The Birmingham age-herald., 1903-11-08
STOCK MARKET HAS FEELING 0F RELIEF Pressure on Steel Stocks is Not
 Nearly So Severe EARLY DIP DID NOT HURT Railroad Lis1 Was But Little Affected By the Opening Decline in Steel Pre-
 ferred and Every Recovery
 Caused Easy Recovery.
EARLY DIP DID NOT HURT

New York, November Limited states Steel preferred dipped to yesterday LOW record immediately after the opehis oi the stock market today, but US easy ie- oovery on dealings, almost as fight as on the decline. made the drop not very lm- presive. The relaxation sot the lecsn' severe pressure on this stock reiieVeu tue market to some extent, and prices "eie inclined to harden, The railroau hs' i' fact was but little affected by the open ing dip in steel preferred. The upwaro movement was extremely sluggish ana dull. and the market showed httie breadth or animation. Reports were III persistent circulation that the oniteo States Steel corporation planned cut III all grades of steel products on the oasis of the lower prices for billets, but all attempts to secure official information on the subject were repelled.
 The bank statement was regarded on account of the heavy loan contraction disclosed, although the cash decrease was about as large as had been esu- Gu. oNPSSAN'
 the reserve requirement so far that rather more than half of last weeks sur plus is conserved. The decrease In loans is attributed in part to the liquidation m the stock market, and to the repayments incident to the completion of November settlements. Some of the borrowings of last week incident to the crisis at St' T ale bolipNrad n have been It- paid. The money and exchange markets are rather nominal on Saturday, but the tone of sterling was reported weak ana demand bills were quoted at 4s4 nat which is within the margin of pront III gold imports Reports from London sho" a hardening market for discounts ana an increased control of the open money mai- ket by the Bank of England
 The attention of the stock market com munity has been largely devoted 10 the conditions and prospects in the iron and steel trade this week, and the renewed outbreak of heavy liquidation In the United States Steel securities has dlsturp- ed the whole market. The course or the money market has been contrlputory cause to the paralysis of demand for se- curities. The interruption of the cleo .tion day holiday also had the usual effect of diseouraging speculative activity, ex- cept for some professional operations in the New York corporation stocks which were nominally based upon the political contest in the city. The engagement Of a million dollars in gold in London for ship ment to New York was made the occasion for some buying of stocks on Monday and early on Wednesday after the holiday in- terval, on the assumption that automatic relief from other demands upon New York 41.,.- lAaaf tt,A later weakness of the United States Steel stocks and their overwhelming preponder- ance in the dealings dominated the whole market, and carried prices downward. The heavy liquidation in these stocks was commonly attributed to trade conditions, but suggestions were also heard of mos tives from the financial side for the sell ing. It was current rumor in the street that some of the selling was due to changes in the executive department of the corporation at different times since it's formation. As result, there was a crop of rumors, also of further changes to come in the executive department, and of resulting friction and antagonism. The influence of the continuing operations of the bond conversion syndicate was also subject for consideration. Stocks of inde- pendent iron and steel companies were affected In sympathy, though less acutely than the United States Steel securities.
 The continued heavy outgo of currency to interior points caused resumption of the conservative attitude of bankers and money lenders, which had begun to be somewhat relaxed with the long delay in the crop moving demands for currency.
 The iightness of the money market has reduced the demand for bonds and the re- cent average of business in that depart me1I has hqpn nnnciGarad ,;,,t. Prices have inclined to yield with the fail- ing off in demand
 United States 2s declined h per cent be- low the closing call of last week.