The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-02-03
EARLY STRENGTH
VAN|SnES LATER
STREET sEEs LITTLE CHANCE TO
AVOID MONEY TRUST M
vEsriGATroN.
BANKS BUYING BONDS
GRAND TRUNK AND CANADIAN
PACIFIC ORDER LOCOMOTIVES
AND LEHIGH VALLEY
RAILS
BANKS BUYING BONDS
nv THOMAS G. sHoTwEIL.,

MEN YORK, Feb. 2.--After carry
strength today the stock market be-
came dull and Iva the late trading
was almost heavy. Steel. Union Paci-
nc and Reading were the active Assures
Eariy strength was due very largely to
the excellent earnings for December
announced by the New York Cen
trail lines and the Pennsylvania rail-
road. Much Importance was attach
cd to the reports from Washington
that the proposed inquiry into the
money trust would be postponed. In
fact. II was this report that started
the excited covering movement the
previous day, when n raid Was IN
progress
it IL not believed by the banking
fraternity that II will be possible To
prevent money trust investigation
entirely. So many congressman are
pledged to make 1t that II 10 not be-
aieved they will take the chance OF
being discredited In the eyes OF their
eonsg tuents, however much they may
RET. the dangers of what they
pr, 80 TO do. The fact that Presi-
dent Stiiiweii. Of the Kansas City.
Mexico and Orient railroad, stands
ready TO furnish what he believes 10
he proof OF the existence of a money
trust has embarrassed these con-
gressmen who apparently hoped IL
would be difficult 10 get witnesses.
The advance in Reading. which
brought the stock about to its prev
ious high record for the year. natur-
ally resulted In rumors Of an In
creased dividend. There was no off,
.iaI warrant for such rumors. The
heavy business done by the coal rail-
roaos In transporting anthracite TO
market probably accounts for the
strength Of the stock without any
extra payment. q
Stock brokers In reviewing their
business for January now find that
the public has taken very few stocks.
but q great many bonds and that
most OF the bonds taken have been
through banking institutions. The
savings banks have finally come into
the msrket for bonds. The popular
idea In that savings banks begin buy
ing Immediately alter January 10, be-
cause deposits made up to that day
carry interest the same Al though
MADE at the first Of the year. Banks.
however. have waited this year in
the hope Of getting some reaction In
the bond market but apparently
have abandoned that hope. some OF
the large insurance companies are
also buying bonds.
were placed by the railroads. among
them being one for twenty-five loco
motives by the Grand Trunk, and
& eighty three by the Canadian Paci-
fc. The Lehigh Valley ordered ten
thousand tons OF rails
Although the trend Of the market
nag been downward for some time.
and il expected to be SO a little
longer, tho break NJ this week was
chiefly the work OF professional ope-
rators OF whom there were three
active on the selling side OF the mar
ket. They were operating partly on
account of the poor earnings that
they expected the Steel Trust to re-
port. but chiefly In the belief that
The money trust would he investigat-
cd at once. They overestimated the
Importance also of the Stillweil
charges against the money trust Con-
seryati,e bankers say that Stiiiwel
has met no more opposition than any
new enterprise should expect to
make, and they claim that his at
tack has q tendency TO make the 80
called money trust seem responsible
for what may have been an original
mistake of judgment in building
railroad where the Stillwell road has
beer constructed.
In the Street: Number Of shares
sold today. 521.5as; g. year ago, 564,-
2i3.
Par value of bonds sold today, $2,-
$4,000: u year ago. s3,6S0.ooo.