iCal Events snap to top of days in Month view?

When I enter an "Event" in to a calander in the "Month" view, it always "snaps" to the top of the day's box, irrespective of the *time* of the event. I can drag it, to another position in the day's box, but it always snaps back to the top? i.e., if I want to enter a "10:00pm" event on a day, I want that event to be placed near the bottom of the day's box..not the top. Is there a way to do this?