The morning journal-courier., 1908-10-03


 Into the dullest of the week Total sales for the first hour were under ll4,OOO saares, compared with ll655O yester- day. But soon after eleven o'clock activity developed in leading Issues, and as against total If l429S shares in the second hour yesterday, today made large showing, the sales being 1lS,OoO At noon business dwindled away again, but the tone held firm. In the last hour there was very sharp rise.
 Rock Island was slow in responding to the news of the provision by Eu- ropean bankers to care for the Frisco notes; but after Union Pacific had set the pace, 1t was advanced violently, apparently at the hands of its own in side" operators Rock Island and Frisco bonds advanced 1 to points under similar auspices,
 London was a seller of about i5,000 states Steel common more freely than anything else, its next biggest sale be- ing Southern Pacific.
 The New York Metal Selling com pany, concern headed hy N, A. Ap- plebaum, and handling about SO,000O 900 pounds of copper year. as nearly as initial dividend of 10 per cent. A few days ago the company increased it's capital stock from s50,0oo to s1O0.OoO
 Judged by present indications today's bank statement should be unfavorable. Loans would naturally have been in- creased pending the "Octoher settle ments," and yesterdays compilations by the banks suggested q ss000, ,000 loss of cash. This loss was not due 10 out flow of currency to the interior which was trfing, but to large acquisitions by the treasury Customs payments at New York were s4,s11 900; two weeks ago they were only s2.5oo.0oo This rise is entirely natural; 1t reflects prepava- ton for the winter season in trade. Even in the extreme business depres- Slr0 bI leNA tlIF FnuHIFA ' import or dutiable merchandise rose from sc2, 400, : GOO in September to s2s, 400 0o0 In Octo- ber,
 Confirmation 1t was reported had been obtained of the report that ns- gotiations are in progress for the sale of the Colorado Southern. New Or Do ,td Dot the pending deal contemplating join, ownership with the St. Louis and San }. San Francisco.
 ConcuIrentlv with tho rise in Union Pacific at midday. the earnings for August of this company and the South ern Pacific were published. They wera astonishinglv good for Union nacihc, but considerably less go for it's suhsldi- ary company The advance In the market was In 2 measure due 10 Union Paclfo's improvement It's gross re. suits for August fell away onlp ss3,- t42, while its net results increased $6st.13s; for two months gross decreas. ed SSl7,352 but net increased si,002.s2s Southern Pacific showed the enormous decrease in gross for August of sl.s22,- 441, but cut expenses so deeply that it showed a net gain of s1n9,07s. Nobody iil railway circles was able to explain the increase in Tnlon Paeif1c's gross which was more mysterious in that tho gross for August. 1901 with which com rarlson Is made, WAS "banner month showing s7s7,o00 gain over 1906 sucr extraordinary results could hardly fa to excite some doubts fin Wall street over the figures, but there was no has. is assigned for this except incrednlity over the possibility Of achieving sucf results under present conditions
 feature of the market which at. tracted unusual attention was great strength displayed by American Car preferred, The stock opened up s-4 ant quickly advanced points more. InAs much as The American Can company i, controlled and very largely owned D, the Reid-Moore interest there was disposition to attach significance to tn, move in the preferred shares of tn, company as indicating tho disposition nf the Reid Moore interest toward th, stock market generally. The strength In Can preferred was very naturall, coupled with the strength In the Rocl lsland-'Frisco issues which has beer shown of late and which was again 1T evidence,
 Yesterday was the anniversary of thu first day in 1907 when the call none, market began to reflect panic condi lions. On October g. call loan rates ad vanced suddenly to 10 per cent. the, had not been above 6 per cent in Sep tenlber or August. The rate of yea ago was the highest reached last Octo Der until Tuesday the 2d, the day 0 the Knickerbocker failure, when it ros to 70 per cent The noxt day, the 2Sd l. went to 100 per cent. and on tn 24th, the day of Stock Exchange de