Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-06-16

ket. some OF It's pTdcllceS may ne cor
rected or modified, but that will all be
for the good. There is quite likely to be
publication in the stock exchange and
Wall street. That, however, does not
mean destruction.
Watching Money Trust" Probe.
The Pujo committee to bust the money
trust is making some very curious moves
1t has either fallen into the hands of a
group of notorious spectators, or else
the SPECTATORS have an uncanny knowl-
edge of what the committee is going to
do In several cases lately gossip mills
have flooded the street with reports of in
tended committee action, with the plain
purpose in view of influencing the stock
market. One day this week 1t was given
out that the committee was about to
subpoena officials of the First National
Bank and the principals and brokers In
several speculative campaigns supposed
to have been managed by the capitalists
especially favored by that great fiscal
institution. simultaneously drive was
made at the stocks with which this group
had been identified namely, Reading, Le-
high Valley and American Can. The raid
was sharp and decisive and caused a
break of = to 31a points in the stocks es-
pecially attacked, and a sympathetic
break of l to points in the general list
Partial recovery followed, but the great
mass of operators were concerned In nel-
Their the bulge nor the break. Instead of be-
ing the beginning of wholesale smash In
the market the incident proved to be a
mere surface disturbance. Tom Lawson
of Boston probably had a large hand in
the raid, as he had series of full-page
"folloW-up'' advertisements foretelling the
awful things that were about to befaIl
the stock market and the nation. The
predicted cataclysm has not yet ingulfed
the continent. At last accounts the ma
ton was quite nifty.
1t has become quite the fad once more
for important people to stand for in
terviews in the newspapers and Y all
street publications on the state OF busi-
ness. Whenever a particularly consplcu-
Gus person arrives from Europe, goes to
Europe or comes in from inspection trips
over our home railroads he tells in de-
tail about the splendid prospects for agri-
culture, industry and commerce Some
times this sort of talk is recognized as
an attempt to bolster up an unfavorable
situation. Sometimes 1t is genuine, and
may be accepted at full face value On
this occasion there is a genuine ring of
truthfulness about the talk. and 1t is hav-
ing weight. Occasionally note OF warn
ing is heard, as in the interview with
John F: Harris of Chicago and New
York. On the eve of his departure from
London to home base Mr.. Harris found
time to make some remarks on the
steady rise in the rates of interest at
home and abroad, a tendency winch ne
believed to indicate a permanent move
ment In that direction. From this point
he argued that railroads would hereafter
be obliged to pay considerably more for
the billions of dollars of new capital
which they would need during the next
few years. From this point the deduction
was made that If Congress, the legfsla-
lures, the courts and the intermediate
machinery for the regulation of railroads
did not permit the transportation inter-
ests to make more money than they are
now doing the public would suffer from
inadequate facilities. Also that stock
holders would not escape their share OF
the infection.
This is a matter which is foremost in
the minds of the most important people
in Wall street and in the railroad man.
agement Of the country-How are we
going to get the money that will be
needed II earnings are to be permanently
curtailed while expenses of operation and
maintenance increase. Tfis is a matter
which will be thrashed out at the hear
ings before the commission appointed to
arbitrate the difference between the east
ern railroads and their engineers. The
comm ssion VIII probably not begin its
sessions until after the conventions are
out of the way in Chicago and Baltimore.
Both sides will want as much news
paper space as the Importance of the
matter merits. but they all realize that
the hearings might be overshadowed by
sensational news in other quarters The
ebb in the tide of sensations likely to
occur after the convention furore will
be a good time to obtain the popular ear,
il is felt. Beyond a doubt. the subject
will be illuminated by the testimony SUBJ
mitted at these hearings. broad cam