The Birmingham age-herald., 1904-01-08
MORE SOBER VIEW IN STOCK MARKET Far Eastern Crisis Causes Mod-
 crate Recovery WAR NEWS WAS A FACTOR Standard Stocks Moved Narrowly and Did Not Maintain Their Posi-
 tions-U. s. Steel
 Was Firm.

New York. January 7.-roday's stock market reflected a more sober view of the conditions growing out of the war crisis in the far east. The result was a moderate recovery from the fall of yes- terday, and it's accompanying war news by way of Philadelphia and San Fran cisco. War news continued something of a factor in all the speculative markets. and wheat rose, and cotton fell in re- sponse. London already had scored some recovery from its early decline before trading began in New York.
 The days market here was sluggish and listless The standard stocks moved very narrowly and did not maintain the positions. refiecting the shifting oper- ations of professional traders seeking merely to follow prices. There were wider movements in a collection of minor stocks, principally among the railroads, but embracing some of the low priced in dustrials as well.
 United States steel preferred was firm throughout the day until the closing deal ings, when its gain which had reached seven-eights melted away in common with a reaction in the whole list The buying of United States steel, preferred, was attributed to thanking interests as- sociated with the corporation and was believed to be for the purpose of sup port. News of the day from the trade offered no explanation of the f1rmness of the stock the leading trade authority re- porting waiting attitude on the part of buyers of finished products in the confi- dence that they could cover their re- quirements at ease.
 Something was made of the argument that the selling of the steel stocks already had discounted the condition of greatest depression and that economies from wage reductions are to be felt for the first time. The advances in specialties were without explanation beyond reiteration of former rumors of the destined purchase of con trol of Chicago and Alton, and its share in a combination of minor railroads.
 Amalgamated Copper showed temporary firmness in face of the heaviness of the general market, and then weakened de- cidedly, presumably on account of the reports of a judicial holding a minor point in one of the company's numerous litigations. The stock scored loss for all kinds of loans, time funds being of- fered in abundance at AZ per cent, ex- cept where large proportions of industrial
 
 This removed any obstruction to the advance in sterling exchange, while the advance in discount rates in London helped to life sterling. The Banks ef Eng land and France exhibited the large re- payments of loans usual after the turn of the year, and the English institution gained in gold on the return from domes- tic channels The Bank of France, how ever, showed @ loss of $2. 100000 in gold all ha J,1a fI,a aH vance in the sterling rate in Paris, which occurred yesterday in face of the war scare. One of the unsettling influences of an outbreak of hostilities which has been most feared was large withdrawals of French capital now invested in London discounts to take care of French hold ings of Russians. The market closed rather easy with reactions.
 Bonds were dull and irregular. Total sales, par value, $1,S5O,000.
 United States bonds were unchanged on call.