The Birmingham age-herald., 1903-11-24
MARKET BEARS UP UNDER THE SHOCKS Close Quite Firm at Top Level
 of the Day REPUBLIC STEEL TUMBLES Stiffness for Call Money Deterrent Factor, Call Loans Touching 7H
 Per cent-Ronds More
 Active, But Irregular.
REPUBLIC STEEL TUMBLES

New York, November s.-Todays stock market stood up well in the face of a humber Of untoward circumstances and closed quite firm at the top level of the day and on the most active level of the day. Southern Pacific assumed the lea dership of an early advance, which was rather decidedly checked by an outpouring of United States steel preferred, which carried that stock down 10 501s and awakened renewed apprehension of it's further demoralizing effect on the whole stock market. The persistence with which assertions have reappeared that the divi- dend on the common stock is to be sus- pended and that on the preferred is to be reduced has made its impression upon speculative sentiments since the authori- ties in the corporation who have been ap- pealed to for information go no further than to say that the question is one re- mainng for the future to decide.
 The suggestion which found its way to the public today, with the appearance of dividend on the preferred would consort poorly with the corporations privilege to issue $50,000 GOO of second bonds to restore preferred stock seemed to have a more reassuring effect on the spectators and helped in the recovery of the United States steel preferred. The stock closed with a net gain of point.
 The stiffness of the call money market was another deterrent factor toward the rise. Call loans touched 71e per cent. ta 1faI. caused this rise was unmistakable it seemed to be viewed with equanimtiy The premium established for New York exchange at Chicago is taken to point to an early return flow to this center, which the high call rate money would help to induce. Confidence is felt also that any real need for money would draw further gold from London. Saturdays arrivals of gold amounted to 8, 390, 63i, which will therefore be the figures for the full weeks averages in next Saturdays bank state. ment. The demand for money is regafd. ed as nominal for the last week of the month.
 For these reasons the current firmness of the call money market does not seem to disturb sentiment.
 Another factor of possible disturbance was the collapse in Republic steel pre- ,ferred, which lost seven points. There was no sympathetic response to this, out side few of the other iron and steel stocks. Circumstantia1 reports were in circulation of the necessities of the com- pany for additional capital, which, 1t was alleged, would be met by a bond issue, as we'll as by re 1ucing the dividend. of the preferred stock. A considerable sustain ing influence in the market was the strong tone of the local traction stocks, led by Metropolitan securities, with an ex- treme rise of 4ik. The privilege extend- ed to Brooklyn transit to extend it's lines over, the new East River bridge and through a New York street in which Metropolitan street railway tracks already lie was accepted by spectators as con- frmatory of rumors much prevalent late ly of a general merger of New York trac tion companies. "A more cheerful tone on the London market was help to the local market
 The bond market was more active but quite irregular. Total sales, par value s2,- 529,000. United States bonds were un- changed on the last call.