The St. Louis Republic., 1904-01-27
STOCK MARKET OBLIGED
TO MEET PROFIT-TAKlNG.
BEARS UP FAIRLY WELL,
BUT SPIRIT IS LACKING.
War News Continues to Have
Share in Restricting Opera
tions-Pool Is Inactive.

! New York, Jan. 2s.-To.day's stock mar
ket had to absorb a considerable volume
OF proht-taking again, especially during
| The early part of the day This 1t did TO
very good effect, but there was no eager
ness shown to follow the advance. and the
market relapsed into the dullness which
was its characteristic previous TO the up
ward movement. The market seemed to
| be waiting for fresh move by the specu-
lative party, which assumed the leadership
| Of the rise. as the outside public remains
| conspicuous by its absence. War news
| played a 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 earn
| ings for the third week in January. now
coming to hand, are of mixed complexion,
but the average ratio Of increase over last
years corresponding period is fairly main
tained. The Atchison statement for Dec
showing decrease in net earnings of s9i
900. the increased operating expenses hav-
Ing wiped out the gain In gross earnings
caused an unfavorable impression. al
though of no effect on the Atchison stock
itself.
SMALLER NET EARNINGS
The decrease in net earnings of 1cs roads
reporting for November, which is the first
average decrease shown during the calen-
dar year. Is accounted for by declines in
coalers and trunk line earnings. the
former owing to compa rison with the ia
vorable period following the strike settle
ment last year, while the Southwestern
group. of which the Atchison is repre-
sentative. increased the net return for
Nov. some SIS per cent. The Financial
Chronicle also notes progressive decline
in the ratio of increase of gross earnings
over last year. which was in July 1s.23 per
cent. August IA 80 per cent. September 4 81
per cent. October $50 per cent, and for
November 40 per cent. Weekly gross
earnings for Dec. and Jan. thus far re-
in the ratio of increase over last year. A
compilation of the returns of the New
York City trust companies to the State
Comptroller discloses that the loans of
these institutions on December 81 had de-
creased no less than $1l5,57 439. compared
with their loans on June 30 preceding.
MYSTERY EXPLAINED.
The mystery of the almost stationary
condition of the loan item of the New
York clearinghouse 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 country.
as of January %. under the call of the
Comptroller. is awaited with interest to
indicate how Car the recent large eXpan-
sion 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
ross and time money was appreciabIv
firmer to-day. the asking rate for six
months rising to AZ per cent. The Sub
japanese geld deposited At San Francisco
Otherwise the gains to the banks on ac-
count OF Subtreasury operations are fall
lEs on from the recent average. The late
rise IN the market, under the Leadership
of Pennsylva1ia. made the closing arm al
ret gains running to point or over in
that STOCK. st. Paul and the Paciflcs
Bonds were less active and steadied aft
err some irreSularity. Total sales. mar
value, S.eO,oS United States bonds were
unchanged on call. Wv