Typically, similar to 5% of the total baryonic mass in luminous elliptical
galaxies is in the form of cooled interstellar gas. Although the mass contr
ibuted by cooled gas is small relative to the mass of the old stellar syste
m in these galaxies, it is almost certainly concentrated within the optical
effective radius where it can influence the local dynamical mass. However,
the mass of cooled gas cannot be confined to very small galactic radii (r
less than or similar to 0.01r(e)) since its mass would greatly exceed that
of known central mass concentrations in giant ellipticals, normally attribu
ted to massive black holes. We explore the proposition that a population of
very low mass, optically dark stars is created from the cooled gas. For a
wide variety of assumed radial distributions for the interstellar cooling,
we find that the mass of cooled gas contributes significantly (similar to 3
0%) to stellar dynamical mass-to-light ratios which, as a result, are expec
ted to vary with galactic radius. However, if the stars formed from cooled
interstellar gas are optically luminous, their perturbation on the mass-to-
light ratio of the old stellar population may be reduced. Cooling mass drop
out also perturbs the local apparent X-ray surface brightness distribution,
often in a positive sense for centrally concentrated cooling. In general,
the computed X-ray surface brightness exceeds observed values within r(e),
suggesting the presence of additional support by magnetic stresses or nonth
ermal pressure. The mass of cooled gas inside r(e) is sensitive to the rate
at which old stars lose mass M-*, but this rate is nearly independent of t
he initial mass function of the old stellar population.