The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-01-26

NEW YORK JAM -p-----lb D. ul.-IHe
duIuess continued undated into the
last hour of the session, but there was
evidently am easier tone to the list and
Is-point additional defines were general
1t was depressiugiy quiet.
NEW YORK, Jan, %, %. MIN spots
the market was decidedly WObbly, but
there were few indications OF a breaking
away from current prices and the estab-
lishment Of lower levels.
DEVELOPMENTS in Consolidated Gas
were uufay0ral5Ie, the vice president OF
the company making the statement that
on am Sp-ceuts q thousand basis, the
C1mpanv last year earned but As per
cent This was bear argument, and
the stock on the opening Hesitated, then
started of we'll at 1862. yesterday
close, but dropped with speed TO 1l7la,
gA points 1t then recovered TO 1854
but was erratic and a little uncertain.
The hammering probably continued with
intent TO bring the price down 10 ~
per cent earning and per cent dividend
paying basis.
There Is I'm this evidence Of the earn
lngs OF the company the basis Of a new
trial 10 be MED by the company on the
ground that g per cent was not earned
the supreme court holding that the
company was entitled to per cent on
the value Oi its property devoted 10 the
sas business.
UnquestionabIy. the showing Of earn
iIEs caused some uneaslneSS among
shareholders. Tt was "a departure from
the customs for the company to make
any showing as TO its earnings, and the
action has called forth much comment.
Market Unattractive.
While Gas was breaking points. the
rest of the market was unattraCtive to
traders generally. Most of the room
traders are looking for a moderate
break all along the line. and are wait
ing for the first indications 10 take ad-
vantage of the change
Baltimore and Ohio was one of the
active leaders. relieving the market Of
Its duh features. It was a little easier
early. but became frmer and scored "A
slight advance, Chesapeake and Ohio
rose -1s5 enjoying the distinction OF be
ing the strongest stock on the entire
list Most of the Gould stocks were
easier
Erie was stronger, although there are
no new developments In the bond issue.
Northern Pacific was y of, Mop. q
Reading and Canadian Pacific, q, and
other rails small fractions.
the street mas come TO look upon the
prevailing dullness as not likely 10 be
relieved until something turns up. |
Traders do not exactly know what they /
expect 10 turn up, but anything would I
such narrow lines as this one has.
Tone Better Than Expected,
All things considered. the market pre- /
scented a much better front TO the bears /
than might, have been expected. The
falI in Consolidated Gas was severe, and /
might have been expected to adversely
affect the list but passing into the sec
Oud hour of the afternoon prices were
steady TO "A 20 5 on, and without any
positive evidences of weakness. Colo l.
RADIO Fuel and Great Northern were 3 !.
Off, New York Central Northern Pa /
cItIc. Reading. St. Paul, Union and [
Southern PaCihcs were from y TO g 10 /
y of. Ontario aud Western Joined the
strong list and gained =. Erie eased off
and became very steady. but little
AS the session progressed the volume
of business decreased. and there were
times when the ticker was inactive for
many seconds at q time