The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-01-13
lBV|eG MELON
LOOKS Tempting
AnascsG DsslDENns pn0SEs TO me-
Z ~ MteH BETTER THAN FIRST
THoUGHr.
u. +. Is RUNNING LOOSE
cosSlP SAYS GREAT CHANCE FOR
MAN WITH HARRIMAx's
NEnyE-C. AND o. Is
--s@---2-----,---- MENTIONED
u. +. is RUNNING LOOSE
a. rHoMAs c. snorWELL.

NEN Aunh, Jan. lE.--Dnoer lead
ersliap of heauias the STOCK market
was strcns toaas although traalhs
Was on light scale. iho opening
was barely stesuy tor traders were
al iticaeStra diSidend dc
ciared by the Lerigh valley nairoad.
Ichlkh stock uecained TWO points III
the nrst hour. hut UeIorG-lA end OK
the aay, was up nearly three points
from that level. Speculative hierse,
Was shifted To Reading winch had an
abrupt rise of four points. The gen
eral market vas quiet, but without
evidence of weakness eyerywhere.
Great confusion prevailed in regard
10 the Lshlkh rights. Curb traders
MADE hAety market In them ana
they were seiiing to IL whrn some
booy discovered that the company had
mace ne provision as yet for issuing
warrants. All trades ia the rights
were therefore Cancelled. tut stock ia
Ibe new eeai company sold as high IS
21e. As Lehigh stockholders EuI
cash dividend OF 10 per cent, ard Hs
Ia addition 10 that they have the
right to subscribe at par for this coal
stock which sold ut ia the melon
cat on THURSDAY AFTERNOON Is really
worth 81 points. This Is as much AS
anyone really expected. Ii was sim
ply the terms of the announcement
that made tne thing lock dtsappoiDt~
ing.
Reading Melon 10 luscious.
Now that the Lehigh melon is out
ct the way tine street 10 beginning to
Imagine things in connection with
Reading. Ii Reading cuts melon II
Will be something worth talking about
for the company has concealed assets
worth anything from 3ttt to ssee
share. Some tqea of what might hap
pen IL the Reading directors began
discussing a segregation OF assets was
seen in the advance OF ID l-2 points
on few transactions In Central OF
New Jersey. ii Is thoroughly under
stood that the ownership OF Central
uf New Jersey by the Reading IL IL
legal, and that stock must be distrl-
hutcd sooner or later. The coal COM
pany owned by Reading would make
second distribution 80 that the spec
uiztive possibilities OF the market are
by no means exhausted.
The fact that the rules committee
Of the House Of Representatives has
already decided 10 make formal in
yestigation of the banking situation
In New York VIII probably hasten
some action by the Reading directors
The part taken by the First Securities
Company in the market for Reading
stock is we'll known and 1t would be
desirable to have all speculation TAX
en- cut Of Reading before Congress
takes up this matter. Attorney Sam
uel Untermeyer. Attorney General
Wickersnam. and Secretary Nagel Will
appear before the rules committee of
Congress next Monday to give advice
AZ to how this investigation should
be proceeded with II wetsld be eta
broader lines than those followed by
r thg btautey Committee. 'fne Money
Trust and the Labor situations will
he inquired into.
untermeyer May he Adviser.
1t has been rumored that Mr.. I'M
termeyer as legal adviser for the COM
mittee Will be in charge Of this in
vestigation, but he has not been ask
cd yet 10 take charge and IT is not
believed he would consent 10 do II
it Is To be made a partisan AFFAIR.
But Ii 1t LIS 10 be a real investigation
with the intention OF eorroeAIng
abuses where discovered, Mr.. Inter |
VI meyer would be an ideal person FOR
the job, because he knows just where |
to put his finger on the bad spots, |
and he could expose the abuses with |
out creating the wild sensations that /
the Stanley committee attempted to
spring in connection with the Steel
Corporation. II a constructive inves- |
tigattun Is proposed, It VIII be good |
thing for Wall Street for the stock |
market and for the country in gem |
eral.
Southern Pacific issued its annual
report to-day In pamphlet shape, and |
showed d material falling Off In
earnings as compared With the prev /
ious year. 1t stiil has a safe margin .
for its dividend and this taken In /
connection with Union Pacific earn |
ings gives no comfort to the traders |
who are talking of a reduction OF
the Union Pacific payments. Earn-
1ngs OF the Hartman lines are Cer- !
tain to be diminished In the next /
year or two, but very severe loss of /
revenue must be suffered before divi- i
bends will have to he cut. The direS- !
tors might az the result OF good ousl-
mesa Judgment. EI.al+e q reduction 81 /
dividends before they are compelled !
10 do SO.
Chance for Hartman.
Mysterious selling OF Union Pacific I
that has attracted SO much attention /
recently was made for the account OF |
one OF the big banking 81 dicates that /
WAS d heavy buyer on the decline last /
September and October. IL 80. 1t
means nothing more than market /
tnrn. Everybody knows that control |
oil Union Pacific Is loose In Wall /
Street An6 II there were any market
= operators left with even grain OF /
the nerve that Il. IL. Hartman pos !
sessed they would be gathering 1t In. /
The opportunity 10 presented Tor !
someh body tn become another Harri- |
man. Completion OF the Panama +
canal is going to compel the great /
railroad systems OF the West to own |
FntiFvads On the atlantic Sea beard, I
QfherWisA they VIII not be able to |
control freight destined Tor the Pa
Il = 1
their fall tines. The Union Pacific I
system should purchase forthwith |
either the Chesapeake and Ohio. with |
il afiiiiatcd lines. or the New York |
Central. The one thing that rail- |
Z rnad men are beginning to realize "
that railroads serving the Pacific
coast must after 1915 wn~iines serv-
ing the Atlantic coast.
Further evidence was noticed to-
dry OF tina forward strides taken by
n. r. Yoakum and his Frisco systems
when announcement was made that
Kuhn. Loeb q Company have become
bankers for the Chicago and Eastern
Illinois railroad. IT IL understood
that The banking house was very glad
10 make this connection in view OF
thu tncreaAngly good showing made
BY the various lines Of the system Of
which the Chicago and Eastern Ill.,