The Indianapolis journal., 1904-01-07
STOCKS DECLINE AGAIN
NEWS ABOUT RUSSIA AND JAPAN
MAIN CAUSE OF THE BREAK.
United States steel Common stock
Makes New Low Record, o-s-Pre-
ferred withstOOd Pressure.

NEW YORK. Jan 6-There was a rather vio-
lent fall in prices Of stocks again to-day under
the joint influence Of ominous news from
the far East and the poor quarterly report Of
the earnings of the United States Steel Cor
poration.
The 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,
I'm accordance with the commonly accepted view
that outbreak Of between Russia and
Japan would awaken an active demand for
cereals TO be exported from our Pacinc coast
ports. while the interruption of the Chinese
cotton trade would affect that staple.
Whatever Inconsistencies there may be in this
view. they were not Of dissuasive influence upon
the speculative activity Of professional traders
who held II. The Pacific railroads were also
expected Increase in the Paciac export trade in
grains grains and We're In fact among the weakest
and points. few Of the coalers. Southern
railroads and specialties come within effectual
range Of losses, but that range rather exceeded
the averages OF the days losses
SEVERE LOSSES AFTER LONDON CLOSE.
The severest losses developed after the London
market had ceased trading for the day. al
though that market a free seller here during
its trading hours. and the action of Russian
and British government bonds in London and
Paris was accepted corrobstory Of the fears
Of Added to these features Of inconsistent
cies in the days movements the fact that
the late reports OF the outbreak OF actual hos
tilities was alleged TO have come over new
Pacific cable 10 San Francisco from an Asatic
terminus. and some warrant is found for the
suspicion OF considerable bear activity in the
day market doings.
1t was worthy OF remark that United States
Steel preferred was not among the weaker
stocks although troubles of the Steel Corpora
ton were supposed TO be the occasion for much
OF the days weakness. The extreme decline in
United states Steel preferred 17s and its
net loss was Ia points. The stock showed good
power OF resistance to the early general de-
preston after the first downward plunge
Opinion varied as TO whether the buying of the
stock was for purposes of support for pur-
poses OF accumulation on the ground that the
sents the low level of the depression, with pros
pect of Improvement from this time onwards
The common stock without many friends
and drifted downwards to a new low record, at
9Ss.
The recent active speculation continued in
Amalgamated Copper and IL made temporary
snow OF strength, but yielded in the late general
break, with a sharp rebound at the last on
short covering.
The failure of the easing money market to at
tract any outside demand for either stocks or
bonds has had much effect on speculative
sentiment as the far Eastern war news and
leaves the holdings of buyers OF last month who
hoped Tor a temporary rise in condition vulnera-
Die TO bear attack. The market closed rather
unsteady at the rally.
Bonds were active and easy Total sales par
value, S2'll5,O00 United States bonds were un-
changed call.
sales and the range: