Norwich bulletin. [volume] (Norwich, Conn.) 1895-2011, 1909-05-11
FINANCIAL AND COMMERCIAL.
LESS SPECULATIVE INTEREST
But No Pronounced Reversal in Tone
Until Near Final Dealing.

New York, May 10.-There was con-
siderable falling off in speculative In
terest and activity in the stock mar
ket today. Without any pronounced re-
verSal in the tone. operators were less
| disposed to accept the lead, offered by
the bidding up of special stocks, Prices
reacted more positively On the final
dealings. This hesitation found itS ex-
PLANTATION in the speculative position In
the market ITSELF rather than in any
developments in the news. News de-
vefopnaents were In fact favorable, but
market operators seemed to labor I'M
der an apprehension that good news
had been sufficiently discounted For
instance, the Improvement in the cop
per trade was undenlabIy provided by
ths April statistics OF the Copper Pro-
duoers' ssociations, which were given
out for publications during the stock
exchange session, but the copper in
GusLIiaiS were rather heavier than the
general list. It was, of course, quite
appaI emit that last weeks lively specu-
lat ion n the coppers had been in an
tlcipati5n Of the effect of these figures.
Il viii be recalled that heavy profit
taking sales made themselves apparent
i'll the coppers already on Saturday.
The great growth in subtlety of rea-
soAlng in the general speculative pub
lie which IS one of the features Of
the neriod, has driven the better in
formed inside spectators to advance a
step beyond the old process Of selling
OIL good news TO that of selling in an
ticlLation of good news and on rumors
of good news. The process is facilitat-
eI wheIAIhe preliminary rumors exag-
60 ate the good news, as in the pres
ent instance, for the undeniable i'm
provement shown IN the copper ira de
does nct &C me up to last weeks very
positive assertions that consumption
had, in fact. passed production during
the nrcntli Il April, with the result OF
an drtuai dc crease in the surplus stocks
on hand on May LIST The official state
ment Of today shows a further increase
Of SUI us stocks, although the amount
ie snail less than a million pounds
and much the smallest increase for any
ncnth III long time past. This was
a conn iished In spite Of the sustained
production during April, the daily av-
crdPg production being slightly above
that for March, although the total for
the shorter month is less. Efforts We're
made to correct the bad effect of the
short coming of the statement compar-
cd with the prediction by reports OF
tho vrry esvy sales made since th5
first Of the month and by explanations
C delay in deliveries which had been
expected to figure IN the month by OBJ
hndys tone OF the coppers persisted in
spite cf jrese explanations. The pro-
fe sicLu 81 eculative element has
ar1Wh >, picious that well Informed
inside Interests have been feeding out
ola: &c Of stocks at the recently pre-
aii'Gg leVe.s. " he small vibration in
price, OF former speculative leader :,
while new stocks are being advanced.
is c..cd as evidence of this process GO
ing Cn il the market. This condition
vas .urrected, to some extent, by the
diversion of strength to some of the
granger ra'lr(ad stocks. This move
nenr was based on the improving
changes believed to be resulting frOr
the grain C ops from the favoring
weather. TIE hardening of the money
market IS an influential factor in tenn
pa-inS the ardor with which the mar
kes com - itments in stocks are en-
bdr<ed on. In connection with the
la. dcnlng prospect for money rates,
the had IroTket was narrower toda 7,
although pT.ces did not suffer from the
diminished demand Total sales, par
value. 81 2JS.G00. United States bonds
were urChanG ed on call.