The Montgomery advertiser., 1904-01-27
WALL STREET REVIEW
OUTSIDE PUBLIC CONSPICUOUS
 BY ITS ABSENCE.
War News Plays . Part in the Re- strtctton of the Days Business.
 Earnings of the Rail roads Analyzed.

NEW YORK. Jan. 2e-roday's stock mar ket mad to absorb considerable volume of psont saking again especially during the early paIt ot the day. This 1t did to very good effect, rut ~" tnere was no eaSerness shown to follow .ne anvance and the market reIapsed into the uuimess which was its characteristic previous 70 the upward movement. The market seemed .o pc waiting for a fresh move by the specuia- uve party which assumed the leadership of the a,,. mse' as the outside public remains conspicu- s ous ny us absence. War news played part sales for London account from that cause were in moderate volume. Returns of rail- road gross earnings for the third week in January. now coming to hand are of mixed complexion. but the average ratio of increase over last year's corresponding period is fairly maintained. The Atchison statement for De- $s4.ooo. the increased operating expenses hay- Ing wiped out the gain in gross earnings, caused an unfavorable impression although of no enect on the Atchison stock itself. The de- crease in net earnings of io6 roads reporting Tor November, which Is an average decrease shown during the calendar year. is accounted for by declines in coaiers and trunk lines earnings the former owing to comparison with the favorable period following the strike set clement last year while the Southwestern group. of which the Atchison is representative. 5.66 per cent. The Financial Chronicle also notes 6 progressive decline in the ratio of in- crease of gross earnings over last year. which per cent. September I2sl per cent, October 5e9 per cent. and for November 4.io per cent. Weekly gross earnings for December and January thus far reporting indicate some im- proveemnt again in the ratio of increase over last year. A compilation of the returns of the New York trust companies to the State Con- troller disposes that the loans of these inst- tutions on Dec. 3l had decreased no less than $i 5,S7e,439 compared with their loans of June 30 preceding. The mystery of the al- most 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. The compilation of conditions of national banks throughout the convention as of January ga, under the call of the Controller. is await ed with interest to indicate how far the re- cent large expansion of New York bank loans has been due to shifting of loans from interior institutions to New York. The New York ex- pansion Is believed to be stin in progress and time money was appreciably hrmer today. the asking rate for six months rising to AZ per cent. The gub-treasury paid out Sl. .500, GOO on account of Japanese gold deposited at San Francisco. Otherwise the gains to the banks on account of sub b-treasury operations are fall- ing of from the recent average me late rise in the market under the leadership of Penn syfvania made the closing at net gains, run ming to point or over in that stock. St. Paul and the Pacihcs.
 Bonds wore less active and steadier after some irregularity. Total sales (par vaiue). S3,- $50, 600. United States bonds were unchanged on the call.
 New York Stock List.