The Washington times., 1912-02-04
REDUCTIONS OF ST. PAUL'S DIVIDEND
WEEKS MOST IMPORTANT EVENT
Agitation Business Promise Tariff With
Unrest in Heavy Earnmgs-Sen
Liquidation of Stocks Evidence
NY JOHN GRANT DATER. -.
ncinl Representnt tive the Munsey Publications.

most discussed feature OF the week was
the proposed investigation of the So
called Money trust" Conservative
interests naturally breathed easier when
after several tentative proposals or
resolutions for the appointment OF a
special committee TO conduct the much-
discussed investigation, the news came
that the majority of the House would
caucus on the matter to determine the
plan and scope of such an inquiry, and
II one ls to be held to refer 1t to the
regular Committee on Banking and
Currency. This was regarded as favor
able, partly upon the theory that the
House majority, in caucus, would come
to realizing sense OF the possible
harmful influences on the partys
chances at the election arising from an
Investigation conducted by radicals on
radical lines, and party because IL an
investigation IL conducted by the regu-
lar bankin~ committee, made up of
men who have some knowledge of the
delicaoy of the subject, It is believed
that the disturbing influence on general
business will be mlnimized.
Quiet Bond Market.
There can be no question that Wall
Street has been very considerably
worked up over this so-called Money
trust" investigation, and many persons
have attributed not little of the failure
of the market to rally after the break
in prices to this feature, but 1t would
| seem that If there Is any such thing az
money trust" and IL the Money
| trust has been exercising any such
mallgn influence as has been credited to
| II by demagogues and muckrakers, that
the best thing which could happen
would be an Investigation and a cor
| rection of the situation. Persons most
deeply concerned In the matter assert
4 that there iB no such banking condition
as that described. and they hold that a
fair investigation of banks, trust COM
panies, and bankers would have no
harmful results, but would clear the
atmosphere; But. Of course, an inquiry
| conducted by demagogues or radicals,
ing.
Whether it was due to the dmping
and roaring of those persons who are
in favor of Money trust" investiga-
| ton conducted along radical lines, ur
the other market influences mentioned
| ls not apparent, but one of the market
features of the week and one of the
least pleasant to contemplate was a de-
cided flattening out of the bond division
Of the market. Bo0d prices, themselves
showed no decided tendency, but the
| dealings on the Exchange fell from 4
par value of S29. 900 in the precedine
week to a total Of H7.s6l,oo0 for tho
present interval. Dealings over the
| counter N bond houses were also re.
ported as limited, and this was disa p.
! pointing, in consequence of the abun.
| dait supply OF easy money.
Gold Exports and Money.
The feature of the money market It.
self was an initial shipment of 5000. .U0t
! in gold bars to Paris. This wns looked
| upon somewhat in the nature of a spe,
cial transaction. for exchange rates dc
not justify exports unless Some specia
inducements have been offered by tn,
! French bankers The exnorts were With,
! out market influence, and had no effec
on time or call money rates. Today.
! bank statement reflected to some ex
tent the February disbursements. The
| figures Of actual conditions disclosed ar
icXpansion OF $4. 4.1l5.oOO in loans. and ar
IiGCrcaSe of S17.5jO,O0O in deposits Casi
| holdings decreased $3,1@2.0 900 and there
was q loss Of 1887, 200 in the surplus re-
serve which, however, stands at s405?5
IOCc above legal requirements.