The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1904-01-07
VIOLENT FALL IN STOCKS
HELPED BY THE WAR SCARE
POOR SHOWING OF STEEL
TRUST THE FACTOR.
Preferred Fairly Holds It's Own,
but Common Has Few Friends
and Makes New Low Record.

New York, Jan. 6.-There was a rather
violent fall in prices of stocks again to-
day unde the joint influence OF a re-
crudesoence Of the wal scare and the poor
quarterly report Of the earnings Of the
United States Steel corporation. The war
scare was the dominating influence late
in the day. not only in the stock market,
but in all the speculative markets. The
grain markets jumped and the cotton
market broke in accordance with the COM
monty accepted view that an outbreak of
war between Russia and Japan would
awaken an active demand for cereals to
be exported from u Pacific Coast ports.
while the interruption Of the Chinese cot
ton trade would affect that staple. What
ever Inconsistencies there may BE- In this
on the speculation activity Of professional
traders who held it.
PACIFTCS ARE WEAK,
The Pacific railroads were also conspic-
uously lacking in any benefit from the
expected increase in the Pacific export
trade in grains, and were. in fact, amongst
the a stocks In the list, scoring
losses Of between two and three points on
the day. A few Of the ~coalers. southern
railroads and specialties came within an
equal range Of losses. but hat range ra-
ther exceeded the average of the days
losses The severest pressure developed
after the London market had ceased trad
ing for thed day. although that market was
a free seller here during Its trading hours
and the action of Russian n British
was accepted as corroboratory of the fears
OF war. Added to these features of in
consistencies in the days movements is
OF actual hostilities was alleged to have
come over the new Pacific cable to San
Francisco from an Asiatic terminus. and
of considerable bear activity in the days
market doings.
1t was worthy Of remark that United
States Steel preferred was not amongst
the weaker stocks. although troubles Of
the steel corporation were supposed to be
the occasion for much Of the days weak
ness; The extreme decline in United States
was h. The stock showed good power of
Resistance to the early general depression
after the first downward plunge.
OPINION IS DIVIDED.
Opinion varied as to whether the buy
Ing Of the stock was for purposes of sup
port or for purpose of accumulation on
the ground that the poor showing in yes
terday's statement represents the low level
Of the depression with prospect of i'm
provement from this time onward. The
and drifted downward to a new low rec
ord at 9M.
Inc recent active speculation continued
In ~Amalgamated Copper. and It made a
temporary show of strength. but yielded
In the last general break. with a sharp
rebound at the last on short covering.
The failure of the easing money market
to attract any outside demand for either
stocks or bonds has had as much effect on
speculative sentiment as the far Eastern
war news, n leaves the holdings Of
buyers of last month, h hoped for a
January rise, in a condition vulnerable to
bear attack. The market closed rather un-
steady at q rally.
Bonds were quite active and easy. Total
sales, par value. $2.115.O0O. United States
bonds were unchanged on call.