The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-10-30
INFORMATION To
BIS F|NANC|ERS
BY FAIR MEANS OR FOUL THEY
COT NEWS OF GOVERN
INTENTs.
SMALL INVESTORS HIT
MEN WHO HELD THE PURSE ARE
Now IN NO DANGER-oIL AND
TOBACCO MAGNATEs
CHEERFUL.
SMALL INVESTORS HIT
BY THOMAS c. sHorvELI.

d
was committed by organization Of the
United States Steel Corporation the
! United States government is a. party
| to that crime, for not only did II
neglect to enforce the law, but II
actually endorsed some of the things
| now complained of. II the crime
committed was a great one then a
greater crime has been committed by
the government in attacking the Steel
Corporation now for political pur-
poses. Only year ago a decision
| was reached to permit the steel trust
to adjust itself to what the Federal
| authorities conceived TO be the law
and thereby to avoid litigation. But
! after long and mature deliberation
the conclusion was reached that more
votes could be gained by bringing
suit for dissolution.
This Was bad enough, but either by
fair means or by foul, leading finan-
! oiers got advance informs alton that
the suit would be brought and they
were enabled to sell stocks and pre-
| pare for the market collapse which
has found the great body of steel trust
shareholders and investors in general
uttSiIy uupToteSteu. lHfesIOfS Will De
properly punished for the crime of
owning stock in a corporation tina,
had the approval Of the United States
government from the first day OF its
! organization. 1t remains to be seen
whether the men responsible for the
political outrage involved will also be
punished by being retired from the
| positions of trust they have dishonored.
The time Is past for discussing the
morals of trust busting. The deadly
results must now be considered
Cannot Back Out.
Speaking at Chicago President Taft
said; The law will he enforced to
the letter Now I hope that it is
understood" At Milwaukee the presi-
dent said. Eve shall enforce the Law
against every one high and low; whe-
Their II be q trust or a trade union
the law shall he enforced. Then IL
the law works iniquity the law can
he changed" In the same address
at Milwaukee the president made it
clear that by trade union he meant
organized labor.
After these statements by Presi-
dent Taft no one can doubt that the
suit against the steel trust is only one
j OF the long series against corpora
tione, labor union. jobbers association,
trade clubs and dinner parties. The
administration cannot back out. Moth
ing will save business men from prose-
cution but the amendment OF the Sher-
man antitrust law or the passage OF
a new law by Congress to replace H.
President Taft says he Will not fay-
or amendment unless the law works
iniquify through the prosecutions he
has pledged himself to carry on. He
cannot be sure that the prosecutions
will work iniquity until they are COM
pleted and therefore the campaign OF
wholesale prosecutions must continue
for several years unless the Demo-
cratic party takes the whole matter
out of the Presidents hands by put
ting new law on business through
Congress with such heavy majorities
as to pass it over his vote. Judging
from the reported sentiments of the
leaders in Congress there is no pros
pect OF this being done. Therefore.
investors are face TO face with a con-
dition demanding urgent attention.
Stand to Lose Nothing.
Perhaps the most important thing
for the general public to realize as
stockholders il that the great nanciers
by reason of their advance informa-
ton of what was being done al Wash
ington have had an opportunity TO
stocks. The positive information that
the suit would be brought aginst the
Steel Trust may have been obtained
by them through dishonorable meth
DDS, but they obtained ii. They stand
to lose nothing in the stock market.
bu rather 10 gain vast fortunes by
snatching bargains on days of de-
moralization when the general public
is being frightened by sensational de-
velopmenss in the suits that Will soon
be under way.
The steel trust was field after two
months OF secret preparation. but Sc
cret preparation only as regards the
public for i now appears that the
speculativf directors OF the steel trust
had full knowledge of what was COM
ing. 1t is only fair to say that the
treachery of stenographers and prin-
tiers at Washington is notorious and
the responsible officials OF the govern
ment may be perfectly innocent OF
stock market alliance in connection
with this litigation. Anybody with
copies of most State papers long in
advance of their publication.
e,4aq., TrilstA Cninjured.
The next important thing for in
vestors who are not so fortunate as
to be in touch with some treacherous
private secretary at Washington. Is
To remember that the government has
not accomplished anything yet in Its
attempts to destroy the Standard OH
and the American Tobacco Com
panies. Judging from conditions rul-
ing at present In those two companies
nothing will be accomplished or, IL
anything. the Oil Trust and the To-
bacco Trust will come ont OF the
struggle stranger than ever.
All signs point for a year or two Of
depressioe,. Stocks would have gone
down even Il the government had
adopted a different policy In connec-
ton with the trusts Any wholesale
attempt to sell stocks will cause un-
necessary pantcs In the market ana
enable the insiders to pick UP bargains
with the cash they were enabled to
accumulate by reason Of their ad-
vance Information Of the governments
plans.
1t is true the steel trust Is the
greatest Of all corporations and other
dissolution suits must be led axainst
small offenders. But It does not FOL.
low because II q mans leg has been
shot off with a cannon ball that he
Will net grow peeviah II his other
leg Is shot on with small arms,
1t 10 dishonest TO preach childish
optisism at this time. nWAen q sol.
der marches to battle he runs the
risk of being shot and It 10 wrong to
make him bellows that ne Roine to
Sunday school picnic.