The daily morning journal and courier., 1903-07-08
YEsTERDAY,s sToCA MARK E1.
Prices Give Way in Last Hour Caused
 by Uncertainty Regsrding U. g. Steel
 Enrntnus.

Enrnings. New York, July 7.-There was more appearance of speculative interest in to-day's stock market. The resistance of the market In the face of dullness seemed to encourage an attempt to put up prices. There was no news to &C., count for the point rise in St. Paul and Missouri Pacific on professional opera tions. 1n spite of this not very strik- ing demonstration the market was only colorless affair up to the last hour and the volume of dealings showed no appreciable improvement over that of yesterday. There was some indication of a speculative contest in the last hour in which neither side gave signs of any great strength. The market had begun to sag off but had stiffened again when heavy stream of United States Steel stocks began to pour upon the market. The common was carried a point under last night, the preferred S-4 and the second mortgage bonds suf- fered to less extent. Nothing was known to the public at the time of the showing for the quarter as to earnings, but the assembling of the directors of the corporation to consider the report caused a strong conviction in the board rom that the tape was giving an accur- ate forecast of its character. The fear that an unfavoraple showing of earn ings was forthcoming discouraged the speculative sentiment and prices gave way throughout. The closing was in consequence dull and easy
 The early firmness was due as much as anything, to the fact that yester- days gold exports failed to bring any selling pressure on the market. The shipment of gold from Australia for San Francisco and the beginning of the inflow of Klondike product conuteract- ed the influence of the outgo to Europe. But the export of gold arouses slight misgivings while the demand for money for immediate use Is so light. It Is considered probable that any rise in the money rate would check the gold outgo. In the present condition, how ever, further shipments would not cause surprise.
 Satisfaction is felt in all departments of the financial world at the letting out of the imitation in the cotton market which went a step further to-day. But it is not expected that the eurtailed demand for cotton will revive in any degree until conditions in that market become more placid. The weekly cot ton report was distinctly favorable ana was so far help to stocks. The news of the corn crop also was highly favor able, but the rise in the price of corn also was highly favorable, but the rise in the price of corn detracted from its influence. The news of the wheat crop was not considered so reassuring. The monthly report of the agricultural de- partment due on Friday is awaited for clearer light on the condition of the cereal crops.
 A break of points in Standard Rope & Irvine 6s was due to fears that the interest would not be paid. This with break of 7-S in United States Cast Iron Pipe and of less amounts in some minor industrials and the weakness of International Mercantile Marine stocks on the curb were unsettling influences on the speculation. Not much atten- tion was paid to the late rise in call loans to per cent, although the out ward movement of gold and a signifi- cant drop in New York exchange at Chicago to 10 cents discount may indi- cate further demands upon New York banking reserves.
 The bond market was irregular. A feature is the sagging tendency of some of the high grade issues. Total sales par value S1,005,000
 United States bonds were all un- changed on the last call.