The morning journal-courier., 1908-07-22
}. AND 0. STATEMENT

question or untitled Orders of the
 U. s. steel-BiJding Up of
 R. +. T.
 London sold 35, GOO shares here yes terday, including most of the active issues. with the grangers and Steel common predominating. There was some pressure against American stocks on the other side before the lo- cal opening. but other securities at London were also weak
 In the last hour stocks became very heavy, reaching the lowest of the day for some of the active issues, includ- Ing Union Pacific and American Smelling and St Paul United States Steel during this time held fairly firm. while Westinghouse Electric. General Electric and New York Air Brake scored sharp advances Reading, on the other hand, which had been a strong feature during the morning. was heavy at times. and sold down from 119 to IF S-4.
 Official anpouncement was made yesterday to the effect that an issue will shortly be made by Kuhn Loeb & Co, Speyer X Co.,. and the National City bank of $1S,000. 0OO Central Pa cific Railroad company first refundlng mortgage gold bonds. due 1949. The bonds are now an absolute first mort gage. but the new issue closes the mortgage so that no additional bonds can be issued thereon.
 Except in the case of Steel Union Pacific and Amalgamated Copper, not much long stock appeared to come out on the early break In the second hour the market gradually steadied, and early in the afternoon became strong again, reaching the highest prices of the day, Steel before o'clock had rallied over a point. to 45 1-2. Union Pacific rebounded from 152 to 154 during the same time.
 The Baltimore and Ohio Railroad company's statement of earnings and expenses for the month of June as compared with June, 1907. shows: Gross earnings, 1908, $5.436.251: 1907, $7,196.0S5: decrease. S1,759,S34 Ex- penses, 1908, $S,sS6. .S65 1907 $4,747.- S39; decrease, $S6O.974. Net earnings, 1908. st,549.3S6; 1907, s2,44S.246; de- crease. SS9S.S60. For the twelve months ended June 30, as compared with the same period of 1907, the statement shows: Gross earning 1908 $73,6OS,7S1; 1907 $S2.243,922; de- crease. $S.6S5,141 Expenses, 1908 s54,150,S79: 1907, S54.SS0,09t; de- crease, $729,212. Net earnings. 1908 $19.457,909: 1907, $27,36S,S31; de crease, s7,965,929.
 That United States Steel commor should slip off 3-4 point to 44 S-S during the morning was not to bc wondered at after q rise of 5 point in about a week A substantial set back has been expected for a consid erable time So confident were th' bears of this that they had been sell ing 1t short all the way ID from 35 taking heavy losses At the opening yesterday there was probably littlt short interest left Therefore. it solt off quite easily The drop from A E., to A l-2 was on 100 shares. Tha there was good deal of profit takini in United States Steel common yes terday there Is no question Ther was a current report that AZ was tn objective point of the men who pu 1t up and that their program wa completed when 1t reached that figure Numerous persons claimed to hay this supposed definite information frs hand Yet, after the break to A g. the pice rallied by o'clock to AS 1-2
 The question of "unfilled orders" a the United States Steel corporation came in for a great deal of discussio yesterday. Various rumors regardin the decrease of the same, as of Jun 30 may have had something to q with the selling of that stock vester day The estimates of the decreas from the orders on hand March 3l range from 250,000 to 500,000 ton, Whatever the present condition of th trade Is, some contend that when tn news of the June quarter is mad known next Tuesday, it is bound f cause chill II is claimed by som that thrilled orders are now runnin very close to the low lever of 1904
 The bidding up of Brooklyn Rapi Transit stock had the usual effect led many to suspect that the top ( the market has been seen for the me ment and that 1t is necessary to brin out specialties in order to keep th market steady Brokers on the ey change said that g new pool appeare to be operating in this stock Ther was an old pool which had this stoo in charge for period of half q do7c years.
 Chairman Henry Fink of the No, folk and Western Railroad compau is quoted as denying the report th% that company is making an effort have it's employees accept another ', duction in wages MT Fink says thi this Is not the time for a reductic in wages. He also declared himse opposed to an increase in freight rat at this time.
 During the recent rise in Consol dated Gas all sorts of rumorS haN heeu heard to account for the at vance. A good authority on the stoc says that the advance is occasione by genuine reinvestme mt buying present and former holders, and is dl ln condemnation of n very favorable Oll