The Birmingham age-herald., 1909-01-09
STOCK MARKET
 TURNS DOWNWARD Some Stocks Spurt Upward But Tendency Is Weak RAILROAD RUMORS ASTIR Gold Shipment to Paris Has Bad Elf. feet on Money Market-otherwise
 the Situation Is eener-
 ally Favorable.
RAILROAD RUMORS ASTIR

New York, January S.-There was an ir- regular tone in the stock market at all times today. Stocks, which are often left in an obscure position for long periods, were made conspicuous with successive spurts to higher prices but the tone of the general list was distinctly heavy early in the day in spite of these spotty ad- Nances. Later when the estimates of. the weeks cash changes appeared and partly nullified the impression made by the gold export engagements, there was some inn provement in the general list, but weak ness was general at the closing. The in- dividual advances, while sensational to degree, had no news to explain them. The coupling of these movements in some eases called attention to the fact that there are large stock holdings in them by identical interests, and this gave the im- pression of large responsibility for these market movements on the part of these interests. A large number of small ef railroad systems, some of them cap wide of amalgamation, are in this group. and their ready response to rumors and to pool activities is the direct outgrowth of sale of control of the Colorado and Southern to the Chicago, Burlington and Quincy.
 The bad effect produced by the engage rnent of $2,OOO,000 gold for shipment to Paris tomorrow was due rather to its in- Gication of conditions in London than to any direct effect apprehended in the local n cney market The movement is a meas lire of relief for London from the Paris demand, as yesterdays engagement for m afip af rplin a O. 1nand from that source on London. The London discount rate was sharply affect ed today and reports were received of probable advance in the official discount rate of the Bank of England and move nent by that institution to accumulate gold. The dimensions of the inward movement of cash to the New York banks deprives this prospect of any power to alarm sentiment. The sub-treasury has contributed S744S,000 to the banks this week, and the estimates of the express movement with the interior run in some cases to a gain as large on that account. An important part of the gain from the sub-t1 easu-y Is on account of redemption of national bank notes, which is also a feature of the movement from the in- terior Currency redemption of bank notes by the treasury department has been very large for several weeks, the daily average being well over $1,0O0,000
 The amount of bank notes in the United States treasury has risen again to over $5o0O00O0, the clerical force of the depart Inent being insufficient to keep up with the task of sorting them for return to the issuing banks Some attention was given to the wheat market in connection with the fear that freezing temperature might injure the winter wheat crop in the ab- sence of snow covering. The increasing stocks of wheat in the northwest and re- ports of contemplated reduction by the mills in the flour output were received with dissatisfaction.
 Bonds were firm. Total sales par value, Si, ,46S,O00. United States bonds were un- changed on call.