The Saint Paul globe., 1904-01-07
STOCKS FALL HEAVILY
WAR SCARE is LATEST DOMINATING
INFLUENCE.
Poor Report on United States steel Earn
Ings Is One Of the Causes of Decline
Severest Pressure Comes After London
- Market Closes.

NEW YORK, Jan. 6.-There was
rather violent fall in the prices of stocks
again today under the joint influence of
recrudeScence Of the war 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 mar.
ket but in all the speculative markets.
The grain markets jumped and the cotton
market broke, in accordance with the
commonly accepted view that an outbreak
of war between Russia and Japan would
awaken an active demand for cereals to
be exported from our Pacific coast ports,
while the interruption of the Chinese cot
ton trade would affect that staple. What
ever Inconsistencies there may be in this
view, they were not of diSSuaSive lnf1u-
ence upon the speculative activity of pro-
fessional traders who held it. The Pacific
railroads were also conSpicuOuSly lacking
. in any benefit from the expected increase
in the Pacific export trade in grains and
were, in fact, amongst the weakest stocks
in the list, scoring losses of between and
8 points on the day. A few of the coalers,
Southern railroads and specialties came
within an equal range of losses, but that
range rather exceeded the average of the
days losses
The severest pressure developed after
the London market had ceased trading
for the day. although that market was
free seller here during its trading hours
and the action of Russian and British
government bonds in London and Paris
Of war Added to these features of in
consistencies in the days movements, the
fact that the late report of the outbreak
of actual hoStflitieS was alleged to have
come over our new Pacific cable to San
Francisco from an Asiatic terminus and
some warrant is found for the suspicion
of considerable bear activity in the days
market doings.
Curious as to Steel.
It was worthy of remark that United
States Steel preferred was not among
the weaker stocks, although troubles of
be the occasion for much of the days
weakness. The extreme decline in United
States Steel preferred was liz and it's net
loss was rs. The stock showed good
power of resistance. to the early general
general depression after the first down
ward plunge. Opinion varied as to wheth-
er the buying of the stock was for the
purpose of support or for purposes of ac-
showing in yesterdays statement rep
resents the low level of the depression
with prospect of Improvement from this
time onwards The common stock was
without many friends and drifted down
ward to new low record at 95s. The re-
cent active speculation continued in Anal
gamated Copper and it made temporary
show of strength, but yielded in the late
general break with 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, and leaves the holdings of buy
ers of last month, who hoped for a Janu-
1ary rise, in condition Vulnerable to bear
attack. The market closed rather un-
steady at a rally.
Bonds were quite active and easy. Total
sales, par value, $2,155,00 United States
bonds were unchanged on call.
Closing List.