New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-01-27
FINANCIAL AFFAIRS
LIGHT STOCK TRADING
Earlu Break in Consolidated Gas
Afects WhoIe Market-Frmer
Tone in afternoon.

Though the volume of business in STOCKS was
heavier than In the market of the preceding oay'
transactions poorly distributed ana asaiii
represented little beyond the operations OF the
,,-o<aceiono1 element Opening quotations
showed in the greater number Of shares losses
from the closing of the day before. and through
out the forenoon the general tendency "aS al
the direction OF lower level the movement
being helped by sharp break IN Consolaa'eu
Gas which at one time sold down more than
noints on short selling and speculative hquida-
ton based the companys report OF earnings
which indicated the basis OF SO-cent gas All
earning power OF approximately per cent,
Some unfeeling souls In the street lhtnaIeu
that the concern must have been doing some
wonderful bookkeeping since the SUPP enc
Courts recent gas decision Brooklyn ana Chl-
cago have cheap gas. and the companies at lhoSe
cities are earning in excess OF their per cent
dividends: therefore Wall Street would ike 10
know why the Consolidated Gas Company, OF
New York cannot do equally well The de-
cline In the price Of the gas shares as an IN
fuence on values in other parts or the hst was
offset in the afternoon by a bidding up process
which was based chiefly upon somewhat over
attended short account though the speculative
community found in Chesapeake & Ohio devel-
onn,ents excuse for a resumption of bullish
operations, notwithstanding the fact that the
sale of the controlling interest IN the properly
TO the interests who made the success1uI zeal III
Colorado & Southern was not an afair Oh par
tJcular signtfcance in it's bearing upon the gen
eral railroad situation. A large part OF the
early loss was recovered in st. Paul. Union
Pacific, Reading. New York Central missouri
Pacific and Amalgamated Copper, Whhe III
Rrooklyn Rapid Transit, Chesapeake q ONO
ontario Western. Pennsylvania and Waoasn
preferred net gains were recorded. The market
closed dull and narrow, gains and losses peins
about evenly distributed among the active Is
sues Great activity was reported IN WaDdsh
refunding per cent bonds. the movement being
accompanied By a revival OF the hacAe" Siiii"
control rumor.
In view OF the fact that the steel and iron IN
dustry for many months has been moving on a
basis far below normal, the exhibit MADE py the
United States Steel Corporation for the last
quarter of 1908, the figures Of which were made
nuhljc Yesterday presents argument for
bearishness among the holders Of the concerns
securities. Net earnings amounted to S2o,225,-
ass against 32,553,s95 in the same time in the
wear before and s27.106.274 in the September
quarter OF 1908, net earnings being figured after
all expenses incident to operation including re-
nafrs and maintenance of plants employees
bonus funds and interest on bonds and fixed
charges of the subsidiary companies After in
terest on the corporations bonds, sinking
funds. dividends. amounts charged off in sundry
accounts there was a surplus for the quarter
Of s514o457 which compares with s5,152.023
in the preceding three months and ss,559214 IN
the corresponding period in 1907 The United
States Steel Corporation has proved its ability
through hard tunes Win edIHlhsS III ~
cess of dividend requirements. while II mas
madeth, fact plain that ii is able to appropriate
largo sums from earnings for the upbuildins IF
it's property without depriving investors In It's
securities of their income in periods of in
dustrial depression. The water that may nave
been in the corporations capitalization at the
time Of IFS organization has been converted into
real and lasting value Steel preferred is highly
Thought of in investment circles and in the last
wear there has been a large increase on ITS
transfer hooks in the amount of stock held by
neople Of moderate means The common stock
also is becoming more widely distributed Ac-
cording TO reports from the trade, no great &C
tivity is looked for in iron and steel for several
months 10 come and as a consequence or the
relative dulness in the Industry many OF the IN
denendent companies are cutting prices to an ex-
tent that is worrying the large producers. though
IL is not expected that the movement will result
In general reimbursement of prices especially
pending the uncertainty over the probable
changes that may be made in import duties
Owing to the return OF government deposits
the local banks have lost far in the current
week upward of 100000 on their operations
with the Sub-Treasury but the amounts now
being paid to the federal treasury under the re-
cent call of the Secretary soon viii be offset by
the continued excess of government expenditures
over receipts. Since the first Of the year expen-
ditures have run ahead of receipts to the
amount OF about 1000 and as there is no
chance of material improvement in the national
revenues in the near future, it is probable the
government soon viii be compelled TO make a
further withdrawal from depository banks.
Sterling exchange was firm yesterday and up )
points for demand while money rates remained
at an easy level. Paris exchange on London