Evening star., 1919-11-09
LATEST WALL STREET NEWS.

tributing the British loan. The total
amount has been paid to Great Bri-
tain, but there has been left about
500, 100000 in the hands of the banks
on it's way to final distribution.
w. j Wollman Co.-An analysis
of the price ranges of a group of the
most active stocks-motors and sugar
stocks not included-shows that they
are selling today at an average price
almost twice that of a year ago Yet
the best of the rails have had no ad,
vance. Some are selling below the
prices of twelve months ago. This is
most illogical situation. The rail-
roads make the country. The public
is crying for improved service, and
realizes that it can come only from
private ownership with proper pro-
lection assured the stockholder. The
railroads of this country represent
collectively the greatest real wealth of
the world. The bonds and stocks in
the companies have real value far
beyond that represented by the prices
at which they are selling. There is
growing interest in rails among in
vestors. This is a most encouraging
sign.
The stock market has seen good
deal of profit taking recently. More
of it would be healthful. There is a
disposition to make money for specu-
lation more difficult to obtain. This
there is no reason why this should
apply only to the stock market. In
the stock market money costs to
20 per cent To the merchant it is
available at 5R to per cent. The
merchant is speculating in materials
ana IN every way The farmer is
speculating. The middleman is car
! rying goods for speculation. There
| is more speculation in business than
was ever known before. If specula
ton Is to be checked it would seem
the part of wisdom not to consider
only the speculation in securities. and
1t is well to remember that the price
of money does not in the least alter
! the intrinsic value of any stock
| Henry Clews-In notifying Congress
| that the railroads would have to be re-
| turned to their owners December 81. Di-
| rector Hines has practically forced the
| railroad situation into a new phase
There have been rumors for some
time past that government operation
| might be extended for q few months
In order to afford time for Congress
| to legislate. By informing Congress
that the roads will be returned Mr.
Hines has made necessary prompt
action regarding the status of the
| lines. and in SO doing has practically
| deferred the discussion of the general
! railroad question until a later date 1,
would now seem that Congress would
| have to lay aside the Cummins bill
for the time being and enact some
temporary legislation calculated to
provide for immediate necessities
Just how this will affect the prices
| OF railroad shares remains to be seen
| but its first influence has been favor
able rather than otherwise. The rail.
| road shares, as is well known. have
not participated in the great advance
Of prices on the exchange. Favorable
| legislation now may open the way to
a moderate advance in values, while
unsatisfactory legislation will hur,
| them, although. of course. not so Sc.
| riously as it would had they had ar
anticipa tory rise of prices. 1t will be
| some time, undoubtedly, before the
railroad question as a whole is sat.
isfactorily cleared up and meanwhile
J more or less uncertainty must exist.