The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-11-20
PUBLIC READY To
BUY SOMETHING
COMPLETE COLLAPSE OF TRUST
BUSTING PROGRAM Is THE
REASON.
BY THOMAS c. sHoTWeLL.

NEW YORK, Nov. 13.-Although
tho stock market continues TO snow
a better tone. and although public
sentiment Is growing more cheerful.
trading continues to be almost en-
tire1v professional Liquidation BY
the public has stopped and the puoi1e
seems almost ready TO buy something.
Of the various reasons for this con-
dItion of affairs the one Wall street
considers the. most important Is the
complete collapse of the trust busting
program OF the administration
Wall Street has been signing fo- i
leader, and now Theodore Roosevelt
Steps forward as its champion. Four
wears ago he used the big stick on
NaT Street, hut hdW he is using II
to hammer the Taft ADMINISTRATION
So effective was the latest blow at
Taft that the ruInar is already cur
rent In legal circles that Attorney
General Wickersham will file an
amended bill of complaint against the
United States Steel Corporation omit
ting the charge that Roosevelt as
President was deceived by. Morgan
and Gary, when he permitted them 10
purchase the Tennessee Coal and
Iron Company az part OF their plans
to stop the bank panic of 1901.
Steel Trust Dividends.
Competent authorities say the steel
trust Is making only S. ton profit on
business it is doing now. On this
, basis il will hardly be able to earn
its dividends, and the report Tor the
current quarter 10 awaited with some
anxiety. But IL the steel trust is
making only Sc a ton the Independents
must ali be making - and less per
ton of output. and some OF them must
he running at cost. The independ-
ents are already making cautious
overtures to have the prices of steel
advanced and general uplift OF
prices is expected about December l..
Such an advance In prices taken in
connection with constantly growing
volume OF business should enable the
trust 10 earn its dividends.
Rumors of other suits to be filed by
the government are common, but the
number of suits that must be filed
IL the Taft programme is to be car
ried out, as announced. will be num-
bered by the hundreds, and instead
Of TALKING OF two or three suits as
Wall Street has been doing the last
the score
Ono Hundred Criminals.
Wickersham says there are ar least
one hundred Sherman law criminals
in to-da,'s manual that stand re-
vealed on cursory examination.
There must be at least that many
more hiding under false colors. and,
il there are two hundred incorporated
Sherman law criminals there are al
least thousand illegal trade combi-
nations in the shape of pools and
| and selling agencies for farm pro-
| duce. Mere law suits therefore will
! be so common that Wall Street can
not afford to take any notice of them
| from now on.
| What Wall Street does take serious
| ly, however, Is President Tafts pro-
i tsesats0sa to have noDgress create a
| commission to supervise the issuance
| OF Railroad securities. 1t il UNDER
| stood that the investigating commit
| tee appointed by tho President has
made preliminary report in which
| 1t concludes that the railroads are
tSuch Z, report must be received with
| caution because some Of the railroads
| arc over capitalized more than 100 per
/ cent, and some Of them are under
| capitalized.
"sesrssatisr. War Cry.
| Segregation il the war cry of the
| bull party in Wall Street just now
Lehigh Valley Ii really planning
something along that limo. The Read
| ing Company must dispose OF it's
| Jersey Central stock because Reading
! and Jersey Central are parallel and
competing. and the stock was pur-
chased after the law was passed for
| bidding such ownership. Reading also
has coal properties It must segregate
Thus. there is ample foundation for
| rumors that are In circulation.
I The National City Bank has beer
| segregating a good many OF its in
| vestments on other bank stocks re-
Gently. and the Nationaf City Bank
is only one Of the institutions that
! will have 20 clear it, hooks. No Ma
| tienal Bank has tho legal right to
/ speculate and practically every Ma
1 tional Bank has been epeculating.
The Stanley investigating commit
tee resumes its fishing expedition to-
| morrow hoping that the suit against
| the steel trust has NOT spoiled the
! sport. This committee was not taken
I seriously when II nfst made its APP
I Eeayanca. but professional Wall Street
having watcher steel common break
| from, 81 to 80 may take the coming
: eessioHs more neg1ouSly