The evening world., 1903-10-21
STOCKS FALL OFF
ON TALK OF WAR
Wall Street Hears London Is
Holding Back 0minous News
on the Russian-Japanese Sit
uation and Traders Weaken.

Stocks weakened toward the close OF
the market to-day and the final prices
showed n downward tendency. while
net losses were evident in several OF the
issues. The general range however. was
irregular with trading dull. Wall street
heard this afternoon that London
houses had inside Information that IA
break wns imminent and that the stu
alton would be more serious tomorrow.
This had Its effect in n measure and
the bears took advantage of 1t, to ham
mer prices. which did not how much
resistance.
Values will tell in the end" was the
remark most generally heard during the
early hours of Grading to-day. London
had sent over lower prices and PittsburS
sent notice OF the failure OF the Federal
National Bank, and 1t was generally be-
lieved before the opening that prices
would decline. But there was only a
slight falling OFF. which lasted but ten
minutes. after which prices began to
climb steadily. The advance continued
until 100 o'clock, when there was a
slight reaction due to the private ad-
NICtS lIuIl pllu tlbt NV
Russian trouble would develope serious
complications tomorrow. This caused
quite a little stock to be thrown upon
the market. The tone became quite a
little easier.
There was some support of the mar
ket at the opening, but there was also
enough public buying to offset the SELL
in1 80 AZ nna ~, SOS 60. Jn.,lnp arsnnnt
London was all at sea over the Ameri-
can situation. That market a the
news OF the bank failure early and sold
o the expectation that there would be
a decline here. When II did not come
the shorts became a little anxious. but
the Japanese-Russlan trouble gave them
some courage and they showed n dis
position to wait before covering.
James r. Keene was undoubtedly in
the market during the day and 1t was
believed that ,he was acting for j. p.
Morgan in the Steel shares and for other
large interests which believe that in view
OF the good crops and the easier tone of
the money market a good advance In
prices was due. I
While there were reports OF a large
short interest in Copper. there were
many who were inclined TO laugh at
these stories. as there was little evidence
OF such an interest in the loan crowd.
Nevertheless Copper was one OF the
strongest stocks on the list.
For the first time In some days Mon
treal was again a large buyer of
Canadian Pacihc.> The rally in Sugar
was a striking feature of the carly
trading. Lower Wall street is bullish
and thinks that the trade outlook Is
excellent. but considers the Cuban reel
.procity matter. the key to the sltua-
lion and the market movement.
Louisville showed quite a little
strength, but there WAS enough stock
for sale In large blocks TO prevent any
Gates & co. sold stock freely during tho
day and gave out quite a few selling or
ders to The So X
The decline h set in about 80
O'Clock continued until stocks had sold
down in some Instances l-2 points
so easy and brought about with such
small offerings of stock that there were
many who believed that there was sons
S iSs s nIsws " 70 tSe am mSpkes or ei betars after Yer
opening tomorrow. Few were inclined
No accept the reported trouble in tho Far
East as the real cause. II Is probable
that profit taking had as much to dc
with the decline as any other cause.
Atchison and Union Pacific for the
greater part OF the day were two OF
advanced OF the report that the diyi-
| dend on the stock would soon be de-
clared. There were few who believed
this report.
United States Steel lost l-S, at Is 7-S,
while the preferred was down 3-S, at
So 7-S. Amalgamated Copper was up l-2
and Sugar Is. New York Central show
ing good support at closing with a gain
OF 7-S, at 11S 3-S.
American Smelling g. Refining closed
OF yesterday. after being up to "A. Thu
| preferred was Ia over. Atchison pref.
and Canadian Pacific each gained Ia.
while Chesapeake q Ohio, st. Paul, On