The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-11-06
DlIIlf
MARKET RES
CAPITAL ASD POLITICS su0
WITH TAFT DsuIxD 49,
BREAsTwoRxs.
VALUE IS DISREGARD
HARD FOR sPECULATORS - Z
sIDER TNvEsrMENrs 1--WE
DER CONDITIONS
EXISTING.
VALUE IS DISREGARD
BY THOMAS c. sHOrwnn

BY THOMAS c. sHOTwMin
| NEW YORK, Nov. s.-Tho
| market hAD developed into a ptk
| battle between capital and PEI
| President Taft Is lighting frou
| hind the breastworks OF the 9hSx
lew and J. p. Morgan. command61
chief OF capital. has fortified hi
In the Stock Exchange and il hui
/ constantly increasing prices aksa
advancing army -of subpoena ao1S
| BY making this exhibition MorE0
| able to keep up the spirits OH
army Of stockholders, while the
tfcians are showing signs of wea1
! in all directions because Of the
parent failure Of their plan.
| Intrinsic value is being disregAe1
Fundam entail conditions are thofot
~ appreciated by the Morgan p
and are being ignored. The tt
| are lighting for their lives. ~
/ from the influence Of advancing p141
| In keeping stockholders quiet o
preventing panic there seems to NM1
theory In Wall Street that many
the trust busters are short ct
stock market and are more anx4N
to see prices lower than to see -
ness prosper.
Morgan is in personal charge o.
stock market and his task 10 AM
! easier by the fact that railroad o4
earnings are maintained at ar
hi8h levels. The earnings are
because crop moving Is in full sWe
There II an increase Of general -
ness due to the crop movement.
real test OF the condition OF a. 60.
ness will come after the heavy m6lN
ment Of crops IL ended. 1t IL cnte14
possible for Morgan to keep the u l.
ket strong until the end OF the 49,
Political Market Had Ola0. Na
But a market made strong
manipulation for political purposes
not one that should appeal to inN
tors. 1t is hardly possible for a.!
/ to consider investments at all l..
present conditions. The most co4
fully thought out transa ction In
stock market In liable to be turned a.
A rank speculation by some twtee
the political situation. The 49,
| market should therefore be tre4&%1
purely from q speculative stanopQs
The big people had advance inl894
| nation that the government lnteUM
to bring suit against the steel $50
poration. 1t is now perfectly D.
that the collapse of Septem Der h.
due to that knowledge. They
able to make millions out OF this -
I I0YN1dIlQH. IL 36 obiS tuV 9SssSs@>
lie that will get punished.
President Taft stated In his me
sage to Congress two years ago thna
unless his Federal Incorporation Dbl
was made law. he would be c0ras
PEELED to enforce. the Sherman anti.
trust law, thereby running thouHaflxA
He has now entered upon the enfOrc&s
ment that he himself said would g.
a calamity. The situation prescnyae
10 therefore peculiar, for with ~
| President OF the United Gates on xAs
cord as saying that his action 49,
ruin thousands Of investors, J. r. Mo-
gan ia busy in the stock market IT,
ing to prove that the President u ua1e!
taken and that the government WI
be unable to accomplish anything -
rious In destroying the trusts IM1
ure Of the government In the e0Oa0sa
and oil cases IL held up az pruof 4!
thfs theory These cases have u195l
bearing on the subject, because t
tobacco and oil stocks were held III
small number OF persons. Ms1
Corporation stock Is held BY l1bs0s
persons, and II that company Ne4
split up It would be a real diosolut1
1ust as 1t would be In most Of a.!
other big corporations aside from
and tobacco. x
willing to Adjust Matters
Sale by the National City Hank
the stock 1t held In other beA94
evidence that hig business 10 VII
to adjust itself to President
idea OF what should he done. Cane
latton OF the ore lease by the SeNz
| trust IL another proof. The 9eae
| in growing among all classea Of ne
ness men that the government
more anxious to prosecute the
reform. 3s5s3E
1t is considered unfair for the 99
eminent suddenly to desert its plI1
ners in the violation Of the ShAfN
| antitrust law and punish them N4
they are perfectly willing to d.
actly what the government has Ns
and take a different point OF view
THE GaIeFnEaent's~co course ~ ea&&
from a strictly legal standpoint
when viewed from the standp0lne
morality and equity II 10 gr0e6ly -
fair. The stock market rejects M
Morgans personal conviction thes
public sense OF fair play will nuA
al that President Taft can de- -
way Of smashing big business 9p
lators would rather follow 49,
than Taft. and that - why the ae
market 10 advancing. saazS
II Prudent investors will quietly Nl
out ~ levels 4re r~achsd -
n they can do so without lose.
fnal, finished tobacco plan - extou