The sun., 1898-01-06
"WEDNESDAY, Jan. 8.

"WEDNESDAY, jan. o.
The speculative interests that sold stocks to.
ward the close Of last year and have since been
endeavoring to depresB prices with tho view of
recovering their lines to advantage have ap-
parently met with some success In their
programme, for to-day their purchases impart-
ed decided strength to tho market. The
improvement in prices. which was nearly gen.
eral, naturally encouraged o moro hopeful sen.
timent. Other circumstances that contributed
to tho Same end were tho payment to tho Coy
ernment Of tho last installment Of Ss,5oO.-
600 on account Of tho Union Pacific
Railroad transaction without disturbing
the money market and tho exceedingly
gratifying railway trafio returns reported
to-day. Tho gross receipts of tho st. Paul
Company for the last week In December wore 30
surprisingly largo that they started covering
movement in the stock of tho company that left
the price nearly point and q half higher than
yesterday. 1t was argued apparently that the
other Granger trunk lines would mako an
equally good showing for December, hcnco tho
buying movement extended to the shares of the
other companies. and thoy. too, scored note
worthy net advances.
Tho temperance in the Street of tho Hon.
Russell Sage. whose absence yesterday on ac-
count of slight indisposition was seized upon
by bearishly inclined operators as basis for OK
aggerated reports regarding his physical con.
dition, was followed by rise of points in Mis-
souri, Pacific and of lie . cent In Manhattan
Railway. 1t is possible. however. that the ad-
vance in the last named was Influenced
to an extent by the determination of tho Mayor
to oust the Rapid Transit Commission and that
the improvement in Missouri Pacific was due in
part to tho excellent showing Of earnings that
tho company has made for some time past and
10 still making. as will be seen by tho returns
for last month printed further on In this
column. Tho increase in the gross earn.
inRs Of tho Missouri Pacific system last
year as compared with tho previous year
is nearly So 600. 900, and it is computed that II
rs y cent. of the increase In gross earnings
should appear In the not earnings tho company
will DO able to show about 2 v cent. upon its
stock. Another interesting calculation made
from the gross earnings of tho Rock ISL
and Company for tho nine months end
ing Dec. 81 indicates that the company
has earned within that period about
6 v cent upon its stock. Both of these compa-
nies would stand botter with their security hold
ers and also help their own credit II they would
conform to the practice of many Of tho other
larger railway companies by issuing monthly
statements of their operating expenses and net
earnings, we'll as OF their gross receipts These
two and the Chicago and Northwestern Com
pany arc about tho only large systems that
have not adopted tho prevailing custom of
making detailed monthly statements.
Among the statements of tho character re-
ferred to made public to-day that attracted at.
tention was that of the Cleveland. Lorain and
Wheeling Railway for October. The largo in.
crease in net as we'll as in gross earnings shows
what q revival of moderate business activity
means to tho roads traversing the middle West.
ern States. which are no longer chiefly
dependent upon the transportation of ag-
ricultural products for their revenue. A
similarly satisfactory showing was recently
made by one of the larger roads in the Same ter
ritory. namely. the PIttsburg, Cincinnati, Chi
cago and St. Louis. AS q long desired improve
ment In the condition of tho soft coal industry.
In which all Of the roads In Ohio. Indiana and
Illinois arc interested has taken place since
the last traffic returns were made up,
it is reasonable to suppose that later returns
will be more favorable than those that have
come to hand. The publication of the Cleveland.
Lorain and Wheeling statement was followed
by dealings in the common stock of the company
for the first time. although IL was listed on tho
Exchange somo months ago.
The heaviest trading was in Brooklyn Rapid
Transit. and that stock also scored the greatest
net advance. namely. ga y cent Tho formal
entering OF the decree dissolving the injunction
restraining the Brooklyn trolley systems from
carrying out their plans for operating
their cars across tho bridge started
rumor that tho opponents of the plan
had been denied q motion for permission
to appeal their case to the Court of Appeals.
The fact remains that tho entering OF tho order
dissolying the injunction enabled the companies
to resume work upon their bridge extension,
and they will probably complete 1t before further
steps to interfere can DO taken. Strong features
OF the market not already noted were Sugar
Refining. Peoples Gas. New York Central. and
American Tobacco. aud among the stocks less
extensively traded n. Jersey Central. Reading