The Birmingham age-herald., 1904-03-08
STOCKS DISPLAY
 SPURT OE ACTIVITY Securities Decision Was Not
 Handed Down AFFECTS ALL TRADING
Market Relapses Into a Very Unusual Degree of Stagnation Upon Learn ing That Decision Would
 Not Be Reversed.

New York, March 7.-There was short lived spurt of activity in the stock market this morning and some appearance of ner- vousness owing to the general conviction that the supreme court would hand down its decision today in the Northern Secur- ities case. This supposition extended as far as London, and affected all transac- tons at the opening. Apparently the ex- pectation was modified before the supreme court assembled and the early declines were pretty well recovered.
 When 1t was definitely announced that the decision would not come today, the market relapsed into a degree of stagna- ton that has not been equalled before since the present era of dullness set In. Northern Securities itself 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 sus- pense thus involved disgusted 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 rehef afforded by the successful Paris settle ment gave way to renewed anxiety over the beginning of the London settlement' and tie mining department was hurt by liuuidation from the continent, 1ndicat- ing the continued uneasiness there. Our  nnement of the lines in the freight war as embracing the wide prospect of differen- tials as between Gulf and Atlantic ports for grain traffic of western lines and be- tween New York and southern Atlantic ports for late grain traffic of trunk lines
 The contentious of the various parties have taken on such an air Of nrmness and have received such powerful inf1u- ences as to keep alive apprehension, the ofo xvbi 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 some discour- 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 continued heavy borrow lngs by railroads, indicated by the loan expansion in the bank statement thus comes in for additional criticism. An outlay of capital avowedly designed to accommodate the heavy rate of demand upon facilities established by last years business has its wisdom called in ques- ton by reason of the undeniable shrink age in that rate of business. It is taken for granted that the note issues on which these railroad borrowings are effected are to be funded ultimately and the future capacity of or absorption of the securities market even after some revival of de- mand mag set.in, is that far discounted.
 It is argued also that the comparative ly high rate of interest exacted by bank CTS on these railroad notes is due to the prospect that they may be asked to ac- cept 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 morning and Sat urday covered their contracts and lifted 2 number of prominent stocks a point over Saturday. The closing was irregular be- low the best
 Bonds were steady. Total sales, par value, s1.270,0O0. United States bonds were unchanged on call