The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-04-05
STOCK MARKET IS
STILL SLUGGISH
Fluctuations Are Wide, But
Trading Is Limited
NEW RULES IN FORCE
Revised, and Action Against Bucket
Shops and Some Minor Fac-
tors Depress Prices

u New York, April 4.-Some features OF
interest were discernible throughout the
intense dullness of the days dealings in
stocks. although the net price changes
were inconsequential. One was the ex-
IRENE thinness of the market in the
!, periods when there were any STRINGS of
animation. This was strikingly mani
tested in the wide fluctuations at which
orders were executed in the little furry
which succeeded the assembling of the
supreme court had its effect.
There has been some selling by bear
traders in the first hour on the chance
that a decision adverse to the American
Tobacco company would be handed down
today. The hour of the converting of the
court was chosen for the covering of
these short contracts without waiting for
definite knowledge of whether there was
to be a decision or what would be its
tenor.
But the point of interest was that in
the filling of these buying orders there
was a fiuctuation from 1855 to 1864 on
the purchase of a 500-share block of
Union Pacific In several other stocks
In which the market usually is broad
A.ihere were variations of Nc to %c be-
tween sales.
The question was suggested whether the
fluctuations in the market thus disclosed
might be due in part to tho going into
y force today of the new reform rules of
the stock exchange directed against
manipulative practices The rule most
relied for that purpose forbids the
ignoring of orders for 100-share units in
executing orders for larger amounts. A
favorite device of the manipulators was
to put in an order for a large amount of
stock for ''all or none" which was eff
fective often in moving the price without
any actual transaction being necessary.
It was inferred that the new rule in dis
couraging such orders might be respon-
sible for the open spaces bare of orders
that were encountered when prices moved
today with any decisiveness. The wide
field of the federal governments cam
paign against bucketshops which was dis
closed by the arrests of Saturday might
account for another reduction of custo-
mary activities in the market of hitherto
unsupported volume
The relapse of the market into stagna-
tion after it became known that no Amer
lean tobacco decision would come from
Washington today gave force to this sup
position of other causes for the neglect
of the market than the suspense of await
ing this important judicial decision.
Statistics of the journal of Commerce
on the recent output of new securities
threw light on the causes of the present
symptoms of glut in the market. For
the past quarter the total reports give
the prodigous figure of 1864, 733, 765 par
value, of which $3.50 06S, 765 were issued in
March. Last year there were but $685.
g76, $50 issued the whole of the first quar-
ter. and but SIS, 225, 400 for March. 1t was
the free takings of these new issues for
foreign account estimated by the Ma
ton City bank at $150.0S9 $50 to $3.50. 600. 600,
which helped TO defer the gold export
movement. The cessation of this for
eign demand is an element in the growing
resort to short term notes by the cor
porations. The outgo of gold also is
thus explained, the movement continuing
today.
That the money market is unaffected by
the gold export movement and by the
low surplus reserve shown by the Satur-
day bank statement is due to the Ian
guage demand for stock market purposes.
Supplies of commercial paper also re-
ported light The poor state reports of
winter wheat conditions were partly or
set by the weather bureaus forecast of
general rains during the coming week.
Bonds were heavy. Total sales, par
value, 81, $4,000.
United States bonds were unchanged on
A call.