The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-09-26
STOCKS RALLIED
MOST VIOLENTLY
UNION PACIFIC AND STEEL LED IN
A DOWNWARD COL
LAPSE,
AM. TOBACCO co. RUMOR
ATTORNEY GENERAL wICKERsHAM
GIVES MARKET A JAR DIX A
STATEMENT MADE THIS
MORNING.
AM. TOBACCO co. RUMOR
BY THOMAS c. sHoTweLL

~" 'of'h, sept. &J.-After break
ing TO new low levels for the year
Stoohs were rallied to-day as violent
" as they had broken. In the early
afternoon Union PACING and steel led
IN collapse that marked these two
leaders down 8 Ia and 41-2 points, re-
specuVely. The entire LIST came
tuhpl.ns after, both railroads and in
oustrials. There was no pretense OF
supporting the railroad list az va.
done last week when Steel collapsed
Atnaigamated Copper and Sneiters
which had broken to new low levels
early in the day Joined In the genera,
DOWNWARD movement until they mao
sold lower than at any time since
1sVs In the late afternoon SNORT
covering was begun on an extensive
scale and this was in full swing at,
the close of the market with Steel
showing an advance Of IA, from the
low price ana Union Pacific OF 3T-s
Ihe world wide disaster to crops Is
the Fundamental reason for most that
has happened IN the stock market, al
though the public refuses 10 recognize
that fact Just as the crop condi-
tons caused riots last week in Aus
tFla, Germany, Spain and FRANCE SO
nave they this week been responsible
for what looks Ike the beginning of
In the United States the result Of
the crop shortage has taken the form
or q popular mania TO prosecute the
corporations. The worst feature Of
the political situation is that the gem
eral public refuses even yet 10 accept
the truth about the crops and con-
tinues To accuse the trusts Of things
they have not done. Cunning poll
ucians like Attorney General Wicker
sham, are taking advantage Of what
they know to be q MISUNDERSTANDING
greater political power
Report Of Tobacco Reorganization,
X was the statement made early in
the day made by Attorney Gene RAJ
Wiekersharn that he might have SONS
thing 10 say before night regarding
corporations that preeipitated the
break OF day.
The rally Of the afternoon was
caused by report that an agreement
had been reached for reorganization
Of the American Tobacco Company
THIS reorganization will show how Mt
tie the government cen do 70 destroy
the trusts.
The only real danger that investors
face In this trust busting business is
the interviews given out by Off GERS
oe the department Of justice. TIE
court decisions. being based on law
and equity. VII. do no damage.
There are lf.6T0 corporations lis1eo
IN Meody's manual The Attorney
General says aat~about leo Of these
are Illegal j. making that statement
ne has said too nuCh or not enough.
II is lis duty 70 name the ones tnat
are Illegal And while the politicians
are tseiplinng business men. the pub
lie must remember that whatever IL
LEGALITY exists in tho organization of
the great corporations exists because
The department of Justice aid not do
its duig while they were being or
ganized. The politicians become very
anxious about their duty" Just before
, an election.
As u result Of damage "a crops div
idends VIII have To be cat by many
cf the railroads. but prices In the
stock market have discounted these
dividend reductions and the unsettie-
ment prevailing just now is due en-
t,rely TO the political storm made
possible because the pu3lic has been
carefully deceived regarding the crops
The trusts are not to blame for the
fact that farmers of the United States
raised this year 10000. GEO bushels
Of potatoes less than last year, IL
100000 tons less OF hay. nearly bill
Al'it baSAetS tHss Oh 2F3lA. anu tnat
they are compelled. because Of the
short food croD In America and Ell
rope, tn sell the largest cotton crop
on record for less money than thev
did for the smallest crop on record
in this country.
Prices To Low Levels.
Confidence in financial and business
anatrs has been destroyed to such
an extent that the momentum of the
selling movement viii undou btedly
carry prices 10 unfairly low levels. IL
Will need only one good crop I'm the
United States IL rob the politicians
OF their appreciattVe audiences and
thus restore ontfdence and prosperity.
The party in power is always blam-
ed with the crop failures. and unless
there are hountiful harvests next year
complete change OF the admintstra
ton must he expected with the IMAM
ciai Upheavals incident to the intro
ductIon ~ State socialism.
The most careful Investments are
therefore liable to turn out mere
speculations, and whiie the market
is presenting splendid opportunities
for speculation, the investor Is en-
tirely ut sea.
Money Market
NEW YORK. Sept, 225-Mnnev on
call al The Stock Exchange to-day
opened at 21-4 per cent, highest
Ia lowest, q closing, . per cent.
Most OF the days loans We're made at