The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-04-05
Ne u York
Stock Market

New York, April 4.--Son1e features
of interest were discernible through
the Intense dullness of the days deal
iugs in stocks, although the net price
changes were inconsequential one
was the extreme thinness of the mar
ket in the periods when there were
any STRINGS OF animation. There had
been some selling BY bear traders IN
the first hour on the chance tilat de.
cision adverse to the American Ioohc-
co Company would be handed down to-
day. The hour OF the converting OF the
court In Washington was chosen for
the covering of these short contracts.
But the point of interest was that Ill
the filling OF these buying orders there
was auctuation from lS5 h-S to
1856 10 on the purchase of 5OO-share
block OF Union Pacific, In several
other stocks in which the market usu-
ally is broad there were variations oil
IL to 81 between sales. The ques-
ton was whether the interest 10 the
market thus disclosed might BIG due in
part to the going into force to-day of
the new reform rules of the Stock EN-
change directed against .manipulative
practices The rule most relied on
for that purpose forbids the ignoring
of orders for l00-share lot units III
executing orders for larger amounts.
A favorite device of the manipulators
was to put IN an order tor large
amount of the stock all or none,
which was effective often in moving
the price without any actual transac-
ton being necessary III was inferred
that the new rule in discouraging such
orders, might be responsible for the
omen spaces bare of orders that were
encountered when prices moved to-
~, dapiSiOn The relapse
OF the market into stagnation after II
became known that no American TO-
bacco decision would come from Wash
ington to-day gave force to the suppo-
sition for other causes for the neg
loct than the suspense awaiting TINS
important judicial decision.
statistics of the Journal of Com
merce 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 reaches the prodigious hgure OF
sss4.7s3.765, par value of which $3.50
oss.7s5 were issued in March. II was
the free takings of these new issues
FOR foreign account. estimated by the
National City Bank at $l50,oOo,oO0 TO
se50,0o0000. which helped to defer the
gold export movement
That the money market is unaffected
by the gold exports movement and by
the low surplus reserve shown by the
bank statement SATURDAY is due to
the languid demand for stock market
purposes. Supplies of commercial pa
per. also. are reported light.
The poor state reports OF winter
wheat conditions were partly offset by
the Weather Bureaus forecast of gen.
eral rains during the coming week.
Bonds were heavy. Total sales, par
value. Sl,964ooo
United states government bonds
were unchanged on call
Total sales of stocks to-day were
ste.50o shares.
New York April Mooney on call
steady: ruling rate 8 per cent, closing
., offered at per cent. Time loans
very dull and steady; sixty days, 3-4
per cent. and ninety days, 4 per cent.
six months, per cent. Prime mercan-
tile paper. l.. to 5 per cent. Sterl-
ing exchange strong, with actual bust
ness in bankers bills at si.si55@
s4s465 for siYty-day bills and at
s4S7S5 for demand. Commercial bills,
s4s4@s4.s4 1-2. Bar silver. 50 L.