The daily morning journal and courier., 1906-03-01
STOCK MARKET FEATURES
FIGHT OYER TIGHT MONET CAUSES SEVERE BREAK,

Both Time and Call Money Were High
 er--SpeculatOrs Hurried to Get O
 StOcks-Bears in High Feather-AI
 Exciting Market--GCssip of inc Day
 Wall street at last got perturbed yes terday over the recovery outlook. Both call and time money were higher.
 Time money was firmer for all peri ods, while call money ogt as high as 1-2 per cent.
 There was hurry on the part of spec ulators to clear out stocks and avoid the high rates for carrying them.
 The bears attacked special issues viz orously, and their short selling demol- ished additional stock through the reaching of stop-loss orders.
 Trading yesterday was the heaviest since February 2.
 A loss in cash to the sub-treasury of $5,2l4,OO0 was an aggravating cause of trouble also the limited accommoda- tions for mercantile purposes and the vulnerable position of the pools.
 Great Northern fell 10 points, lead about 10, Illinois Central 4, Anaconda Il 1-2, and so on.
 Those who sold heavily on Tuesday, starting the break, again put out large lines of stocks yesterday. Among them were the Gates clique. It was credited with selling some 10000 shares of Un- lon Pacific and about as much Copper. Ut was also reported to have offered large amounts of the Hill stocks on the way down.
 The extent of the decline in the last month may be given by citing the losses of 42 points in Great Northern. 26 In Northern Pacific, 20 in Shelters 20 in National Lead, 10 in Amalgamated and 20 In St. Paul.
 Metropolitan acted as if met with support yesterday from the promoters of the merger plan.
 Stock brokers were holding customers ito strict account, and requiring large additional margins. Many of them sent out calls Tuesday night and their clerks worked during large part of Tuesday evening strengthening out ac- counts.
 Outside of the money market there was no particularly bearish news. The coal-labor situation was, m fact, thought to be better than for weeks past
 To-day's opening will be watched with interest to see what bargain hunters will do. A large number of overnight orders was calculated upon for this morning
 One reason given for the special &C., tivity in money yesterday was the preparation being made by the banks and other financial institutions to take care of the large March dividend pay ments, which were estimated as exceed ing in the aggregate $3S, S,0OO,0 1000.
 When call money loaned at around midday, there was a rush to secure &C., communications, which soon advanced the rate to 6 1-2, and then to S-4 per cent. Time money was also higher, 5 l-4 per cent, being paid, where only per cent. was bid. Six months loans on all industrials brought 1-2 per cent.
 Yesterdays decline was the largest average drop since the end-of-J January break
 The chief pressure in stocks yester- day was ingthose quarters where there was the largest speculative interest and where most margined accounts were carried. This naturally included Copper, Union Pacific, United States Steel, Brooklyn Rapid Transit, and | some of the manufacturing Issues.
 Liquidation broke out as the result of the severe money tendency, and the | blow to returning confidence which yes- terdays break in the traction and Hill stocks gave.
 The annual meeting of the stockhold- | CTS of the International Silver Co. for election of directors for the ensuing year, will be held at the office of the company, b Exchange place, Jersey City, N. J., on Thursday, March 22, at Il o'clock, a. m. The polls will close at F o'clock, noon, Checks for a dyi- dend of 1 per cent. on the preferred stock will be mailed April 2. The trans fer of books of both preferred and com mon stock were closed at D. m., Feb -uary 21, 1906, and will be re-opened at 10 a. m. April 3. 1906.
 
 JUDGEMENT BY DFFATTTT