Fluctuation. An upward and downward movement in price.  The smallest fluctuation (quotable
change in price) permitted on the New York Stock Exchange is 1-8 of I per cent, which is equal to
$12.50 on 100 shares of stock of the par (face) value of $100 each or on $10,000 of bonds.  The
smallest fluctuations in commodities are : Grain 1-8 of i cent a bushel, equal to $6.25 on 5,000
bushels (sometimes there is a "split" quotation of 1-16 of i cent) ; lard, i cent per 100 pounds,
equal to $8.50 on 250 tierces (85,000 pounds) ; pork, 2 1-2 cents per barrel, equal to $6.25 on
250 barrels; short ribs, 2 1-2 cents per 1,000 pounds, equal to $12.50 on 50,000 pounds; cotton, i
point (one-hundredth of a cent) per pound, equal to $5 on 100 bales (50,000 pounds) ; coffee, 5
points per pound, equal to $16.25 on 250 bags (32,500 pounds) ; silver bullion, 1-8 of i cent per
ounce, equal to $1.25 on 1,000 ounces.