The Montgomery advertiser., 1904-01-07
WALL STREET. REVIEW
VIOLENT FALL IN PRICES or
 STOCKS.
Recrudescencs of the War Scare and the Poor Showing Made by . the United States Steel
 Report the Gauss


 NEW YORK, Jan 6.--There was rather . violent fall in prices of stocks again today under the joint influence of a recrudescence Of the war scare and the poor quarterly report of the earnings of the United states Steel Corporation. The war scare was the douinat- ing influence late in the day not only In the stock market. but in all the speculative mar aets. The grain market m jumped .. and the cot monly accepted view of 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 cotton trade would affect that staple. Whatever Inconsistencies there may be in this view they were not of dissuasfve in fessional traders who held 1t. The Pacific railroads were also conspicuously lacking in and benefit from the expected increase in the fact. amongst the weakest stocks in the list. scoring losses of between q and points m the day. A few of the coalsrs. Southern rail- range of losses; but that range rather exceeded the average of the days losses. The severeat pressure developed after the London market had S esasd trading ing for ,,s the & day; sisho.s that ing hours and the action of Russian and British Government bonds in London and Paris was accepted as corroborstory of the fears of war. Added to thees features Of inconsisten- cies in the days movements. the fact that the late report of the outbreak of actual hosfilI- ties was alleged to have come over our new
 
 terminus and some warrant is found for the suspicion of considerable bear activity in the days market doings. It was worthy of re- not amongst the weaker stocks, although trou- bles of the steel corporation were supposed to be the occasion of much of the day's weakness. The extreme decline in United States Steel perferred was Ix and its net loss was IM. The stock showed good power of resistance to the early general depression after the first downward plunge. Opinion varied as to wheth- arf fha hv vfu of ha fark rram G. ss.sxvx of support or for purposes of accumulation on the ground that the poor showing in yes- terday's statement represents the low level Of from this time onwards. The common stock was without many friends and drifted down. wards to new low record of ox. The re- mated Copper and 1t made temporary show of strength, but yielded in the late general break with a sharp rebound st thA last on short cov- ket to attract any outside demand for railroad stocks or bonds has had as much effect on speculative effect as the war news and leads for a January rise in . condition vulnerable to bear attack. The market closed unsteady at a rally
 Bonds were quite active and easy. Total bonds were uncahnged on call.
 Caldwell, Ward q Co.'S Stock Letter.
 MONTGOMERY. Ala. Jan. e.--Ths stock above the lowest of the day. Traders made the most of the war rumors, the selling being largely of professional nature. Stop orders were caught all the way down and operators stop Q ITS In sight. particularly in steel pre- ferred. Steel common estabilshsd . new low don last week. said to be on the advice of the Morgan interests. All markets were affected relatively by the war influences, none of the markets onntradicting same. In the last few minutes a determined attempt was made to rally the market with Steel preferred and copper. but the rest of the list responded only to moderate extent.
 New York Stock Iist