The daily morning journal and courier., 1906-03-16
STOCK MARKET FEATURES
GAS STOCKS AND MISSOURI PA-
 CIFIC VERT WEAK.

CIFIC TERK WEAK. Intense DuIIness With Small Business Followed by a Drop in a Few Stocks Mo. P's Earnings Last Year-Chi- cagO Traction Stocks Drop Farther Disquieting RumOrs---CaIl Money Higher--Con Gas Dividend Talk Other Gossip.
 Yesterdays market was conspicuous for dullness and for weakness in the gas stocks, especially Consolidated Gas, and in Missouri Pacific, which tumbled four or five points in the ten minutes before the close. Chicago Traction fell to lower depths yesterday owing to the court decision adverse to it.
 The general share list, however, stood this tension remarkably well and after an opening decline displayed sufficient strength to carry many stocks above Wednesday nights closing, This posi- tion was not entirely maintained throughout.
 The price of money stiffened in the afternoon and the leading money mar kets all over the world showed increas- ing strength.
 Unless stocks are boostedup this fore- noon, and held up, quite break may occur.
 What liquidation in stocks occurred yesterday was chiefly in the gas ard traction issues, and represented to some extent the throwing over of margined accounts Western interests appear to have been rather badly hurt" in Chi rago local traction issues.
 In the New York market call loans touched per cent, and much business was transacted at 5Aa5% per cent, while short-date fixed funds were slightly higher Yesterday about $1s,- 000,000 of dividends became due, which necessitated the calling in of considera- ble funds Wednesday, and this money has not yet been returned to active use on the market.
 In the last hour call money ran up to 9 per cent, but when the rate got back to around 51a the stock market showed slightly firmer tone.
 Fears were entertained that the biz drop and losses in Chicago Traction might cause trouble in the Windy City. Chicago Union Traction shares had their third day of collapse yesterday, the common touching 51s and the pre- ferred IT. With declines since Mon- days high prices of S1a points in the one and S01a points in the othei, it is perhaps natural that stories of finan- cial trouble in Chicago should have found ready circulation, although not confirmed
 Wall street expects that the Consoli- dated Gas dividend will be cut. The stock dropped to 145 yesterday, new low record. Wall street is uncertain whether the dividend will be cut from to or from to 4 per cent. Brooklyn Union Gas fell points and Peoples Gas of Chicago was weak also.
 The character of the trading may be summed up in one word, professional. , Small traders were doing next to noth- ing. A few big board-room operators some of them members of the exchange were working various issues back anC forth, hoping to scalp a profit of E ol 34 point and end the day with larger balances.
 Dividend disbursements yesterday were estimated at S,S46, ,225, of which $14,62500O was paid by the Standard Oi company and $1,6OOOOO by the Consoli- dated Gas company. This Is nearly hall of the total dividend disbursements foi the month of March, which will reach $S8, ,117S73.
 The further break In Consolidated Gas to below 147 before midday was accom-. panied by a corresponding decline 1T Consolidated Gas convertible sizes which ran off ? points, to 145, before noon.
 The conciliatory tone of President Mitchell in his address to the United Mine Workers convention was an i'm. portant element in causing the early afternoon hardening in prices.
 The persons who had given out tips that Consolidated Gas, Cotton Oil anC other stocks would score sharp gains dropped the subject.
 The weakness of Missouri Pacific which fell to 95 at the close, may be ex plained perhaps by the annual repor by MT. Gould, just made, which shows that the combined surplus for the two six months periods of the last calendar year amounts to $3,S72,66S, or $1S,2O7 Ies' than the requirements for a full pel cent. dividend for the year. whicl amounts to $3,S90,S7O.