The Washington herald., 1912-02-02
WALL STREET NEWS
Attack on Money Trust" ForetsIlE
War of Interests in Southwest.
Hawley's Death a Factor.
ny THOMAS c. sHOTwELL.

New York. Feb. IAN attack on the
money trust was combined to-day
in Wall street with an attack on the
stock market, but the latter, at least,
was apparently overdone. The mysteri-
Gus selling Of wednesday was continued
to-day and an attempt was made TO
have it appear that the death of Edwin
Hawley has something 10 do with it.
Later in the afternoon it was discovered
that A. E. StilweIl. president of Kansas
City, Mexico. and Orient Railroad, who
wrote a book about two years ago
chiding the populace for criticising the
great money kings, had repudiated his
own arguments and adopted those of the
populace. In a circular issued officially
by the railroad company he denounces
which he described as worse than those
of the Black Hand.
Attacks Railroad MaEnRtes.
Stilwen brings the money trust" ques-
ton officially before the public in such
a way that IL can hardly be evaded by
Congress. He has sent a copy Of his
circular to Chairman Henry OF the Rules
Committee in Congress, and the circular
makes it evident that he has an abun-
dance os evidence with which to prove
will attack not only the bankers of Wall
street, but management OF the Union
Pacific and Atchison railroads, through
whose territory his new railroad is be-
ing built
This circular apparently solves the
mystery OF selling OF Union Pacific. II
is clear now that the stock was sold
by somebody having advance knowledge
uf what Mr.. Stilwell intended to do. The
volume Of that selling makes it evident
that some persons Of considerable f1nan-
Cial strength are backing him in the
fight, so that the public and the banking
fraternity may as well prepare at once
for an investigation of the money trust
Earnings of the Steel Corporation and
death Of Mr.. Hawley had very little TO
do with the weakness of the market. The
volume of trading to-day was large
Prices made early in the afternoon were
low records for the year, and reminded
the street painfully of the prices re-
corded last autumn. Publication Of the
earnings OF the New York Central lines
for December, showing a net gain of
N,s3S,42O in operating income. and an
Eouncement by the Pennsylvania that its
operating revenue for December for all
lines had increased 81, .7s6, started
rally that closed all the leaders with
material net gains and at about the top
prices Of the day.
Paid Dividends Too Early.
In the death Of Edwin HawIey the
country has lost perhaps its most skill
fUl traffic manager. Mr.. Hawley was
not a great railroad manager. and his
intimate associates believe that he made
a serious mistake when he attempted to
do more than pick up railroad properties
and market them. His chief mistake
was in paying dividends too early and
TOO liberaIly.
His death will not end the work that
he had undertaken. 1t appears how that
about two weeks ago his doctors or
dered him TO retire from business per-
manently, and Newman Erb was select
ed by him and his associates as the man
10 continue his work. Mr.. Erb was put
IN possession Of all his plans, and il
Is believed that the Hawley properties
will before many months be assembled
into one legal combination II a plan
can be found to do so. AS the roads are
not parallel or competing there should
be no trouble in its connection.
There has been considerable talk since |
F. II. Harriman's death of Hawley be- |
ing his successor as the railroad wizard |
of the country. His intimate friends say |
for such a role Newman Erb, to whom |
his work has been delegated. has many |
qualities that may mean a development 1
of a character such as Hawley's friends |
had hoped he would become. Hawley's |
experiences will make his successor more /
conservative in regard to dividends.