The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-11-17
MR., ROOSEVELT
TO THE RESCUE
STRENUOUS ONE ATTACKS TAFT
- ON POLICY RELATIVE TO
SHERMAN LAW.
HAIL HIM DELIVERER
HAD ASSISTANCE HOMENER IN
REPORT OF UNION PACIFIC
INDICT RAILROAD MEN
FOR RELATING.
BY THOMAS c. sAoTWELL.

NEW YORK, Nov. 16.--Just four
years ago Theodore Roosevelt was be-
ing denounced pIjustly as destroyer
OF values In Wall Street, but to-day
he was hailed as Wall Streets de-
liverer. The stock market rallied as d
result Of his attack on President Taft =
policy Of enforcing the Sherman anti
trust law. The financial world jumped
to the conclusion that Roosevelt was
willing to lead Ii campaign OF eonser
vatism, and liquidation in the stock
market was stopped, many short con-
tracts were covered and perhaps there
was some investment buying. This
sudden check to the downward move
ment caused some material advances,
prominent among which were those In
Lehigh Valley. Reading. Union Pacific
and Steel.
But Roosevelt had assistance In ad-
vancing the market in the shape of
Union Pacific's annual report which
showed that the company had written
up its assets, $71,11S,2sS. At first sight
this report looked very bullish. ana
it frightened shorts into covering their
Union Pacific contracts. on investi-
CATION it was discovered that the sur
prising increase OF assets was moth
Ing but a readjustment Of accounts,
nothin- at all being added that pre-
vious accounts did not show to be in
the treasury OF the system.
Advance Information.
The stock which closed at i70 "a
las night sold up to lib before Off
cial announcement was made by the
Union Pacific. Then the street re-
membered that 1t had advance in
formation Of this report that had
probably caused the rally in Union
Pacific late yesterday after the stock
had sold at 16S liz. Protit taking
caused a reaction to LIE. at which
figure 1t closed Arm. The report shows
also that Union Pacific earned In the
last fiscal year 1851 per cent, COM
pared with 1917. the previous year on
the common stock This includes all
investments as well as revenue from
railroad operation Thus, the Union
Pacific disappears as a market intiu-
ence.
As though to. hold the financial
world down to earth, indictment was
announced Of several prominent rail-
road men on the charge OF rebating.
1t was also said that one of the large
orders ~tven by one OF the big rail-
road systems had been placed on a
basis leaving no profit at all for the
builders. The business was wanted
steel trust was reported taking orders
almost at cost basis to the dismay
OF the, Independent steel concerns.
particularly the Republic Iron and
Steel. All this liz just as bullisn on
the railroad stocks as 1t Ia bearish on
the industrials.
Proof in ReportA
Wall Street wonders whether the
Republic Iron and Steel Company
would cut prices again II it had its
life to live over. The street wondered
also whether the steel trust was TAX
ing business at such q low figure be-
cause 1t wants the business or because
1t wants to provo what real competi-
ton can accom- lish. The proaf will
be found in the reports OF the indie
pendent companies for this fiscal year.
The recent quarterly reports OF the
steel corporation and the Lackawanna
Steel Company placed side by side
may shed some light on the situation.
Some OF the independents are reported
as anxious to have the steel corpora
ton raise Its prices, and 1t In just
possible that prices OF some steel ma
terlals may be advanced in a couple
of eeks.
Number Of shares sold to-day 62..
ITO. year ago. 449.SS2.
Par value of bonds sold to-day, 3d.
$4,000; a year ago, $2051 900.