The daily morning journal and courier., 1906-04-06
STOCK MARKET FEATURES
BEARIsH INFL UENCE OF 30 PER
 GENT. MONEY

N@NSANNN
 and Bull TaII--Rumors of Heavy Im-
 portRtion of G01d-L0ans Were
 Called and More Loan Calling Is Ex-
 pected To-day--Con. Gas--GOssip.
 The stock market hesitated yesterday owing to the advance of call money to 15, 20, 20 and finally 30 per cent. The declines were, however, small.
 There was talk that liquidation would have to be the drastic remedy for the tightness of money.
 The bulls, however, pointed to the drop in the Bank of England's mini mum rate of discount to Sla per cent. and the prospect of an early inporta- tion of gold.
 An importation of $3,O0O,OO0 in gold was reported as in immediate prospect. This was sustaining influence in the market.
 The lowest prices of the day in the stock market were made near the close, when money reached it's highest point.
 The reduction in the money rate by the bank of England means that an in creased ease in money is expected, not withstanding the large tlotations of na- tional securities now hanging over the different exchanges of Europe.
 With the heavy drains on the New York money market from San Francis co and New Orleans, and the loss of nearly $4,0OO,0O0 to the United States treasury, 1t looks as if loan contraction will have to occur, If the New York banks are to escape showing defcien. cy tomorrow.
 New York city has recently borrowed $8000,000 from the banks, and some in- stitutions have sold government bonds for the purpose of retiring circulation and deposited legal money in the stib- treasury.
 A feature of the day was the slight selling pressure which existed through out most of the session An active broker said: Tt may be that people will not buy stocks because of high money, but they will not sell much elth- CT. Those who have them seem content to hang on."
 The high rate for call money is not only unusual, but almost unprecedented for April.
 There were persistent rumors of a better outlook for settlement of the coai-rninirtg trouble.
 Colorado Fuel stock dribbled out all day long, and nobody seemed anxious to support it. Most of the offerings came from traders who were disgusted because of the new stock issue.
 It was predicted that should there be a favorable adjustment of both the money and strike matters it would work the beginning of an upward move ment in the market, under the stimulus of which stocks would advance from to 20 points before any noticeable reac- tipn would take place.
 The liquidation in Consolidated Gas seemed to have spent itself for the time being. There were fits of depression yesterday, but each recession was smaller than the previous one. It look ed as If somebody was absorbing this stock, and that the shorts are being gradually driven forward, with pros- pect of an old-time squeeze" before long.
 Bullish tips on Union Pacific and Bal timore and Ohio were distributed before the opening. The Field contingent were active in these stocks.
 Missouri, Kansas and Texas shares, both preferred and common, were firm on the declaration of a first dividend of ? per cent, semi-annually, on the pre- ferred shares. This payment has been a long time coming, from the Wall street standpoint.