The Washington herald., 1912-01-30
WALL STREET NEWS
William K. Vanderbilt Nay Return
to New York csntral-o. & o.
Shows Weakness.
BY THOMAS C. sHOTwELL.


New York. Jan. 2s-strength of New
York Central and weakness OF the steel
trust shares were features OF the stock
market to-day. Other stocks were ir-
regular, moving nervously down at the
opening Of trading, then ralIying sharply
and selling. on again at the close when
announcement was made OF the intro
duction OF q resolution in Congress to
investigate the money trust Report
from Indianapolis that the bltuminous
coal miners would surely strike on April
also helped the selling movement The
market closed with net losses showing
in most cases.
Strength Of New York Central was due
10 belief that William K. Vanderbilt is
going to come back" as a railroad man,
and rehabilitate the name OF Wander
bilt II is understood by his friends that
a short time before the death Of e. n.
Hartman he was put In possession OF all
the Hartman plans for making the New
York Central the holding company OF the
Hartman system. It is believed now
that he win attempt TO carry these plans
into effect, so far as changed conditions
seemed to make them advisable. The
idea OF a Vanderbilt being leader In the
railroad world again appeals to the Wall
street Imagination and professional trad
ers are buying New York Central stock
freely.
Road Highly Favored.
What is more important than this is
the report that officials of the New York
Qehtral are also buying IL. For several
years the New York Central has run
itself. being so favored by nature IN the
matter of grades and ownership Of the
Hudson River and both its shores with
the best entrance into New York City
has been able to hold its own. Mr.. Van
derbIlt has never worked SO hard as in
the last few months, and being free from
the jealousies that have disrupted rail-
road arrangements in the past, can 20
ahead with the friendships OF the Rock
efellers, the HaTrimans, the Morgans
and the entire financial community
Aside from the sentimental impor-
lance Of Vanderbilt's return" New
York Central has done a splendid piece
Of work in planning its terminals in New
York City so that the rental from the
buildings will pay interest on the en-
tire improvement The Pennsylvania's
New York City terminal is a monu-
ment, while the New York CentraTs
terminal is money maker.
Weakness OF Steel was due primarily
TO a widespread belief that the earn
ings to be published tomorrow for the
quarter ending last December will
show the dividend barely earned. The
street has a surprise coming in regard
TO the export business of the trust.
Tariff reform talk also contributed
somewhat and Steel sold down to So
twice during the day and closed there.
Little Improvement Expected.
Another depressing influence was the
announcement by the st. Paul manage
ment that little improvement in busi-
ness was expected this year. The fact
that ST. Paul is to spend $1,000, 900 for
improvements did not help matters, for
these expenditures are compulsory be-
cause Of the Pacific Coast extension of
the system, and must be made to avoid
further losses
Weakness OF Chesapeake and Ohio
made Wall street remember again that
Edwin Hawley is not in robust health
Chesapeake and Ohio. a per cent
stock. selling at a, was compared by
the street with New York Central, a
per cent stock selling at III. Chess-
peake and Ohio has discounted a re-
duction Of its dividend
Earnings Of the Hartman lines for
December are expected tomorrow or
Wednesday, and they will probably
show a material loss compared with
the same month in the previous year.
In some quarters Union Pacific loss is
estimated at a million net. This has
been an unusually hard winter in the
Hartman territory, and the strike has
interfered seriously with operation
The strike is practically over. but train
movements are inteTfered with by bars
Of soap that get into the engine boilers
accidentally and emery dust that some
how gets on the axles.
American Sugar was strong on small
transactions and the tobacco shares
showed resistance to the general down
ward movement.