The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-11-01
THINKS TOBACCO
PLAN IS ADOPTED
WALL STREET so CONSTITUTES he
LIEF OF THE ATTORNEY
GENERAL
GOVERNORS IN DANGER
WRITER IRONICALLY
PREDICTS THEIR INDICTMENT
FOR TRYING TO BOOST
COTTON.
BY THOMAS G. sHorwELI.

NEW YORK, oct. 3I-Believing
the American Tobacco plan adopted,
Attorney General Wickersham made
no fundamental objection to it and
agreed to accept the plan with few
notifications. professional traders In
| Wall Street hurriedly covered short
contracts In the last hour to-day,
causing \ spirited movement upward.
Union Pacific and Steel were leaders
In this movement gaining more than
a point each. Brooklyn Rapid Tran
sit. Southern Pacific and RsaNing
were other standard Issues that
shared in the advance Pacific Teie-
phone was the strong feature of the
specially list, and it was said unofil-
cially that the company will declare
\ dividend in the near future. Amer
lean Cotton Oil was the weak fea-
ture. the stock breaking nearly to
It's low record.
Aside from the tobacco hearing
the Street took most interest in the
earnings of the Steel Corporation,
which were not officially announced
until after the close. The figures
proved TO be $29.522,1e5 net for the
quarter. which Is an increase Of 81
414.205 from the previous quarter.
and decrease of ST.s42.4s2 from
the same quarter last year. The reg
ular dividend was declared on the
common stock.
Get Back to Steel.
Reports from Washington are TO
the effect that the Stanfey committee
Niil resume fts work next week by
taking up the panic of 1907 and try
ing to prove some connection be-
tween the Steel Corporation and the
Union Pacific Railroad. Up to the
time OF that panic the Union Pacific
| bought its rails OF the steel trust. but
shortly afterwards e. Fl. Hartman
announced that the trust was not
making good rails and gave ~ large
contract to the Tennessee Coal and
Iron Company. The politicians evil
IDENTITY suspect that previous to the
panic working agreement existed
between the Union Pacific and the
Steel Trust which was broken AZ
result of something that happened
in 1907
1t is doubtful whether the ccmmit-
tee will be able to get much lnfor-
nation for the bill Of complaint
drawn by the government against
the Steel Corporation Is SO compre-
hensive az to suggest possible crimi-
nal action against every steel manu-
facturer. railroad oniciaIs ana bank
er In the United States.
In connection with the weakness
OF Emelters II II known that an tn
terest associated with the insid-
ers. but having no direct connection
with the company has been hurt by
the general decline Of the market,
and may be compelled to liduidate q
block of Snelters and Utah Copper.
Ofneial denial was issued by the gov
eminent of the report that a suit for
dissolution had been iiled. such de-
mails are worthless for there were
many of them IN connection with the
steel Trust suit.
Indi<snseas for Governors.
Cotton made new low records to.
day. The United States government
will, of course. cause The Indictment
Of ali the governors Ut southern
States participating in the New Or
leans conspiracy to advance the price
Of cotton. They are doing what sen
eral distinguished financiers did two
years ago. and the fnaneiefs We're
indicted. Tho coffee vaiorixation
scheme could not succeed ii tie gov
wink at the gross violation or the
sherman anti-trust law involved IN
the transactions,
Now that the Great Northern ore
lease Is officially cancelled. It is ru-
mored that the trustees will stop pay
Ing dividends and accumulate for
working capital the additional mil
lions to be paid by the United States
Steel Corporation between now and
January l. 1915. when the trust OPP
erations on tho property win cease.
1t Is claimed that with this work
Ing capital the ore lands can be made
profitable and pay the stockholders
better than IL the trust were to con-
tinue its lease. 1t II estimated that
the ore cnn be mined for about
dollar ton under the most adverse
circumstances. Freight to Lake Su-
perior ports has now been reduced
BY the Steel Trust to 50 cents . ton.
Freight from LAke Superior to Lake
Erie porta ID now Is cents Z ton.
making the ore cost 43.3S . ton at
Lake Erie ports. The standard nrice
for ore At Lake Eric ports Is $3.50
q ton under the 1resent Illegal agree
ment OF ore producers. This would
leave the ore lands trustees mar
gin OF $l.2S = ton on which Is do
business. Il II 10 to assume that
before the trustees could begin min
iDx On THEIR own account freight
rates from the mine 70 the Lake