The Washington herald., 1909-01-27
RESISTS DROP IN GAS
Market Holds Up Well In
der UnfaVOrable Action.
BREAK OF OVER NINE POINTS
Consolidated Shares In Sensational
Decline, When wall Street Con-
cIudes that Annual Report Is Weak.
Opinion Adverse 20 Action Of Com
paiy in ProIonEinE Litigation.

New York, Jan. 2s.-It could be said OF
the stock market, and OF affairs gener-
ally in the financial district to-day. that
they moved 10 a certain extent out OF
that Tut OF dullness IN which they have
held FOR a considerable time recently.
There were. at any rate. one OF two i'm
portant movements in stocks and one OF
two important financial announcements.
Character 10 the market itself was i'm
parted in the earlier part OF the day by
3 running break Of more than nine points
in the Consolidated Gas shares. Such a
sensational decline as this naturally
weakened the general list Of securities.
Yet the sympathetic declines elsewhere
were not great and after the first hour OF
business the market as 2 whole displayed
distinct rsllyIng tendency due 10 the
circumstances that the drop in C0Hsoli-
dated Gas was Ineffective in producing
miscellaneous selling
Annual Report DiscOuraEInE.
The fall in Gas stock was. on the face
OF things. attributed 20 overnight refeC-
ton concerning the figures Of the annual
report OF the Consolidated Gas Company
published yesterday. taken IN connection
with the pessimistic remarks Of the pres
ident OF the company al the stockholders
meeting regarding the future OF the COM
pany's business. as determined by the de-
cision Of the Supreme Court OF the United
States UpHoIding the constitutiouaiity Of
the Sl-cent gas law.
In the main comment in Wall street to
day was adverse 10 the action OF The COM
pany as to-day taken in seeking 10 pro
long the present litigation with the city
and state authorities through a petition
10 the Supreme Court for a rehearing in
the case Just decided. The case was de
cided against the gas company by unani-
nous vote Of the court and il seems ab-
surd 10 expect that The court viii again
Immediately take up the matter
The stubbornness with which the mar
ket resisted The sympathetic influence OF
the fail in gas stock was assisted BY the
especial strength shown by certain other
stocks, notably the Wabash issues and
the Chesapeake and Ohio shares
There was again as there was yester-
day enormous buying OF the wabash "a
funding I Per cent bonds which so con-
tinUed as 20 provoke a rumcT. UndOubt-
edly entirely speculative IN It's origin
that the bonds We're 70 be guaranteed by
some other railroad and the old story
was revived OF the acquisition" OF the
Wabash by the LaCkawanna railroad com
pany-
Invests in Chesapeake and Ohio.
In the case OF Chesapeake and Ohio On
advance OF nearly three points in the
price OF the stock was accompanied To-
ward the close OF the day by al Official
statement that z capitalist noted for his
speculative ventures n the railway world
and who with his associates recently
disposed of the control OF the Colorado
and Southern railroad company 20 the
Chicago. Burlington and Quincy. had
purchased the large holdings OF Chesa-
peake and Ohio stock owned BY e prom
inent local banking house which practic-
ally placed in his possession a majority
interest in the property
In one sense this news was not alto
gether favorable 70 the market as Il
seemingly put an end TO tales which have
been freely circulated II " all street for
months past Of an impending advance in
the dividend rate on Ches3p pealle ana Ohio
stock Il established this. however, that
deals" IN the railway world OF one kind
or another were still going on and the
fact necessarily encouraged speculative
enthusiasm