The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1904-01-07
WAR SCARE HAD ITS
EFFECT ON STOCKS
All Markets Influenced by East
ern Reports
u. S. STEEL EARNINGS POOH
Action of British and Russian Govern
ment Bonds Was Accepted as
Confederation of the
Fears of War.

New York, January 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 dominating infiu-
ence late in the day, not only In the
stock market, but In all the other mar
kets.
The grain markets jumped, and the
cotton market broke in accordance with
the commonly accepted view that an out
break of war between Russia and japan
would awaken an active demand for cere-
ais to be exported from our Pacific cosat
ports, while the interruption OF the Chi
nese cotton trade would affect that sta
pie Whatever Inconsistencies there may
be in this view they were not Of suf
fcient influence upon the speculative ac-
tivity of professional traders, who held
it. The Pacific railroads were also con-
spicuously lacking In any benefit from
the expected increase in Pacific export
trade in grains, and in fact were amongst
the weakest stocks in the list scoring
losses of between two and three points
in the day. A few of the coalers. South
ern railroads and specialties came within
an equal range of losses but that range
rather exceeded the average of the days
losses.
The London market was free seller
during its trading hours, and the action
of Russian and British government bonds
in London and Paris was accepted as
corroboratory of the fears of war. Ad-
ded to these features of inconsistencies
in the days movements, the fact that
the late report of the outbreak of actual
hostiities was alleged to have been re-
ceived over our new Pacific cable to San
Francisco, some warrant is found for the
suspicion of considerable activity in the
days market doings. 1t was worthy Of
remarkable 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 tho steel corporation were
supposed to be the occasion Of much OF
the days weakness.
The extreme decline in United States
steel preferred was TX. and It's net loss
was rs. The stock showed good power of
resistance to the early general depres-
sion after the first downward plunge.
Opinion varied as to whether the buying
or the stock was for purposes of support
or for purposes of accumulation on the
ground that the poor showing in yester-
days statement represents the low level
of the depression with prospect of i'm
provement from this time onward The
common stock was without many friends
ana drifted downward to a new low record
of 9ss. The recent active speculation con-
tinued, but yield in the late general
break, with sharp rebound at the last
minute on short covering.
The failure of the easing money market
to attract any outside demand for rail-
road stocks or bonds has had as much
effect on speculative effect as the far east
ern war news, and leaves the holdings
of buyers of last month, who hoped for q
January rise, in condition vulnerable to
bear attack. The market closed rather I'M
steady at a rally.
Bonds were quite active and easy. Total
sales par value. s2,115000.
United States bonds were unchanged on
call.