The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-03-15
DECISION STIRS MARKET
COURTS RULING IN SECURITIES
CASE BRINGS FEvERIsH ACTION.
Preparations Made Will Not Have tn
Be Modified and Change Is
Dull SIT the Close.

NEW YORK, March 1.-THE long expected de-
cision in the Northern Securities case resulted
in feverish and hating stock market to-day
The fluctuations were constant and irregular and
the volume of business much increased over
the recently prevailing daily average.
The action OF the market. however. was not
conclusive in deciding the question whether the
decision of the court had already been dis
counted in the market during the long period
since il has been subject Of discussion and an
influence upon market operations.
The fact that the decision reaffirms a state of
things which had already been established by the
lower court in the case as we'll the closeness
with which it conforms to the expectation held
for some time by the financial community. even
the proportions in which the court divided.
indicate that whatever preparations have been
made for the decision will not have to be mod
ined.
The action of the market seems to show that
there was no great speculative account upon the
decision beyond such small trading as has been
done each week, only to be closed up as soon
as the session of the court revealed further
In to-days market traders of this class had
set about covering their short contracts before
noon, having come TO belief that another post
P9ne ZEN was 70 He mace Inc annSnneem s,,t
prices subsequently rallied to the highest of the
hs evidence of sppor a0Gne orty Security
stock itself on the curb helped to rally the
general market.
SEEK MARKETS TENDENCY.
The subsequent feverish fluctuations seemed
largely due to the tentative efforts of traders
10 find the prevalent tendency Of the market.
The tendency became distinctly down.
ward as the sweeping character of the decision
began to clear from the constantly published
bulletins. All OF news beseged
with extraordinary eagerness, showing the great
degree of interest in the decision not only in
tine financial district but among the lawyers
offices.
The tenor of the comment taken to mean
that the large interests concerned were hot
likely TO take preciptate stock market action
on the strength OF hasty bulletins by telegraph.
The quiet and dullness into which the market
fell late in the DAY after the bulletins had
brought the last of the opinions they were
read, tended to confirm an impression that the
necessary adjustment to the conditions formed
by the decision had been largely made before
its delivery
The days net changes in prices almost
wholly Insignificant in size and the market be-
came practically inactive at the last Other
influences were ignored. These were renewed
pressure upon Metropolitan Street Railway, the
United States Steel Corporations annual report,
and improved tone of speculation In foreign
markets and rather more hopeful tone Of rail-
road traffic officials the outlook for new
business. The snow in the Southwest proved help
full to the grangers in the early market. Bonds
irregular. Total sales, par value, 81 600 CO.,
United States bonds were unchanged on call