The daily morning journal and courier., 1906-02-22
STOCK MARKET FEATURES
(continued from Seventh Page.)

Continued from Seventh Page) Steel common % and Baltimore and Ohio 5s. The market then rallied a trifle and remained quiet until after noon, when it sold off again.
 Reading sales took up about quar- ter of the dealings yesterday.
 It was apparent that the Moroccan situation is receiving more attention among banking interests, and for this reason they appeared less willing to make commitments in stocks.
 Wall street, despite the reported re-. mark of John Mitchell yesterday, ap- pears confident that the conference of miners and operators tomorrow will show that coal strike is improbable.
 The market is two-sided, with con- test on between bulls and bears as to which shall get control.
 Steel preferred made a spectacular rise at the close and closed at its high est of the day.
 During most of the day the call rate was 4 to per cent, with A to 4s the prevailing quotation for most loans. OllS OdllhSI was QuOlOo elo DoJ HIS bllctL if leading institution had not prompt ly sent in funds the rate might have gone to IS instead of 8. Various finan- cial operations had to be handled Tues day, and they may have contributed to the rise in the rate.
 One report is that the Standard Oil and New York city bank interests are bullish, while the First National bank party are bearish until they get their stocks bank.
 The fact that all the railroads have made abundant preparations for a strike reassured many who declined to become alarmed by the sensational features of yesterdays announcement.
 St. Paul declared it's regular dividend of S12 per cent. yesterday.
 The financial situation will be formal when money rates go back to the usual figures O. this time of year, and not be- fore.
 London houses bought about 25,00O shares on balance. Although American stocks wee mostly all lov4r abroad the tendency was to pick them up at the concessions. The most unfavorable aspect of the foreign market was the decline of 3-16 in consols. This was a reflection of the Moroccan situation.
 Western houses did the greater part of the selling. It is thought they have tip that winter wheat is damaged.
 The prosperity of the iron and steel trade was shown in the annual report of the Pressed Steel Car company Against a deficit in 1904 of $707, Ill there were net profits at the end of 1905 of $1,106,901. The surplus for the year was $5o,901, compared with a deficit of over $2,000,O0O. The passing of the dividend on the common helped matters. There is no hope held out, however, in the re. port of their being resumed in some time. The company's business in l9Ol was conducted at loss of $707 Ill, ac' cording to the report. During the pas year $S75,000 was paid out in dividends on the preferred stock and S375,OOO if dividends on the common stock. N dividends were paid on the sonmor stock in 1904. After paying all charges and dividends the report shows sur plus for the year of $56,9O1 against 2 deficit of $2,oS7111 in 1904. The com !, pany's total surplus. according to tho report, is $2,5SS.775. The company's gross sales in 1905 were $19,557S27 against $4,49S269 the previous year Sixty per cent. of the 1905 sales were made in the last five months of thu year.
 THE LEAD MERGER.
 New York, Feb 2t.-Although officia announcement of the terms will not bt made for several days, it is understood , that the merger of the United Leat company with the National Lead com. ] pany practically has become operative The earnings of the United Lead com pany from December last, 1t is learn ed, will go to the National Lead com pany, the deal being considered effected as of that date. It is believed that thu two concerns will conduct business un der separate organizations for som time.