The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-07-05

year since 1888 For the fourth week in
June the earnings reported Friday are in
year in the history of the road ST. Paul's
net gain on the week is - and Burling-
Ton net loss is nearly equal, the former
stock having overtaken and crossed the
latter in price and closing the week at the
same price The statement of both roads
Tor May was also notably good. The re-
turns of most of the railroad companies of
the country continue to show Improvement
IN some <Ises it is the net earnings that
snow gains at the expense of continued re-
trenchment in cost of operation and unim-
proved gross returns. In other cases the
increased gross returns are eaten up b.
added cost Of maintenance and equipment.
rejecting the necessary outlay deferred
during the period or depression and now
made feasible by increased earnings. The
number of properties which have come
through the business depression in such
good condition as to make their gains i'm
mediately available TO the stockholders is
comparatively small.
DECLINE IN STERLING EXCHANGE.
a feature OF the week has been the de-
cline in sterling exchange 10 below the
point where gold exports are profitable,
even with the consideration amounting to
a premium, which is still offered for gold in
Europe. "A special order for $500, 600 in gold
which was received from Europe on Thurs
day found no takers. 1t is the general be-
LEX of exchange and specie export houses
that this marks the termination of the
outgoing gold movement for this year. The
growth of bank clearings in June indicates
an increased activity in business. though it
is to be noted that the increase of banks
outside of New York is, according to the
Financial Chronicle, only l per cent. over
last year. while for New York city the In
crease is per cent, supposed to be largely
due to stock speculation. Deposits ins New
York clearing house banks are several
million in excess of the highest previous
record and currency continues TO move 10
that center, but the weeks expansion IN
loans of these banks is $3,131,2OO greater
than the expansion in the deposits for the
same period. This indicates a step towards
the absorption of the surplus idle funds in
the New York banks, which have glutted
the money market for many months and re-
which last week reached SIS, 4130 900 by the
amount stated Net changes for the week
in the stock market are mostly losses IN
the active shares, but they only reach as
high as a point in few shares. Tobacco is
off 3A, Bay State Gas 3, and Chicago az
Eastern Illinois preferred 212. On the other
preferred 8A, Rio Grande Western com
mon 81, East River Gas preferred D., Chi
cago q Eastern Illinois 6, Brooklyn Tran
sit, Long Island, Pittsburg. Cincinnati Chi
cago 81 ST. Louis preferred and East River
Gas or over, and quite a number OF
stocks, mostly inactive ones, less amount.
The bond market was strong and active
during the week. Operations for foreign
account were less notable. The high prices
erous purchases of low-priced liens. The
aggregate sales were So, 900 The princi-
pal gains are: Toledo, Peoria & Western
firsts and Peoples Gas of Chicago, firsts
4 each Cleveland, Cincinnati, Chicago &
St. Louis consols, Commercial Gable fours
and Brooklyn Transit fives. 312 each Bur
lington, Cedar Rapids & Northern consols,
Chicago & Indiana Coal fivesi Chicago 4
Ohio fives of 1926, Omaha & st. Louis first
trust receipts and Houston & Texas Central
debenture skies, or over; Standard Rope
skies and do incomes lost and Az re-
spectively, and Kanawha 81 Michigan firsts
212.
The following table prepared by L. W.
Louis, Room II, Board of Trade shows the
range OF quotations: