The Birmingham age-herald., 1904-03-15
DECISION VAS THE
 BIGGEST FACTOR. Causes Feverish and HaItlng
 Tone in Stocks VOLUME MUCH LARGER
Market, However, Conforms Very Closely to Former Expectations and Even the Proportion of
 Court Causes No Change.

New York. March 14-The long expect ed decision of the Northern Securhltles case resulted in feverish and halting stock market today. The fluctuations were constant and irregular and the voi- ume of business was much increased over the recently prevailing low ebb markets. The action of the market. however. was not conclusive in deciding the question whether the decision of the court had al- ready been discounted in the market dur Ing the long period since it has been sup ject of discussion, and an influence upon market operations.
 fThe fact that the decision reafhrms state of things which had already been es- tablished by the lower court In the case' as well as the clearness with wnicn H conforms to the expectation held Tor some time by the financial community, even to the proportions in which the court divioeo indicated that whatev.s preparations nave been madesfor the decision will not have fo be modified The action of the market seems to show that there was no great speculative account open on the decision beyond such small trading as has been done each week, only to be closed up as soon as the session or the couie ioNeetSo a further postponement.
 In today's market traders of this class had set about covering their short con tracts before noon, having come to De- lief that another postponenlent was to De made The announcement of the actual decision caused a sharp break, but prices subsequently, rallied to the highest or the day, which was well above Saturday level
 The evidence of support in Northern Securities stock itself on the curb helped to rally the general market The sup seauent feverish fluctuations seemed largely due to the tentative efforts of traders to find the prevalent tendency or the market The tendency became more distinctly downward as the sweeping character of the decision began to become clear from the constantly published bul- letins. All sources of news were besiegeoA with extraordinary eagerness, showing the great> degree of interest in the decis- ion, not only in the financial district, but amongst the lawyers officers.
 The tenor of the comment was taken to mean that the large interests concern ed were not likely to take precpitate stock market action on the strength Of nasty bulletins by telegraph. The quiet and dullness into which the market fell late in the day, after the bulletins had brought the least of the opinions as they were read, tended to confirm an impress sion that the necessary adjustment to the conditions formed by the decision had been largely made before its delivery.
 The days net changes in prices were all most wholly insgnicant in size and the market became practically inactive at the last Other influences were ignored. These were renewed pressure upon Met ropolitan Street Railway, the United States Steel corporations annual report, an improved tone of speculation in for eign markets and rather more hopeful tone of railroad traffic officials over the outlook for new business. The snow in the southwest proved helpful to the grangers in the early market.
 Bonds irregular. Total sales, par value, $2, 100000 United States bonds were un- changed on call.