The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-09-21
DIVIDEND CUTS
ARE ON PROGRAM
RAILROADS AND STANDARD Is
SUES ARE PREPARING a
CAMPAIGN.
RIG ONES TO DISSOLVE
BAyEsTEa AND
STEEL ONLY WAITING on THE
DEPARTMENT OF
JUSTICE.
sY rAoMAs c. shoTWELL

MEN YORK, Sept. Io,-~~fA@F"i - a''N-N
tho steel trust and international ftat
xester Company would be feof SaiiiAS"
immediately to conform with what the
fe,,5er,,tn.ft believes to he legal under
The sherman anti-trust statute ca usea
a renewal of the question Ia van
Street to-day, particularly OF sleel
trust stocks ana bonds. All o. THESE
made new low records Tor the Tcas'
Railroads resisted the decline pei
ter than the Industrial list, pat tht
only reason for that was the faet tnSt
public attention WAS eentered on steel
1t is understood that both Taif eaus
and Industrial VIII begin a dlFIaeho
emitting campaign In the near future
The August earnings OF the fa3f"a0s
win Justify something of The kind, ana
the heavtness of the steel trade VIII
hack II up. Republic Iron and steel
Is mentioned as ene company that VIA
reduce its dividend
Declines in steel preferred ana N the
sinklng fund bonds Of the corporation
aItra cted more attention than the toHl-
mon stock There was also Weakness
ia some specialties among these De
ing Beet Sugar. Some professionals
are selling Beet Sugar and are at
tempting to make tile pubic believe
that the directors who have promised
4 dividend some time IN the year 1871
VIII not keep their word. But they
will. They can't afiora 10 do other
wise.
Trying to Conform.
More than "a year ago the Steel cor
porai40n and the International Har-
vester Company notified the govern
maut that they would Go everything IN
their power to conform 10 tue govern
Inonts idea OF legal business If the
hksfg1
any llegailty Of their present organi-
cations The government agreed TO
do so ana readers OF this column Will
remember that the ball campaign be
gun just a year ago. and carried up
TO election day was based ON the gov
ernments promise to let the corpor-
ations readtust without being brought
To court
Ever since then tha department or
justice has been busy trying 10 md
something 80 F+-f4+{4ti1t tstfti PfrsfIrfit
Tatts speech at Detroit puts the au-
minstration sqgareiy on RECORD as
willing 10 carry o.t the agreement
made last year. Officials OF the Steel
trust and Harvester Company refused
to-day TO say whether negotiations
were actually in progress between them
and the department negotiations were
and the department of Justice, but
AS a matter OF course they must either
he IN progress or viii he IN progress
soon. Wall Street rumors OF to-day
were therefore only premature at the
worst.
or course. negotiations between the
Department Of Justice and the cor
perations might progress for some
time and fail even then because the
government might ask too much. The
Harvester Company could easily be
brought within the strictest construc-
I ton of the law because its trade pow
/ err lies In its patents rather than In
| its com hlnations. But the Steal Cor
/ poration would undoubtedly resist any
$ radical charger IN IT'S business Tfefh
I DDS.
/ Late in the afternoon street rumors
| said that an agreement had been
| reached TO support the market with
Morgan & Company as pool man
ayers. 1t is very doubtful whether
even pool OF Inorganic magnitude
could stop liquidation unless accom-
panied by an official statement from
the administration at Washington
4 that the trusts were being rcadjustei
! by agreement and without litigation.
A pool Of money will avail nothing
| without a pool of politicians working
| in harmony.
1 outsBOk Less &tHNiItIlg.
The outlook for recovery Of prices
/ Is less cheering just now because Flu
! rope is unable to do anything to help.
! Owing To the crop failure in Europe,
/ further liquidation from the CONT
nent is much more likely than fur
4 ther purchases of American stocks.
! Not only that, but the heavy sales of
! American securities by Europe has
! already reduced the balance of trade
/ in favor of the United States very
! materially. Newspapers are saving
| that the disturbances In Europe are
! political, That is the way crop fail
| ures always appear to the public.
| When grain and meat advance to
record high prices next winter and
spring the same newspapers that are
now deceivng the public regarding
| crop conditions will. be denouncing
/ the meat trust and the grain specuia-
| tors and the public will approve With
/ hat few exceptions, all great politi-
I cal movements in the history OF the
world have been the direct result of
crop failures The riots in Europe
/ this year are no exception.
| British consols sold at the lowest
/ price they have ever touched since
! being reduced to 3 Ia per cent tn
terest basis. The banking world ex-
poets an advance OF the Bank OF