were irregular total sales par value united states sf advanced 18 1 8 per cent on call |