The daily morning journal and courier., 1906-03-03
STOCK MARKET FEATURES
SLIGHT GAIN IN MORNING FOL-
 LOWED BY WEAKNESS.

the Money Market-WiII Deposit $1O,-
 100000 in Banks-Bnl to Cut the
 Stock Tax in Half--Gossip.
 Without any unfavorable news to speak of, and with money, both time and call little easier, the market. after opening well, grew weak and con- tinued so until near the close, when prices hardened little. Union Pacific and Northern Pacific led the advance at the close.
 An early break in Consolidated Gas to 152, new low record, and later decline in Amalgamated Copper below 1O5, the lowest price since the copper war settlement, were prominent de- pressing influences at different inter Vals.
 A little relief for the money market is announced in our telegraphic columns this morning. Secretary Shaw is to de- posit $1O,0O0000 in the banks. This will help both Wall street and business cir cles.
 Estimes as to the amount of the loss If cash by the banks yesterday after noon varied from &100,000 to $5,S00,O 900, but, in any case, all this loss was not expected to appear in to-day's bank ' statement.
 Some fine railroad earnings were re- ported. The January exhibit of the Pennsylvania was in every respect a. remarkable one. The eastern lines made the phenomenal gain in gross earnings of $2, 739,40O, of which $1,43S,S0O was saved to the net. The showing of the western lines was also very favor able, gross increasing $987,200 and net $492, 300. The Rock Island, which has heretofore been doing rather poorly, showed a marked recuperation in Jan uary. The Rock Island proper increas- ed $705,S gross and $550,64S net, while the whole system increased $1,29S, ,955 gross and $9O1,958 net.
 The exhibits by these two typical roads shows the great prosperity exist ing east and west.
 Butte dispatches said that all the suits brought by Heinze against the Ainalgamated and by the Amalgamat- ed against Heinze were to be dismissed yesterday. "On the good news sell'' was apparently the keynote of the de- cline in Analgamated.
 London traded in 15,000 shares in this market, selling few on balance. The operations were scattering and without significance.
 Old-time Wall street brokers have been noting lately that much real stock has been appearing in the mar ket, shares of very gilt-edged sort having been coming out of the boxes. !" Inquiries made on the subject have in- dicated that the so-called socialistic propaganda now so pronounced in the legislative bodies of the country has had a great deal to do with causing this selling.
 Some assert that there is very large short account in Consolidated Gas; oth- CTS that there is next to none, as shown by the small demand for it in the loan crowd.
 The renewed liquidation in Consoli- dated Gas checked the better feeling at the opening. Talk was renewed that with so cent gas the dividend would be cut to 6 per cent
 Local traction stocks on the exchange were fairly steady, while the new is- sues on the curb were heavy There is apparently an effort to induce the shareholders of the older companies to come in.
 January and February earnings of the United States Steel corporation are reported to have been between S22500,- 900 and $23, 3,500,000. February agregat- ing more than $11 ,000,000. March earn ings are counted upon to bring the total for the first quarter of the year up to the estimated $36,000,OO 900.
 Tie stationary position of foreign ex- change and time money yesterday indi- cated that the shifting loans to Europe had temporarily halted.
 In Albany yesterday a measure re- ducing the stock transfer tax from S2 to $1 per hundred shares and introduced by Assemblyman Prentice, rep, New York. In explaining his measure Mir. Prentice said; "The stock tax has been raising twice as much money as was expected. WGlen the bill was being con- sldered last yedr it was estimated that it would produce three or four millions of dollars. For the eight months end ing January S1, the tax amounted to S4,1S2, ,OO0 At this rate f. will amount for the first year to $6,19S,OOO, or about one quarter of all the state taxes, which vas an unjust proportion to raise from one business"
 The selling of Consolidated Gas led to a belief that some shifting from the stock to the bonds was going on, be- cause of t;ie relative cheapness of the bonds.