The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-01-08
No GONADEDCE IN
STOCKS ADVANCE
rwARD MOVEMENT - ~ CONTROL
or f,oRMtsse esteeEssF.b
BEARS.
ANkS DOUBLE PROFIT
.AN, ~ INVESTIGATED ny con-
sREssloNAL COMMITTEE, WOULD
nE DECLARDED MONEY
TRIST."
ANkS DOUBLE PROFIT
Nv THOMAS G. sHoTwrLL.

BY IHDNt ~ &. ~htffN I'ft.
NEW 1tRA, 1as4.- While re-
spectacle pkinE interests arc.
,,ipased at tbt strength that the mar
ket displays, they az, somewhat wor*
rfo,. because, the same operators "h3
were % successful Iva the long bear
caf1fuaien last summer are In con-
tro1 of the upward movement MI"
tHis lcaJerSrl3 is considered danger
co.'s. it,,faA en- various occasions ~
ffe past beer successful 70 surf. %,
degree that professional tradcrs hesl~
fnt. 10 como1t it now. Tho general
feeling Is that stocks have dis unit
cd conditions as much AS tA1ry ~hou!d
ut this time. Evidence of This f,rl-
irE is foun} ~ the comparative
f,aviness Of the standard stocks, such
as Steel anJ linton Pacific. The
stecks that ar advancing arc high
4, speculati,s, although soma Of
mem have real merit. Neither the
stsukS nor tha interests behind them
81 .hate the confidence Of ihc lAVeeiihs
public.
II Is an unfortunate thing ~: the
stock market fnat this element has
t.eer able tn gc. control o. thqA mar
kes for conditions have reallE I'M
yvcXed. and WAR conservative lead
fIEp much be ter things could @ eX-
t.ected. Conditions as they now eS-
II. in the market remind ths puh4i'
painfully of what happened last sum
rer. They Justify much that mem
bers # Congress have been saying
against Wall street, and conservative
bankers fear that the manipulation
fl really intended to attract the at
fsrtion of Congress in order that an
either profitahi turn may be made
on the short side Of the market
should Congress begin investigating
the part that certain banks take in
speculation.
Banks Get More Profit
Ranks. by the way, have devised II
new plan of getting more profit from
certain of their clients. 1t has al"
WAYS been the custom to require from
large borrowers II statement of Bills
vpeefya hle and bills PAYABLE in order
that some estimate might he made
~ The amount of credits that should
IN extended The new plan Is To
r.auir. registration of these items III
IRAN irus, COMPANY and for that
,.,.ic~. q sao ix emerged based ,u en-
~. ,,,u,,. ~ 1dll. navable This
t,.,.i1,,, "a rhar,iny irteras, ON
=. 80, n.,tStar5{py n
go - @ovnnrea 70 mnet these
i1Has $500. tS c.,ryoa an +ha
t'as ~ . =. - ~, arr,r.nme,t
5i'o.es a,s' - ~ ,,s,,a1 ,nte,ost
1as' "'o w.. ,,.,'t.t 49, Il, ~,
rates ne su' ~ 's'.N '''s
boTfoWe's wiz s"''i'' ~ NN'i 49,
fahseHeh'' "'' "' - A..
- Aut>, carp arau'hS arr ''tsp'a'1a w
90 So II a'foaa'N 1" 9"' ny
nj their hhahciaI fhahasetith.' iot
they can do nothing hh'ess tuhos air
available, ana tho pahks from whom
rney must uHuUr tH15 7TTaHseH1eht
obtain their funds VIII not advance
the funds unless tney approve IN"
object for which the expenditure II
10 he made.
The unfortunate feature az TINS
plan il that If proved by testimony
taken by congressional committee
Il will tend To show that there Is
something that can be described ~ 4,
Money Trust The power contained
---Iyvsr corporation ny such II tt'i'tfr-
cial arrangement gives the bankers
correct information as 10 whether
the stock of the corporation should
he bought or sold on the exchange
IL would be unfair In view of this
to change that these banks never
speculate in the stock. for buying and
selling under these conditions could
hardly he-,=all.a- speelslatieH tis
more like taking money out OF safe
that has been left unlocked.
he brought by depositor of one OF
lie big banks TO test the right al
the stockholders 10 borrow the de-
posits Of the bank for their own use
through security companies, owenr'
~, -, - ~ inr,,. nanLs