The Washington times., 1911-12-10

market. II there had been a very large
outstanding speculative account and
misSsliane01s pub, public IN well Str street, the
wise. Although there are apologists in
plenty for the pinch in money there Is
no very satisfying explanation for the
remarkable ss.h loss. ,h That ,, several ,,n
stance, as recent heavy loans to
Europe. gold exports and currency ship
but it is believed that in addition to
this, certain large sums OF money were
actually set aside, or "ear Marked" for
the Canadian banks 30 that they might
be able to count an aSd,eauats s amount ,S Of
Dominion Government. In other words.
: e %ss : ssd sSas NJ never lex the local
banks at all.
Canadian Promotions.
II such IL the case the cash holdings
should be restored speedily. for the
necessity of window dressing the
Canadian bank reports will be but a
temporary affair. One may properly
ton Of loans on the Dominion banks II
they are resorting, to such expedients.
1t IL well known that something like
speculation and promotion craze has
better part Of q year. and from time to
time word has reached New York from
Montreal and Toronto that this bust
ness was being very much overdone: In
which prevailed in the company promo
ton days in this country prior to 1901.
Whether this country has participated
to any great extent In the Dominion
portant street railway undertakings
have been financed. In part. in this
country. but these are excellent proper.
ties, and they are not Of the class OF
money is said to have been tied up.
These latter comprise mining properties
of all character extensive land devel.
opments, and countless industrial and
the very rapid growth Of the Dominion
1ustifies q considerable development IN
It's industries. and this has been greatly
assisted, by a large inflow OF English
capital. but the rapidity of the move
ment has been much commented upon
of late and very much more 80 during
the week, In consequence or the re.
ported segregation Of gold In the local
banks for Canadian institutions In or,
der to assist them In making good
showings.
The Wabash Readjustment.
The news developments Of the interval
were OF an interesting and varied char
acter and some of them were not lack.
ing in Importance, but II cannot be said
that news exerted much influence on
the market except. perhaps, that the
reassembling of Congress appeared to
exception might be found in the diff
culties which have developed in the
Wabash railroad. This financial dere-
lict has again drifted on the shoals and
ment, but whether this can be accom-
plished with or without q receivership
does not appear to be definitely settled
as yet " the COMMITTEES which has
been apparent that the Wabash road
stood in need Of q complete capital re-
adjustment and whether this is accom-,
plished with or without default and
receivership. It 10 to be hoped that. on
this occasion. the work will be per-
formed In an enduring manner.
The Wabash developments and the
severe decline In it's, securities started
rumors of a like nature affecting other
properties, the most conspicuous OF
which was the Allis-Chalmers Com
pany. Reports Of a receivership Tor
this company are officially denied. but
an attempt will be made to read, Radius.
bondholders' protective committee has
been named. An interesting develop
ment of a different character, which
was entirely void Of interest, was the
Western road from the New York. New
Haven sand Hartford to the New York
Central road. In consequence of the
territory traversed and the terminal
and trackage arrangements with the
West Shore railroad the New York
Central Is the logical owner of the On
tario and Western. Though not I'M
profitable or without benefit to the New
Haven its control Of the property was
something Of an anomaly, for II can be
operated to better advantage by the
Central than by any other system.
OF general, business, the recognized
trade authorities report improving ten