The Birmingham age-herald., 1904-03-03
STOCK MARKET Is
 STILL LIFELESS Cause of Stagnation Not En-
 tireIy Clear. TRADING IS VERY FLAT One of the Important Influences Upon the Days Market Was unsoIved
 Doubts Over Paris
 Settlement.
TRADING IS VERY FLAT

New York, March 2.-The stock market continues flat and lifeless. The feeble os- cillation in prices is not sufficient to of fer any margin of profit over the expense of commissions, and the consequence is the entire abstention of any outside in terest. Occasional news developments that might be supposed in times of ordinary activity to have bearing on values are passed over with pathetic indifference.
 The cause of the stagnation is not en- tirely clear, and still more obscure is the coming event which may serve to break the deadlock. There Is no prospect that the material results upon the financial markets of the war in eastern Asia will be anything but very gradual in their de- velopments
 One of the immediate influences upon todays market was the unsolved doubts over the outcome of the Paris settlement, which is still in progress. While no trouble has yet developed the apprehen- sion on the subject is not likely to be al- layed until the conclusion of the pay ments on the account, which are due to- morrow. Both Paris and London labored under this disadvantage today and re- fleeted some influence upon New York.
 Current railroad earnings are discour- aging. Heavy declines in January net earnings continue to come to hand the Pennsylvania lines and Lehigh Valley be- ing noticed as conspicuous additions to the list Southern railway made better showing, but the stocks got no benefit from it. The lack of pressure upon rail road stocks on this account argues that opinion amongst security holders is that the unfavorable condition is a temporary one, but the clearing up of weather con- ditions will be necessary to confirm this hope. The money market future is another uncertain problem.
 Call money is a drug and reserves con- tinue to pile up in New York banks in spite of some reported demand upon Chi- cago banks from the interior and result ing fall in New York exchange at Chi oago. There was a transfer of $1Oo0OO to that point today. It Is possible that in terior government Repositories are remit ting to New York, in readiness for the return of 20 per cent of their deposits In connection with the Panama canal pay ments. Whether this or the decline Tn business uses for money is the cause or the accumulation of idle funds is a sub feet upon which the shedding or ngnt would help the uncertainty of the stock market.
 New York Central's one year borrowing of s5,00OO00 at the equivalent of per cent confirms the indication of previous railroad loans that a relatively high rate is demanded for these corporation loans, and gives an Elusive appearance to the extreme case in the current money mar kets. The possible effects of the Panama payment which is expected to be put through at once, and the further corpor- ation borrowings known to be hanging over the market, may be the explanation of this uncertainty. The movement or gold from New York to Argentine inaugu- rated yesterday is another factor In the problem It's present significance is that London is able to call on New York for payment of It's South American debt, not withstanding the enormous merchandise balance of the last few months, for which payment was due us. The movement or prices today in detail Is not worth analy- sis.
 Bonds were firmer but dull. Total sales, par value, $l120,000. United States bonds were unchanged on call.