The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1904-01-27
RELAPSE
INTO DULLNESS
Absorbed Large Volume of
Profit Taking
WAITING FOR FRESH MOVE
War News Played Part.in Restriction
of Business, But Sales for London
Account Were Mod
crate.


New York, January 26.-Todays stock
market had to absorb considerable vol
ume of profit taking again, especially
during the early part of the day. This
it did to very good effect, but there was
no eagerness shown to follow the ad-
vance, and the market relapsed into the
dullness which was so characteristic pre-
yious to the upward movement. The mar
ket seemed to be waiting for a fresh
move by the speculative party which as
sumed the leadership of the rise as the
outside public remains conspicuous by its
absence. War news played part In the
restriction 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 January, now coming to
hand, are of mixed complexion. but the
average ratio of increases over last years
corresponding period is fairly maintain
ed, The Atchison statement for Decem-
ber showing decrease in net earnings
or $4,000 the increased operating ex-
penses having wiped out the gain in gross
earnings, caused an unfavorable impress
son stock itself
The decrease in net earnings of log
roads reporting for November, which is
an average decrease shown during the
calendar year, is accounted for bv de-
clines IN coalers and trunk line earnings.
the former owing to comparison with the
favorable period following the strike set
tiement last year, while the southwest
n zJbi lob,
resentative, increased the net gain for
November some 5.SS per cent.
Ihe FINANCIAL Chmronicle also notes
a progressive decline in the ratio of in
crease OF gross earni : over last wear
which was in July, * % percent. August
l4ss per cent, September 1881 per cent.
octoper s.ss per cent, and for November
40 per cent.
Week gross earnings for December and
January thus far reporting indicate some
Improvement again in the ratio of in
erase over last year. A compilation of the
returns OF the New York Trust comma MICS
TO the state comptroller discloses that the
loans o fthese institutions on December
I'll had decreased no less than s11555o 429
compared with their loans Of June 30 pre-
ceding. The mystery of the almost sta
tonary condition of the loan item of the
New York clearing house banks through
the six months period of drastic LIQUID
alton in the securities market is thus am
ply explained.
The compilation of conditions of nation
al banks throughout the country as OF
January % under the cali Of the comp
roiier is awaited with interest to indicate
how far the recent large expansion of
New York bank loans from interior insti-
tutions to New York. The New York loan
expansion is believed to be still in pro-
gress and time money was appreciably
firmer today. the asking rate for six
months rising to AZ per cent The SUBJ
treasury paid out s1,5O0.O00 on account of
Japanese gold deposited at San Francis
co. Otherwise the gains to the banks on
account of sub-treasury operations are
falling off from the recent average
The later rise in the market under the
leadership of Pennsylvania made the clos
ing at net gains running to a point or
over in that stock, ST. Paul and the Pa
cifc.
Bonds were less active and steadier To
tai sales par value, SO, 65000O
United States bonds were unchanged on
the last call