The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-11-10
BEAR PANIC ON
STOCK EXCHANGE
FOLLOWING DECISION OF COURT
IN ADJUeTMENT OF TOBACCO
CASE.
ADVANCE A SURPRISE
FINANCIAL WORLD BELIEVES
THAT GOVERNMENT WILL
GRANT TERMS TO ALL
TRUSTS.
By THOMAS G. sHoTWEII..

NEW YORK. Nov. 9.-A bear panic
the ultra conservative decision of the
United Etates Circuit Court OF APP
peals in adjustment OF the American
Tobacco Company Most OF tho sug-
gestions Of Attorney General Wick
ersham ware thrown aside with the
plan Of the independents. and when
this was fully realized those short
OF the market. As \ result OF speeu-
!atfve sales OF stock they did not own,
began competitive purchases against
those who were short Of the market
AZ q result OF having sold out all
their investments. The day was made
more exciting by open-handed manip-
ulation by brokers supposed TO be act
ing for J. r. Morgan personally.
Steel was advanced more than I'VE
pcints; Union Pacific nearly Ave, and
other stocks from two to four points.
The close Wa buoyant At the highest
figures OF the day. with the short In
terest In a state Of terrific excite
ment. Blocks 81 stock reported on
the ticket were 20 large as to pre-
clnde the idea that the general pub
ltc had bagun - buy. 1t will take a
day or two longer to prove whether
the upheaval II tho beginning OF a
now era in Wall Street or simply a
bear panic.
AdvaAne . Surprise.
The advance in the market was
surprise to nearly everybody concern
ed. because 1t had been known that
the court would approve the Ameri-
can Tobacco Company plan, and most
professionals had believed the good
nows discounted. What caused the
further advance was the fact that the
court rejected - absolutely the In
cendiary demands Of tho Attorney
General.
Tho administration n represented
by the Attorney General has met
such reverse In this readjustment
Of the tobacco business that the imam
cial world believes the government
win be more than ready to grant fav-
orable terms TO other corporations
that may be sued in order Ito save
its face
The stump apeeoh litigation against
the steel trust u rendered harmless
by the final decision in the tobacco
case. For the good Of all parties
concerned this decision will prob
ably be carried to the Supreme Court
Of the United states 20 a. to put TT
nnality beyond question.
Only enc absurdity has been dis
covered in the dsctsion ~ handed
down. and that 10 the attempt to
keep twsnty-nins individuals with
money in their pockets from buying
stocks in the tobacco companies. Of
which they now own 4 substantial
interest. Tho government may pre-
vent legal transfers. but this decision
simply makes 1t necessary to use
dummies for the purchase and voting
Of the stock IN question.
UnfAvoau1oe xn1nenoA
Passing Of the divdAad on Amert-
can Cotton OIL was tAe only un1av-
orAble influence. and that had bean
expected. % that Il passed with but
little influence. The extra dividend
on National Biscuit forced that stock
stiii higher. but Il lost al the gain
its upward movement to another new
high record. Brooklyn Union Gas
surged to . level ave points above
the previous days price.
An advance In the prics Of Copper
metal Wa followed by . sharp rise
In Amalgamated Copper. Shelters
and Utah on the exchange. with
strength In the copper snares on the
curb.
Segregation Story.
Reading and LAhigh Valley were
among the Leaders. The story Of
aggregation Of assets persists, Union
Pacific and Southern Pacific respond
ed quickly to the covering Of abort
contracts. both companies declared
their regular dividend International
Pump was active and International
Harvester moved upward sharply.
National Lead. the Texas Company,
Western Maryland preferred and
Third Avenue were stocks that moved