The Birmingham age-herald., 1904-04-29
STOCK MARKET IS
 STILL DRIFTING .okerS Had to While Away Time With Franks CONDITION IS A PUZZLER Payment of the $1o,ooo,ooo Canal Money Was Announced From
 Washington, But Had
 No Effect.
CONDITION IS A PUZZLER

New York April 2S-The listless drift ing to which the stock market is becom- Ing accustomed, was again notably in evidence today. The board room was practically idle during the latter part of the day and brokers were driven to while the time away in such pranks as brokers are prone to do. With money to be had on almost nominal terms, there Is no pressure on anybody to sell stocks to re- nlize cash, and no one, not forced to do so, would attempt to market holdings in such a narrow and apathetic market as that existing.
 On the other hand. there seems to be nothing in the current conditions. or the prospect that can Induce the buying of stocks in spite of the abundant facilities to be had in the way of borrowed money. The consequence is the deadlock, and the deep lethargy of investing capital, which the. market is witnessing with puzzled guesses as to how and when it may end. Indications are plain that the outgo of gold will continue on a heavy scale as supplies here are redundant and Paris is calling home her capital from all avail able quarters. The sterling rate at Paris sank to 25 francs 10 centimes today, thus widening the margin of profit on gold shipments from New York in spite of an easier tendency of sterling here.
 The payment of the $l0, 900 to the Panama government was also announced from Washington, but no effect was pro- dueed in the local money market and practically all apprehension has passed that the conclusion of the. Panama canal payments will cause any disturbance to the money market. Yet the market is obviously sensitive to the offering of any fresh claims on capital resources, such as the intended issue by the Norfolk and Western of $35,OO00Oo of bonds, reported today.
 This announcement cost the stock a point in the price, although it was stated that the present sale of the bonds is contemplated. Projected capital issues are known to be large, including the funding of much of the temporary note issues now outstanding for railroad com panies
 It is believed that many of the porject- ed issues will have claims on earnings ahead of those now outstanding. and this undoubtedly is one of the influences re- pressing any demand for present issues. The formidable decrease of S67.000 in Fries net earnings in March, bringing the decline for the nine months of the fiscal year up to S2, 755, GA, weakened the stocks of that company and had a dampening effect on the whole railroad list. The sympathetic effect of these declines was to check the hardening tendency else where, due to early sympathy with a re- vival of activity and strength in the London stock market. Amagamated cop per, which sold ex-divdend, was lifted barely point, and Anaconda jumped six. The weather news was favorable to crop prospects, but was of little effect on stocks There was some further pres sure on United States steel preferred. but the stock recovered to a shade above last night The market closed stagnant.
 Bonds were neglected. Total sales, par value, $2,O7O,000. United States bonds were unchanged on call.