The Birmingham age-herald., 1903-11-09
STOCK MARKET HAS FEELING OF RELIEF Pressure on Steel Stocks is Not
 Nearly So Severe EARLY DIP DID NOT HURT Railroad Lis4 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 yesterdays low record immediately after the opeiis oi the stock market today, but it's easy re- covery on dealings, almost as heht as oh the decline, made the drop not very iin nres,ve The relaxation of the recent severe pressure on this stock relieved the market to some extent, and prices were inclined to harden. The railroad hst III 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 htlie breadth or animation. Reports were In .persistent circulation that the United States Steel corporation planned cut Ill all grades of steel products on the pasis of the lower prices for billets' put all attempts to secure official information oh the subject were repelled.
 The bank statement was regarded OH account of the heavy loan contraction disclosed, although the cash decrease was about as large as had been esu- mated. The decrease in deposits reduceo the reserve requirement so Tar 'ha' rather more than half of last week sur plus is conserved. The decrease III ioaiis is attributed in part to the iquidauoh III the stock market, and to the repayments incident to the completion of NoVempeL 1 settlements Some of the borrowlnss ol last week incident to the crisis at o'' Louis are also believed to have been re paid The money and exchange marke's are rather nominal on Saturday put the tone of sterling was reported weak anu demand bills were quoted at ASA nat which is within the margin of profit Tn gold imports. Reports from London show A hardening market for discounts and an increased control of the open money mar ket by the Bank of England
 The attention of the stock market com munity has been largely devoted to the conditions and prospects in the Iron anu steel trade this week. and the reneWea outbreak of heavy liquidation Tn the Tinted States Steel securities has disturb ed the whole market. The course or the money market has been contriputorg cause to the paralysis Of demand TOT se- curities. The interruption of the cleo ton day holiday also had the usual effect of discouraging speculative activity, ex- cept for some professional operations In the New York corporation stocks which were nomnally based upon the political contest in the city. The engagement of million dollars in gold in London Tor 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 cash supplies was thus insured, but tho 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 mo- 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 its 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 opera tions 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 ihterior points caused a resumption of the conservative attitude of bankers and money lenders. which had begun to he somewhat relaxed with the long delay in the crop moving demands for currency
 The lightness of the money market has reduced the demand for bonds and the re- cent average of business in that depart- ment has been considered diminished. Prices have inclined to yield with the fall ing off in demand
 United States 2s declined A per cent be- low the closing call of last week.