The Washington herald., 1912-02-06
WALL STREET NEWS
Pending Money Trust Probe Has
Disquisting Eject on values,
with Little Trading Done.
d. TnoMAs c. sHoTwELL.

New York. Feb. 5--Wall street did but
little business to-day because everybody
wanted TO know. before coming involved
too deeply, what Congress might do re-
yarding a money trust Investigation Ae-
cording TO reports in the street to-day
a decision will be reached at the caucus
oil Democratic members Wednesday
night at Washington. II this inyestiga-
tion is made, and there seems little
chance now Of preventing ii. II will un-
settle the stock market. There are re-
forms that should be made in the bank
inE world through statutes based on
conditions already known to exist But
there are many things done by the banks
properly and legitimately which can be
disclosed by an Investigation in such
way as TO make them look dangerous and
almost criminal
II has become evident that there is
some malign influence back of the prop
osition to investigate the banks.
One of the interesting movements Of
the day was an advance in the price OF
Standard OIL stock OF Indiana from $50
4 share to t42O0 a share. Because of the
remarkable advance there is report
that the company will increase its capital
from Si.o ,OcO to S3o.Ooo.0oo. 1t has sur
plus of more than $4,000 600 and extreme
~ valuable -TlknIS dTG ecApSSNeh. 4 ms -
the company that was fined SO, 10000 by
Judge Landis.
Railroad reports showed decreases in
earnings for railroads west OF the Mis-
sissippi and increases for those east.
The reason was the same in both cases
operating expenses. IN the East the
operating expenses have been decreased
as a rule and in the West increased.
Weather conditions are largely respon-
sible in both groups.
There is some selling of Western rail-
road stocks in anticipation Of the open
ing of the Panama Canal, but it is
rather early to begin discounting that.
Opening of the canal win not result in
IN immediate loss of traffic for the rail-
roads. because traffic through the, canal
must be developed for several years be-
fore 1t can hurt the railroads. The
c Chances are that the country will grow
in wealth and population much more
rapidly than the railroads will lose busi-
ness to the canal, and that therefore they
viii not be hurt at all. The canal will
simply add TO the wealth Of the country.
The heaviness of certain railroad stocks
nav be accounted for more by the pro-
'essioRal operations of a few big trad
ers and syndicates than by this hqui-
lation on account Of the canal
In dicussing the Panama Canal to-
lay a man who dominates one Of the
greatest railroad systems in the country
said. that in his opinion. the railroads
would not lose so much as one-tenth be-
cause Of the canal opening. He said that
the roads would speed up" their freight
trains and thus hold their business, al
though this speeding process would re-
duce profits on operations somewhat. A
freight train can. under good condi-
tions. be run from San Francisco to
Chicago now in five days. Two DAYS
more will bring il 10 New York. Orii-
nary freight, that is not hurried. takes
from two to three weeks TO cross the
continent. BY the Panama Canal freight
can be landed in San Francisco three
weeks after il leaves New York.