The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-04-03
FINANCIAL WORLD
WAITING ON COURT
-----------------
Much Depends on Decision i'll
American Tobacco Com
pany Case.
BUSINESS AT sTANDsTILL
Finding for Defendant Should
Cause Advance i'll
Prices.
BUSINESS AT sTANDsTILL
Especial to The Times-Dlspatch.

much OF Importance. The Wlole imam
cial world Is waiting for decision or
the American Tobacco Company By the
Supreme Court. There Is no ottcial
promise of a decision. but tho idea that
one Is coming has seized the financial
mind to such an extent that all busi-
ness has been practically suspended
The deadlock In the market must be
broken whether a decision Is rendered
or not. but whether the activity will
be for higher OF lower prices is purely
IL matter of guess work. 4 decision
in favor OF the company. or even part
w 80. should cause an advances in the
market.
The raid on bucket shops begun to-
day by the national government Us OF
extreme Importance TO the STOCK mar
ket. because IL these institutions are
Suppressed In good faith the volume
OF transactions In brokerage houses
VIII be doubled, and the Increased
Glasses. Nearly ali the customers Of
bucket shops believe they are dealing
In the stock market, and they would
do SO II they had an opportunity. Most
OF the money lost by the public IN
ed the stock market. but simply con-
sisted of bets as 10 what the Stock
market would do.
London Excited.
London was wildly excited TO-DAY
1nent showed heavy loss In cash.
but what WAS due to heavy disburse-
ments in connection with dividend ana
Interest payment.
OF rally swept over the market on
ofticial announcement that the stee.
trust had produced 100000 tons OF
finished metal in March. This lis 2
seems to bear out the hope OF IN
creased dividends. The steel trust, BY
the way. is considering material al
vance in wages. along with other big
corporations.
Justice Brewers death was discon-
certine, because nc had been counted
on 10 take stand In favor OF main
tanning present business conditions
syl.h as few changes as possible. I'm
r,s5stant interests fancicd they knew
hheut what the Supreme Court would
tscctde. They did not base these CON
illusions upon any Information from
tho court room, hut they simply mad
experienced corporation lawyers ana
I'VE the life records OF the various JUS
,lces to discover how they had voted
under like conditions. The result OF
this investigation satisfied the nnan-
riers that the court would render
decision permitting the American 70
bacco Company to do business with
certain restrictions. and Justice Brew
er was expected to dominate in pre-
pairing the new plan. his death wea x
cnsd this hope. and the decision which
many persons expect IN the immediate
future is awaited with some nissiE-
reforms inaugurated by the Stock
Exchange to take effect Monday makes
washed transactions by big banking
interests very difficult, because a per-
son bidding for any volume of stock
is compelled to take ali the stock OF
fered under his bid. In Offering TO
sell in large blocks he must I'll all
the bids above his offer Under these
-1ynt L., ft,zs n
for the public. Another rule forbiGs
specialists buying stock for their own
account and third makes 1t inlros-
sible for bank clerk TO speculate in
stocks without the knowledge OF his
employer.
Other Reforms.
Two other reforms demanded by the
public are that all stocks sold on the
Exchange be reported publicly and
that the Exchange members be de-
prived OF their right as preferred
creditors when a firm fails. Prefer
cnce OF stock Exchange members is
unfair because they have better Cd
portunity of protecting themselves
than have the customers of the tnsol-
vent member. The Exchange. however,
deserves great credit for what IT has
done and the other reforms VIII iol-
low as a matter OF course.
The advance of wages means ad-
vance in freight rates, and the general
public is prepared for this movement
on the part of the railroads The prop
osition of the Lehigh Valley to dis
tribute s20,co0,000 10 stockholders
stirred up such a storm of protest
that the scheme has apparently been
abandoned. The public would not
stand for advance of freight rates by
eny railroad that squandered Its as
sets in this way.
The compromise made at Washing
ton in regard TO publicity OF corpora
tion returns is considered happy
solution of the problem. II a corpor-
alton is not asking the public to be
come partner through the purchase
of it's securities, it Is none of the
public's business what the value OF
those securities may be. But the min
ute a corporation goes before the pub
lie with It's stocks or bonds, the pub
of Its business, and even the personal
business Of Its chief officers and dtrec-
tors. The proposition, therefore, to
make public only the returns of the
companies whose stocks are dealt IN
by tho public seems eminently fair.
The notable feature of the week in
this connection was the persistent Ii
quotation of high grade bonds. Many
conservative investors are converting
their securities into cash believing
be devised in view OF the constantly
declining value of money The gen
eral pablo refuses as vet to recognize
that the cost of living has not ad.
vanced and that commodities are but
little higher in price than they have
been. The large number OF dollars
necessary to buy things is due chief
~ to the huge output Of gold and thu
vast volume of printed certificates
that, by courtesy Of Congress. pass as
money
On the Curb.
n Rubber led the curf
market to-day the stock touching Its
previous high record on fairly large
transactions. Tobacco and Standard
Oil We're quiet. In the copper list nuc-
tuations were within narrow limits
Green Cananea, Chino and Ray Contra
being most active,
About dozen stocks dropped from
the exchange will be listed on the
curb as soon as as formal statements
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