The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-01-19

NEW YORK, Jan. 1S-There was no
change today in the conditions upon
which yesterdays advancing prices We're
predicted The bank statement showed
more than the expected increase in cash
reserves, that item showing an eXpan-
sion of over $9,0G0,000 A loan increase Of
So, 292, 800 helped to swell deposits, SO that
the surplus benefited only to the extent
/ of Sc, 100, 900. The statement, however, was
strong one and the selling movement
with which it was met was obviously
profit taking by professional traders. Yes
terday'S upward movement was contln-
ued to some extent this morning, espe-
cially in the coalerS and some Of the m
dustrials, but the later profit-taking WHIP
ed out all the gains and left several I'M
portant stocks a point or more lower
than last night.
The stock market has felt the cumula-
tive effect this week of various factors,
which were in evidence before, but which
were contested by supporting others in
the market but insiders, or by inspired
publications benCtling the Importance of
these developments. These efforts to con-
test a prevailing tendency were appar-
emily abandoned with the opening of the
week and depression and progressive
neglect have set in.
1t is an important question how far in
vestment of large capital in great prof.
ects outside of the stock market has pro-
ceeded, how far banking resources have
been committed to these projects and
how far difficulties Of realizing on them
eases already disclosed. These consider
atoms have caused an undertone Of con-
ServatiSm and some uneaSineSS in the
/ financial world which the favorable re-
ports of business and trade have not en-
tirely alleViated. The future course OF
railroad earnings is earnestly studied.
Latest reports show satisfactory returns,
but reports are renewed of rate cutting,
in spite of the complaints of lack OF cars
to carry all the business Offering.
The easier money conditions have fan
ed to stimulate speculation. The rush to
retire bank note circulation is a symptom
that the constant expansion of the cir
culation which was a feature or last
years conditions, is not to be repeated
this year. Applications are reported al
ready on file in Washington for the with
drawal of bonds and retirement OF cir
culation UP to the full legal limit for this
month, for February and for part OF
March quota. Foreign money markets
have become abundantly supplied with
the turn of the year, but are not ex-
pected to remain so. The issuance OF a
German and a PruSsian loan this week
is to be supplemented in the near future
by the new British loan and by large
Russian loan at Paris.
The London money market is expected
to reflect the heavy payments Tor taxes
for the quarter from the middle of the
month onward The stock market has
| become dull and sluggish under these m
fuences and the only speculation Of i'm
portance has been in stocks affected by
individuaI cause.
Bond dealers have complained that the
investment demand for SOnds were not
as large as usual for this period OF the
year and the principal activity has been
in speculative or semi-speculative bonds:
United States refunding rs declined Il
per cent below the closing call of last
week.
Stocks.