The daily morning journal and courier., 1906-01-05
STOCK MARKET FEATURES
4 BREAK IN PRICES IN THE LAST
 HOUR.

Banker SchifEs Speech on Money a
 Bearish Factor -Anaconda's Big
 Tumble - LawsOn's Talk -- Interest
 Rates-SeIIing Orders-GOssip.
 The money question still dominated the stock market yesterday. The mark ct opened weak, but some concessions early in the day sent stocks up a little.
 Toward the closing, however, there was a fresh break and stocks closed de- cidedly weak, influenced by Banker Schin's Chamber of Commerce speech.
 Four per cent, stocks and high money rates will not long play well together The only way out of the woods IS for the price of money to ease off.
 Because of MT. Schiff's known con- servatism and his usual disinclination to commit himself about matters of fi- nancial importance, his speech was giv- en unusual consideration. The address was the feature of the day on the stock market.
 / The uneasy feeling was intensified by the rather panicky attitude of the foreign markets and particularly of London. to the latest shadow from the French German cloud.
 The advertisement of the Boston oper- ator, alleging more swindles by Wall street financiers, was used as a basis by the bear clique to depress the copper group, of which the bears were heavily short and stood to lose 8 good deal of money. London sold 10000 shares on balance, and there was quite sharp fall in recently active American stocks.
 The midday running up of stocks looked like an effort by the pools at support with a view to getting better basis to sell on.
 Atchison was strong yesterday, but Anaconda had a big drop, falling 94 1-2 points net The first sale of Anaconda was Il 1-2 points under Wednesday, s closing.
 A question discussed as to how many traders who had been charged with in- terest rates on their accounts during December were getting out, through disgust, There was no way of deter mining this accurately, but it is believ- ed that the number would include from 10 to 20 per cent. on the total.
 Tn most cases the highest interest rates for carrying stocks have been charged by the most active houses, as they had to be, because of the volume of their business, and, having the larg- est borrowers, had to pay the maximum rate in the ope nmarket.
 The passing of the dividend on Rock Island, of New Jersey pf, stock yester- day was without effect on the price of the stock. It had been fully discounted.
 Commission houses had a good many selling orders and where they had buy ing orders they were inclined to reduce the level of the market order. The smash in the coppers with the break in London added to the unsettlement and it required a good deal of substantial support to rally the market in the way that was done.
 Money on call at the stock exchange yesterday opened at 20 per cent, high est 22, lowest 6, closing 6. Most of the days loans were at 15 to 16 per cent.
 One of the largest Chicago merchants, writing to a banker friend in New York this week, said: "We have more busi- ness than we have money to do it with. think money rates will be high from the commercial demand alone until next summer. We are selling securities to get money to supply our legitimate business needs"
 Chicago exchange on New York city yesterday was at 40 cents permium per $1,000, against 15 cents premium We'd nesday and 25 to 30 cents premium a year ago yesterday. Boston exchange was at 15 cents discount, unchanged.
 Large offerings of out of town money, continued supply of foreign funds and an increased disposition among local in- stitutions to put out money contributed yesterday to a decidedly easier condi- tion in the time money market. The great feature was the break in the 60- day rate to per cent. on the offerings of a block of several millions of out of town money.