The Birmingham age-herald., 1909-01-27
,STOCK MARKET IS
 STILL NEGLECTED
Conflicting Influences Add to
 the Dull Condition
RAILROAD STOCKS STRONG
Passing of Chesapeake and Ohio Into New Control Gives Assurance of solidity In That Stock and
 Helps Advances.

New York, January 26.-The special in- fuence which governed the wide move ments in a handful of stocks today were conflicting in their sympathetic effect on the general list, or more properly, had neutralizing effect which aggravated the dullness of the trading. Trading was at the point of stagnation between the oc- casional spurts of activity. The most in- fluential movement in it's general effect was that in Consolidated Gas, in which a renewal of liquidation was prompted by the publication of the annual report and the pessimistic opinions expressed in official utterances accompanying it of the earning power of the company under the legal restriction to 80 cents on the price of gas. The impression was conveyed of a necessary demonstration of low earning power to open the way to any possible new appeal for judicial relief from the provision of the law. The price of the stock dropped precipitately over nine points to a lower level than was touched in the slump following the de- cision of the supreme court against the company.
 The unsettling effect of so considerable decline was manifest in the general list and prices declined quite comprehensiVely. The cessation of the urgent liquidation in Consolidated Gas, while it opened the way to some price recovery, left mar .lSet chiefly remarkable for it's neglected condition.
 The desire to await the appearance of the quarterly report of the United States Steel corporation was a factor in the la ter dullness. It was known that this re- port would not appear until after the close of the stock market and the fear that it might contain some unpleasant surprises made operators wary about ex tending their commitments Railroad deal 11Imors showed vitality and furnished the principal points of strength in the mar ket Chesapeake and Ohio passed into the hands of the interests which but lately marketed successfully the control of the Colorado Southern, and as the negotiation was made with the banking house which had taken over the Penn sylvania holdings of this stock, it was inferred that the Southern trunk line situation would not be disturbed by the new control while assurances of more liberal policy in the distribution of profits also helped the advance in the stock.
 At the same time the rumor of the coming control of the Wabash by the Delaware, Lackawanna and Western, sprang into new life and was effective in lifting the preferred stock and the refunding bonds of the Wabash to a higher level Atchison made a favorable response to the showing of increased net earnings Tor DecemDef cO1npdreu Wlln d year ago, although the advantage was achieved by reduction in operating cost, the gain in gross earnings proving insig- nifcant. The weekly gross earnings of railroads for January now coming to hand are occasioning remark by reason of the moderate betterment shown over January of last year, a month when the depression of the railroad industry had come into full effect. The feeling of de- pression over the rate of business recov- cry was voiced by the chairman of the St Louis and San Francisco executive committee with some speculative sym pathy.
 The resumption of dividends at 2 per cent rate by the North America1 com pany would have melted to sonny buying Of stocks in a more favorable state of the speculative temper. As it was it fell flat along with other developments of the day Money continued to work easier fin this market, but London was some what sensitive to a suggestion of re- newed inquiry for gold, there on behalf of Paris Foreign markets are uneasy over the Balkan situation, and there was a balance of sales over purchases of stocks for London account in New York. as Bonds were irregular; total sales par value, sS,0430O0.
 \ United States bonds were unchanged on call.