The daily morning journal and courier., 1906-10-11
STOCK MARKET FEATURES
UNION PACIFIC WAS THE LEAD
 FER YESTERDAY,

Sold More Than One-Third of All tho
 Shares in First Two Hours---six
 Months Loans Drop Below Per Cent
 nA Expected.-Bank of Germany
 Many favorable Railroad Reports
 Help Market.
 Vhe market yesetrday was generally quet firm with Union Pacific the lead- CT or this there were 168,OO0 shares sold Ill the two opening hours, out of toal dealing of 467,000 shares. Penn sylValia, American Smelling and Am alBanRted experienced some losses at times turing the day, although Smelt- ing Was the only one of the three that reglster'd a net loss for the day, drop ping ] pint. The general list did not respond D the bidding up of Union Pa cifc.
 me market turned strong again in the last haf hour, with Union Pacific, Copper and United States Steel promin- ent,
 Six month oans dropped below per cent. yesterday, as had been anticipat- ca, going down to 3-4 per cent. A few eases where the higher grade collateral was given money came at 1-2 per cent. This is the first time since the third week in August that the rate has been under 6 pec cent. Even the 9-4 rate only prevailtd where industrial se- curltles were offered for collateral.
 The Bank of Germany raised it's dis count rate to 6 per cent, the highest figure for the early Iart of October ever reached except in 1G7O and 1899. It is expected in London that the Bank of England will raise it's rate to-day.
 In connection with the violent rise in Union Pacific between il and 12 o'clock, with some lots of 1000 to 15,OOO shares coming out, the only news that deyel- oped was the publication of the Aug ust earnings. These showed an in- crease in gross of $525,OOO and in net of $327 900.
 The enormous earning capacity of the systems now included in the New York Central lines Is again shown in the September quarterly statement, issued yesterday, The gross increase is about $5,OOO,O0 For nine months on a total of $100000 the increase was Just 10 per cent. Of this $1S6, 1000 was contribut- ed by the New York Central proper, Lake Shore, Michigan Central and Big Four.
 News developments of the day were generally favorable. A number of very satisfactory railroad reports came to hand, showing continued expansion of traffic, Among these were those of JJn- ion Pacific, New York Central, Lake Shore, and Northern Pacific, represent Ing leading systems of the country. Accounts received from the west re- garding the inability of railroads to handle all the traffic which was offer ine, had a good effect. There was a. disposition to pay less attention to poll ties.
 The best advances in the afternoon, eliminating Steel common, were in those stocks that would benefit by large crops. Atchison went above 104 on the high condition of corn, and South ern Pacific sold at new record prices. Pennsylvania, Shelters and some of the specialties reacted fractionally
 Gates & Co. bought 10000 Copper on the way down to 115 IA
 London bought 15,OOO shares on bal ance, purchases being for the new ac- count, and including mostly the Paci- fic issues. Sales were scattering and unimportant. American stocks on the other side before the iocal opening were generally higher, with Pennsylvania the feature. The markets as a whole were unaffected by the advance in the dis count rate of the Imperial Bank of Ger many to per cent, this having been expected.