The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-03-08
STOCKS MOVE NERV0USLY
MARKET SOLD OFF EARLY, BUT RE-
COVERED on SHORT COVERING.
Fear CT Adverse Northern Securities
Decision Caused the Early Loss
Market Closed Irregular.

NEW YORK. March There was short
lived squirt Of activity in the stock market this
morning and some appearance Of nervousness
owing TO the general conviction that the Supreme
Court would hand down its decision to-day in
the Northern Securities case.
This suppostion extended far as London and
affected Americans there before our opening
Apparently the expectation was modified before
the Supreme Court assembled. and the early de-
clines were pretty generally recovered.
When it was definitely announced that the de-
cision would not come to-day the market re-
lapsed into a degree of stagnation that has not
been equaled before since the present era of
dulness set in.
Northern Securities itself sent down early
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 market.
Foreign markets reflected additional dizziness
this market
The relief afforded by the successful Paris set
Element gave way to renewed anxiety over the
ing department was hurt by liquidation from
the continent. indicating the continued uneasi-
Our market was confronted with the de-
finement of our lines in the freght-rate war
between the gulf and Atlantic ports for grain
traffic OF Western lines and between New York
and southern Atlantic ports for lake grain traf-
fc of trunk lines
The contentious of the various parties have
taken on such air of acerbity and have ar
rayed such powerful influences to keep alive
apprehensions of the possible contingencies
which may arise The bitterness of the conflict
for freight traffic gives added importance to the
tone of the freight officials reports of current
traffic, which is of discoura cement over
the lightness of new business developing, in spite
OF progress toward clearing up freight conges-
tion due to weather obstacles.
The policy of continued heavy borrowings by
railroads Indicated by the loan expansion in the
Saturday bank statement thus comes In for adj
ditional criticism. An outlay of capital avow-
eddy designed to accommodate the heavy rate OF
demand upon facilities established by last year 5
business has its 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 eff
fected are to be funded ultimately.
1t is also argued that the high interest rate
exacted by bankers 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 close Irregular
Bonds were steady. Total sales. par value.
sl21O 0OO- United States bonds were unchanged
call.
nd ha