The Birmingham age-herald., 1910-05-28
STOCK MARKET IS
 QUITE INACTIVE
Trading Is Restricted to Purely
 Professional Hands
FALSE RUMoRs SPREAD
Cotton Is watched By the stock Brokers for Possible Unset-
 clement of Prices

New York, May 27.-The eve of three days holiday in the stock exchange Is never conducive to much activity. The stock market besides has been lapsing into dullness and neglect by a process of uncertain and narrowing fluctuations which are characteristic of the market when in purely professional hands.
 The episode of the first hours activity was due to the circulation of a rumor of the illness of J. Pierpont Morgan which originated in Chicago stock brokerage cir cles. Meantime Mir Morgan Is in Paris and was in cable communication today with business associates in New York
 The circulation of false rumors is held generally to signify activity by a bear party in the speculation. The subtlety of speculation is capable, however of simu- lsting bear activity for the purpose of n- viting supporting orders by interested powers which may thus far facilitate de- sired liquidation. Whatever the real pur- pose of the early operations, they were discontinued soon and the proceedings for the rest of the day were almost devoid of interest.
 The lack of response to the formal an- nouncement of the sale of St. Paul bonds in France to the amount of 250,0o0 francs brought out some profession of disap- pointment.
 The fact need not cause surprise when 1t is considered that this bond transaction has been a constant subject of stock mar ket discussion and of stock market infiu- ence for weeks past The mere fact that news of the transaction was allowed to become public also at it's early stage and its outcome was subject to so many ob- stacles and doubts that it affords broad intimation of the speculative use that it was sought to make capital of the incl dent The speculative effect Of it was found, in fact. to be exhausted and ru- mors of steps being taken looking to further bond sales to the same end and other foreign markets failed to revive the influence of the subject
 The course of the commodity markets is watched closely in the stock market, which is affected to some extent by their unsettlement. The route of the bull party in wheat is expected to have important results if it has served to bring about natural conditions in that market The awakening of export demand will be watched for with interest. The course of the cotton market is equally interest ing to the stock market element. The fact that the Fall River cotton mills will close down all of next week shows the bearing of the cotton market in the gem efa1 situation.
 The slightly firmer tone of the money market this week lends interest to the showing to be made by the bank state ment to be published tomorrow while the stock exchange is in recess. Over mil- lion dollars have gone out to Canada this week and the movement of interior ex- changes has been against New York. Ex- ports of wheat and -four for the week rose 615,977 bushels over last week and 4I1.s35 bushels over the corresponding week last year. This movement throws some light on the downward movement of foreign exchange rates this week
 Bonds were steady. Total sales. par value, s1, 2S5, GOO. United States bonds were unchanged from last weeks prices on call.