The Birmingham age-herald., 1912-05-20
MARKET YIELDS
 ID BEAR ATTACK Reports From Steel Trade Strengthened Conviction
 of Expansion

New York, May 19.-The action of the market for stocks last week made it evl- cent that control had been relaxed by the organization which has stood in sup- port of the stability of prices during the recent speculative campaign The always watchful professional trading element, through it's constant testing operations, demonstrated that protective measures had been withdrawn from the market, leaving it vulnerable to bear attack and to the effect of attempted profit taking Movements of individuals credited with the conduct of the late campaign im- plying coming absence from the financial district were read as confirmation of the belief that their operations had reached a turn. Signs that support had been withdrawn aroused the fears of beated followers of the speculation, who found themselves burdened with holdings and their efforts to carry on the campaign were complicated by their anxiety 10 realize profits. The speculative tone also was affected by the suspicion aroused by the aggressive bidding up of obscure si ocks
 Current suppositlon in the stock mar ket was that a distributio nof holdings at the higher price levels had preceded this cainpaign in the conduct of the market leadership and had supplied the principal motive for that change. II was assumed also that there was involved a reconsid- eration of the earlier disposition to ig- nore the progress of a presidential cam paign and its traditional oppressive lnfiu- ence on business and speculation. The controversial heat developed in the can vass has awakened doubts over tho out come and corresponding hesitation in as- suming conditions to come.
 Reports from the steel trade strength cred the conviction of expansion and im- provement Demands from manufacturers for longer periods for delivery and pre-. miums for earlier deliveries of crude steel were considered promising symptoms. The material fortnightly reduction in the Eu- rorean visible supply of copper with re- ports of large buying by the principal domestic consumers gave an upward im- petus to the price of that metal, the highest on the present move. Parallel advances in silver and white lead spread trese influences all through the metal in- drstry.
 Urgent liquidation in the wheat market was taken to mean that the worst in the crop prospect had been discounted in the speculation It did not escape comment, however, that the impairment of the early hopes Of the wheat crop had been little noticed in the period of advancing prices of stocks Bad weather obstacles to corn and cotton planting and the possibility of reduced acreage fin spring wheat also en- ter Into the estimation of the future.
 The April IS returns of the national banks to the controller of the currency indicate a large transfer of reserves away from the central reserve centers in the two months interval since the last call and a corresponding loan expansion in the same direc Such q movement is in- dlcative of commercial expansion and re- viyal Hardening of the New York money market in the same period Is also thus explained April foreign trade also made q record with value of exports. the largest for the month, and with value of imports an absolute record. The preponderant growth in import values left the export excess for the month the smallest since 1895. with the exceptions of 1909 and 1910. New Yorx's command of foreign banking credits was correspondingly affected by coirps rison Siuggshness in the bond market may be traceabe partly to this showing.