The Saint Paul globe., 1904-01-27
DULLNESS IN STOCKS
CONSIDERABLE VOLUME OF PROFIT.
TAKING is ABSORBED
No Eaeerness Is Shown to Follow the Ad-
vance and the Market ReIapses to Its
Former Tameness-lncrease of Railroad
Earnings Is Maintained.

NEW YORK, Jan. 26.-Today's stock
market had to absorb a considerable vol
ume of prof1t-taking again, especially dur
Ing the early part of the day. This 1t
did to very good effect, but there was no
eagerness shown to follow the advance
and the market relapsed into the dullnesS
which was its characteristic previous to
the upward movement The market
seemed to be waiting for a fresh move
by the speculative party, which assumed
the leadership of the rise, as the outside
public remains conspicuous by It's absence.
War news played q part in the restric-
ton of the days business, but the sales
for London account from that cause were
in moderate volume. Returns of railroad
gross earnings for the third week In jan
uary, now coming to hand, are of mixed
complexion, but the average ratio Of in
crease over last years corresponding per-
iod Is fairly maintained.
The AtchiSon statement for December.
showing decrease in net earnings OF
$940 the increased operating expenses
having wiped out the gain in gross earn
ings, caused an unfavorable impression,
stock itself. The decrease in net earn
ings of 1O6 roads reporting for November,
which Is the first average decrease shown
during the. calendar year. is accounted
for by declines in coalerS and trunk line
earnings, the former owing to comparison
with the favorable period following the
strike settlement last year, while the
Southwestern group, of which the Atchf-
return for November some 5.S8 per cent.
The Financial Chronicle also notes a pro-
greSSive decline in the ratio of increase of
gross earnings over last, wrich was in
July, 1928 per cent; August, 14.99 per
cent; September 1921 per cent; October,
S-S9 per cent, and for November, 4.10 per
cent.
Decrease in Loans.
Weekly gross earnings for December and
January thus far reporting indicate some
Improvement again in the ratio of in
crease over last year. A compilation of
the returns of the New York City Trust
companies to the state comptroller discoses
that the loans of these institutions on
Dec: 81 had decreased no less than $115,-
519,439 compared with their loans on June
80 preceding. The mystery of the almost
stationary condition of the loan item of
the New York clearing house banks
through the six months period of drastic
liquidation in the securities market is thus
amply explained.
tional banks throughout the country as
of January %, under the call of the comp
troller. Is admitted with interest to indi-
cate how far the recent large expansion
OF New York bank loans has been due
to shifting Of loans from interior institu-
tions to New York. The New York loan
expansion is believed to be still in prog
ress, and time money was apprecia bIy
firmer today, the asking rate for six
months rising to AZ per cent The sub
treasury paid out $1,000, 900 on account of
Japanese gold deposited at San Fran
cisco. Otherwise the gains to the banks
on account of subtreasury operations are
falling off from the recent average. The
late rise in the market under the leader
ship of Pennsylvania made the closing
firm at net gains running to a point or
over in that stock, ST. Paul and the Pa
cific
Bonds were less active and steadied
after some irregularity. Total sales, par
value, $3.50, 900. United States bonds
were unchanged on call.
Closing List.