The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-03-08
STOCKS A BIT ACTIVE
THEN THEY SINK BACK TO THEIR
WoNTED DULLNESS
Non-Appearance of the Northern securi-
ties Decision Has a Weakening Effect
Upon the Market-Conditions Abroad
Not Encouraging Here.

NEW YORK, March There was a
short-lived squirt of activity in the stock
market this morning and some appear
ance of nervousness, owing to the general
conviction that the supreme court would
hand down its decision today in the
Northern Securities case. This SUPPOSE
ton extended as far as London and at
fected Americans there before our open
ing Apparently the expectation was mod
flied before the supreme court assembled
and the early declines were pretty gen.
orally recovered. When it was definitely
announced that the decision would not
come today the market relapSed into a
degree of stagnation that has not been
equaled here before since the present era
of dullness set in. Northern Securities it
self was forced down nearly points in
the curb market, and then rallied when
the further delay in the case became
known. The further period of waiting and
suspense thus involved disguised operators
of all classes and they refrained almost
entirely from doing anything in the mar
ket.
Foreign markets reflected additional
encouragement on this market. The re-
lief afforded by the successful Paris set
Element gave way to renewed anxiety over
the beginning of the London settlement.
The mining department was hurt by
liquidation from the continent, indicating
the continued uneasiness there. Our own
market was confronted with the define
ment of the lines in the freight rate war,
as embracing the wide problem Of differ
entails as between the Gulf and Atlantic
ports for grain traffic OF Western lines
Atlantic ports for lake grain traffic Of
trunk lines. The contentious Of the vari-
Gus parties have taken on such an air OF
acerbity and have arrayed such power
full influences as to keep alive apprehen-
sions Of the possible contingencies which
may arise.
Railroad Business Light.
The bitterness of the conflict for freight
traffic gives added Importance to the
tone of the freight officials reports or
current traffic, which is Of some diseoIIr-
agement over the lightness of new busi-
ness developing, In spite of progress to-
ward clearing up freight congestion due
to weather obstacles. The policy of con-
tinued heavy borrowings by railroads in
Dictated by the loan expansion in the Sat
urday bank statement, thus comes in for
additional criticism. An outlay Of CAPT.
tai avowedly designed to accommodate
the heavy rate Of demand upon facilities
established by last years business has
it's wisdom called in question by reason
of the undeniable shrinkage in that rate
of business.
1t is taken for granted that the note
issues on which these railroad borrowings
are effected are to be funded ultimately
and the future capacity for absorption
of the securities market, even after some
revival of demand, may set in. is that
far discounted. 1t is argued also that
the comparatively high interest rate ex-
acted by bankers on these railroad notes
is due to the prospect that they may be
asked to accept bonds for their extension
in funded form, with the market value
of the bonds questionable In the last
half hour of the market the short interest
accumulated on the decline of this morn
ing and Saturday covered their contracts
and lifted number of prominent stocks
a point over Saturday. The closing was
irregular, below the best.
Bonds were steady. Total sales, par
Tod Not
were unchanged On call.
NIocIns I Ic%