The Birmingham age-herald., 1909-05-11
STOCK MARKET Is
 NOT VERY LIVELY Speculation Is Limited Ard
 Prices Fall a Little MOST NEWS IS BULLISH speculators Are Shy of the Market to a Certain Extent After the Advances Made During the
 Past Week.
MOST NEWS IS BULLlSH

New York, May 10.-There was consid- erable falling off In speculative interest and activity in the stock market today Without any pronounced reversal in the tone, operators were less disposed to accept the lead offered by the bidding up of special stocks. Prices reacted more positively in the final dealings This hesitation found it's explanation in the speculative position in the market itself rather than in ay developments in the news. News developments were, In fact, favorable, but market operators seemed to labor under an apprehension that good news has been sufficiently taken account of by price movements which have al- ready occurred. For instance the inn provement in the copper trade was un- deniably proved by the April statistics of the Copper Producers association, which were given out for publication during the stock exchange session, but the copper industry was rather heavier than the gen. eral list.
 It was, of course, quite apparent that last weeks lively speculation in the cop per had been in anticipation of the effect of these figures. It will be recalled that heavy profit taking sales made themselves apparent in the coppers already on Sat urday The great growth in subtlety or reasoning in the general speculative pub lic which is one of the features of the period, has driven the better informed inside speculators to advance a step be- yond the old process of selling of good news to that of selling in anticipation of good news and on rumors or good news. The process is facilitated when the preliminary rumors exasgerate the good news, as in the present instance for the undeniable improvement shown in the fanf IIn very positive assertions that consump- tion had, in fact. passed production dur ing the month of April.
 The official statement of today shows n further increase of surplus stocks, al though the amunt is small, less than a million pounds, and much the smallest increase for any month for long tune past.
 Efforts were made to correct the bad effect of the shortcoming of the state ment, compared with the prediction by reports of the very heavy sales made since the first of the month, and by ex- plantations of delay in deliveries which had been expected to figure in the month by Instructions to lake shipments. The heavy tone of the coppers persisted, in spite of these explanations.
 The professional speculative element has grown suspicious that well Informed inside interests have been feeding out holdings of stocks at the recently pre- vailing levels. prompted by satisfaction with present prices and distrust of prom ised further advances.
 The small vibration in prices of former speculative leaders while new stocks are being advanced Is cited as evidence of this process going on in the market This condition was corrected to some ex- tent by the diversion of strength to some of the granger railroad stocks. This movement was based on the improving chances believed to be resulting for the grain crops from the favorable weather
 The fresh return from Europe of a cap italist of large influence in them was supposed to be associated with the move ment in the Rock Island stocks and certain industrials.
 Lending rates for fixed periods were