The Birmingham age-herald., 1910-04-08
EXTREME DULLNESS
 IN STOCK MARKET Number of Shares Dealt in Is
 Very Small
BROKERS ARE WAITING
Little or No Incentive to Trade Is shown in the Market News and Prices Fail to Make Any
 Material Advance

NeW OTh, ApTll i.-it noN'V cult to extract broadly signiheant con clusions from the meager happenings III the stock market Absolute dullness is The only term to describe the stock mar ket at times today. From 1 to o'clock only 5000 shares were dealt in. There were numerous intervals of five minutes or upwards when not single transaction was made on the floor of the stock ex- change. The waiting attitude of the speculation Is pronounced Opinions vary as to what is awaited. Besides the vari- ous repressive factors, which it is felt must be cleared up before market com mitments are entered upon, there Is de- sire to see positive developments outlin- ing the future course of affairs. Of the oppressive factors the shadow of pos sible supreme court decision in the Amer lean tobacco ease looms into the prospect with each approach of Monday and the decision of the court
 The London speculation in rubber shares is contemplated with a common eonvic- ton that a collapse must ultimately re- suit Reports today that the excitement in the shares is spreading to the Paris market added to the interest of the suh- dect. The weakness of the return of the Bank of England, with a reserve propor- tion diminished to less than 40 per cent, explains the urgent demand from London for gold to replenish the reserve posi- ton. Further shipments from there to- day to South America and the securing of South African gold to arrive for India show the forces of depletion ofsthe bank reserves still at work, The conviction is thus strengthened that further large ship ments will be made from New York to London next week. The call loan market today showed the further influence of this situation, with minimum rate of per cent and rise of per cent in the course of the day A hardening tone in the time money market is becoming perceptible as well.
 A share in repressng activity in stocks must be accorded to the announcement of the closing of the Borough Bank of Brooklyn, which, like the Union bank, which preceded it in suspension, was re- organized after the panic of 1907, without having been able to work off the burdens which it inherited from that period. All towance was made. however, for the important part played by local realty holdings in both conditions.
 Tomorrow's government report of grain crop condition is awaited with keen in- terest. A new compromise that would Insure liquidation in the grain markets and bring down the price to attract an export demand would have an important effect in replenishing banking credits and In shifting the tide of the foreign trade movement, now running heavily adverse to the exchanges of this country. To- rays immediate advices were of favor- able weather conditions for the winter wheat.
 Expectation that the March statistics of the copper producers association may prove unfavorable had g depressing inT nuenee on the copper industrials. Pre- aictions of an increase In the United States Steel dividend presisted, but were partly neutralized by the tone of reserve in the reviews by the steel trade organs The threat of a strike on the Delaware, .Lackawanna and Western tevived con alteration of the wide prevalence of labor disputes Western Union was depressed specifically by the official announcement of a policy of restriction of dividend dis bursements for a policy of reinvestment - of earnings in improvements.
 Bonds were irregular. Total sales, par value, $1,s25,00O. United States bonds unchanged on call.