The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-12-01
NET GAINS IN STOCKS
RAILWAY SHARES LED ON ACCOUNT
OF INCREASE IN EARNINGS.
Silver Certificates Touch 60 Cents,
Highest Point Since JuIy-LOcaI
November Trade Good.

At New York yesterday money on call
was easy at 11492 per cent; last loan, IA
per cent; closed, 11aQ2 per cent.
Prime mercantile paper, 3q3R per cent.
Sterling exchange was easy, with actual
business in bankers bills at $4.S5s414S6 for
demand. and at $4.S314S3A for sixty days;
posted rates, s4.S4 and $487; commercial
bills, $4s255@4S224.
Silver certificates, 59ls@6Oc; bar silver,
oe1sc Mexican dollars, 4S14c. At London bar
silver closed steady at z711d an ounce.
Total sales of stocks were 1900 shares,
including: Chicago, Burlington & Quincy
1897; Louisville & Nashville $3.50; Manhat-
tan, 1880; New Jersey Central 3,2O1 Mis-
souri, Pacific. $50; New York Central, $40;
Rock Island, 1915; Denver second pre-
ferred, 3,625; st. Paul, 1852; Peoples Gas,
1885; Sugar, 56,225.
The principal factors in yesterdays stock
market were the statements of the earnings
in October of two of the great railroad sys-
TENS of the COMPREHENSION and
Burlington. Both statements made a re-
markably strong showing but that of Bur-
lington had been discounted by a more ac-
tive speculation and the rumors which have
preceded the publications for some time
past have grossly exaggerated the proper
tons of the increase. AS a consequence
there was some disappointment in specua-
tive circles over the Burlington statement,
and some profit taking, which impaired a
heavy tone to the whole of the granger
group until late in the day. In the final hour
prices Of the group showed in the strength
of the general market, Rock Island leading
with net advance of IA, on reports that
the company's refunding scheme had been
perfected and the sale of the first block Of
new per cent. bonds was concluded. The
October statement of the Pennsylvania Gys-
tenn, with its increase in gross earnings of
100000, and in net of $453 100 was regarded
as strongly favorable and rejecting a
large general Improvement in business. The
stock of the Pennsylvania Railroad rose 25s
under its influence, and all of the trunk
lines showed a marked degree of strength,
New York Central, Lake Shore and Canada
Southern rising from l to points. AL
though the Burlington statement, compared
with very strong month last year, and
with one less business day in the month
than last year, and altogether both the
gross and net earnings fell slightly below
those of September of this year. the falling
off from the record month of September
was small. There was very marked in
crease in the operating expenses both for
amounting to $44O $3.50 in the case of the for
mer and 1921, 600 in the case of the latter,
rejecting the arrearageS of outlay for main
over the country. The Erie and Lehigh VAL
ley also had very favorable statements for
october, but III Doth cases nedVy increases
in operating expenses absorbed a large pro-
portion of the increase in gross earnings.
Speculation in Sugar was again very active
all dayNand the stock rose strongly, closing
2I5c higher than on Monday night The APP
proach of the regular dividend period and
expectation of favorable decision by the
Treasury Department on the question of
countervaiiing duties on imported sugars
were the causes. Northwest and Omaha
show net gains equaling a point. CONSOLE
dated Gas is IL higher on the day. New
Jersey Central gained Ia. Otherwise gains
in active stocks are confined to fractions.
There is a fair sprinkling of small losses
throughout the list. Sales of silver certit-
Gates for the exchange of IL 900 ounces at
from 59Ac to 59Szc were feature of the
day. Bar silver sold in the market at 59Ac,
g price which had not been equaled since
July 3d. Bullion dealers have no other eX-
PLANTATION to offer to the strength of silver
but the existence of active demand and
limited supply
The bond market showed some activity
and strength in high-grade issues, being
very firmly held. Total sales, a.6S5,OOO.
United States old tours, registered, adj
vanced Il bid.
The following table, prepared by L. w.
Louis, Room II, Board of Trade, shows the
range of quotations: ~