The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-02-01

to notice, however. was that there was no
revival Of activity in the market and 1t
fell back promptly into its narrow swing
from day to day. Meantime the undertone
road earnings has received interested at
tention during the week. owing to the num-
Der of important systems which made re-
turns of their net earnings for December.
The December return was looked for with
special interest owing to the fact that
some Of the Increases In freight rates wsr
dency for growth in operating expenses to
overtake increase in gross earnings.
DECEMBER RETURNS.
With the sole exception of the c~oalers the
December returns show the decreasing
All branches of the railroad world and all
sections of the country figure in the show
ing. In the case Of the %coalers, on the other
Jersey Central and the Erie show the most
prosperous conditions in the history. of the
trade, as a result of the large shortage
supply to market. The dominant feature
in the whole railroad situation seems to be
the striking inadsquacy of raj road facili-
ties 10 accommodate the traffic offering.
Car scarcity is a cry heard from many
quarters. which is soon followed by COM
plants of lack of engine power to clear the
yarus. Freight blockades are the order of
the Jay and serious embarrassment is
caused by nondelivery of some forms OF
raw materials. This is particularly true Of
the iron and steel trade and the grain
movement has fallen off in a marked degree
for lack of railroad equipment. That such
a condition of affairs should exist after the
extraordinary OUTLAWS of the last few years
70, new and more effective equipment by
the railroads is conclusive evidence of the
ficod-tide to which business has attained.
Manufacturers are importing materials be-
cause they cannot secure deliveries of do
nestle product. Railroads are turning
away business. but are not earning as much
for shareholders az fhav upFa last wear.
because of the high prices of material and
labor.
LABOR TROUBLES.
Some uneasiness was caused in the latter
indicating that The Union Pacific labor sit
uation had become more acute. Fears were
expressed that their trouble might spread
to other roads. The obstruction felt by
the grain movement has had some effect
upon the export business and the prices at
tanned. evidently had a discouragins
heavy liquidation of long wheat DURING
the week was a cause of special satisfac-
ton for this reason. as the balance main
tanned in the exchange market is felt to be
largely dependent upon the free movement
of the ports. OF especial movements In
the stock market this week. that in Anal,
seemed to be based on confidence in the
improvement in the trade. The Fries con
tinued to absorb a large share of atten.
bearing on the future Of the road. The
| general market showed itself sensitive or
the course of Rock island, st. Paul am
Pennsylvania, owing to the character of thu
commitments In thsse socks and the indi,
! cations from time to time of influential
| selling of the shares Money, both timt
and on call, was easier, literal offerings by
the banks creating a supply in excess Of
the demand.
Dealings in bonds were far below the
level of this week last year. and the tont
OF the market was heavy at times. United
| States IS coupon advance u per cent a.
| compared with the closing call of last
| week.