The Washington times., 1911-03-05

manner IN Wnlch wall street anticipates
news, gets 1t just as quickly as possi-
bic, acts on 1t instantly, and then passes
1t along to the rear, If detrimental to
the best interests of the market, or
plays on the one string for weeks. II
favorable. The list trembles over un-
favorable developments, drops of few
points, and then comes back while
traders declare that the unfavorable
matter was not, after all, as unfavor-
able as might have been expected. Sim
ply nothing but a slight adverse zephyr.
And to retrospect on the happening a
few days later is to be referred to asa
has-been.
Wall Street has practically forgotten
the opinion of the Interstate Commerce
Commission denying the right to ad-
vance rates on freights, as advocated by
the railroads. 1t has digested the mat
ter and has come to the conclusion that
the strong roads did not need 1t, and
that sooner or later the strong roads
will absorb the weaker, thereby giving
them their strength. The rate question
has, therefore, been laid on the table
wall Street has treated almost every
thing that has ever happened as hap
nenstance of secondary Importance,
save panics. scraps with big men IN the
market, and public overexpanslon.
Wall street is likewise always Wor-
rIed over the possibilities. because wan
Street. taken as a whole, is interested IN
advancing prices, and it Is the uneH-
pected that smashes values.
lust now the Street is worrying over
the possibilities of aggressive aeon OH
the mart of the militant Democratic ma
iority in the House Of Representatives
Traders expect resolution after reso-
1utIon for the investigation into this
truet and that trust as to whether
operating in restraint of trade or not,
and all resolutions will prooaDiy 90
through on schedule time or qulckel.
Therefore the Street would WeicoIle
an Immediate decision on the ,tI, toD9T Lii
and Standard Oil cases, as they WIN wiz
once and probably for all settle tne
status of the trust company In the
United States.
There will be disappointment II the
decision is not more or less drastic,
ara on this theory the market is a.
reasonably low price-levels. put the
Hisappoiutment will be more serious
should the court at the same tILhe
fail to indicate a way In Which tne
trusts may work out their salvanlon,
while still retaining their corporate
existence and controlling a large out
nut of their special product.
decision on the trust cases tomor-
row would put a set OF BLOCKS uhoer
MANY a promising plan for trust com
nany investigation, and 1t might
smash the market. but there Is moth
ing in delay
satisfactory manner, and tarIn
tinkering can be avoided, and recl-
procity brought to an actually, there
viii he further increases.
Wall Street is optomistic, all except
the Standard Oil Company and tnls
COW erful factor in the market rare
iy takes chances while important
matters are pending-save to lend
millions to more enthusiastic traders.
on sharp call.
The International Trust Company of
Denver has inaugurated new and in
teresting scheme in connection with
pass books given to savings depositors.
In, place of putting the name OF the de-
postor on a book they use a number,
registered in due form, so as to do away
with any probability of lost or stolen
bank book being used to aid in with
drawal fraudulently of cash.
If the pass book is lost the finder can
not duplicate the signature OF the owner
of the book because there is no sigma
ture to copy, at the command OF the
party having the book.
Savings banks all over the country
have taken up this precautionary meth
cd of preventing fraud and when the
absolute safety of deposits thus pro-
tected is taken into consideration more
banks will undertake the number prop
osition.
The International Paper Company set
the pace and other corporations are pre-
pairing to follow suit, in the matter of
notes offered on the mar
ket with a trust company The Inter-
na tional Paper Company made arrange
ments with the Bankers Trust Com,
pany of New York, to register and
maintain a complete record of all paper
issued by the corporation, date, amount,
etc, and to stamp or print
on the face of each bit of paper put out
Observation-Disclosures Trust Company"
1t is a guarantee that the particular
note is genuine and that the trust COM
pany thus guarantees the genuineness of
Anyone having any interest in the
matter NAV quickly ascertain the ag-
and a study of the annual statement
together with the total obligations reg
Istered will give gross liabilities.
The heaviest advertiser of all the
great railroad companies Is the great
Union Pacific system. During 1910 ii
spent $SO5, 600 cash for advertising, the
ruling of the court being that trans
portation cannot be exchanged for ad-
vertisng. The rate of advertising eX-
penditure per mile of road was S12S
Ihe Lackawanna spent $1l7 per mile,
and the Pennsylvania 1914. The South
ern railway spent $n mile. The
Record, of Baltimore,
cites from the comparison of figures
of the expenditures for this account the
fact that the Hartman roads expend $50
a mile, and the great group of eleven
roads but an average Sl65 a
mile. The inference is that 1t Is a les
son for the Southern roads on how to
make revenue increases, for the Union
Pacific and Southern Pacific are among
the most prosperous in the matter of /
earnings of the railroads of the coun- |
try. Commenting on this feature, the |
Record says:
"A broader vision is needed on the |
part of the security holders of South |
erIi roads, as well as on the part of |
MANY of the railroad officials of the !
South If the owners of Southern rail- |
roads. many of whom do not seem to |
nave a full comprehension of the op-
and needs of the times ,
could be so aroused that their vision |
would broaden, we might then see |
some such policy adopted in this sec
ton as has prevailed in the Harri- |
nan system. The results. both to the |
roads and to the country, would be |
he same as those that have been en-
loved by the Hartman roads and the |
territory through which they operat& |
The amazing prosperity of the Harri- !
nan roads has been due not so much !
TO the inherent advantages of the
country through which they operate.
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