The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-09-18
STOCK SHR|NkACE
| CROWS ENORMOUS
VALUES DECREASE MORE THAN
BILLION DOLLARS IN THE
LAST SIX WEEKS.
CROP SHORTAGE SAME
ATTORNEY GENERAL wICkEHsHAss
FACES a CRITICAL SITUATION
IN LACkAwANNA
STRIKE.
CROP SHORTAGE SAME
BY THOMAS c. sHoTwEI.L.

NEW YORK, Sept. lF~-The stock
market has discounted the failure Of
crops and something more The
shrinkage in farm products amounts
10 more than a billion dollars AS
compared with last year. but the
shrinkage OF stocks is tar greater than
that AS compared with six weeks ago.
Inc situation In the securities mar
kets therefore Is such as to demand
very careful consideration.
Because OF the smaller crops no
body need expect the market to re-
cover to the figures from which the
break began at the end Of July 1t
wiil take the planting OF another crop
TO justify complete recovery. But as
prices have gone down more than a
billion dollars altogether 1t is a ques-
ton whether the decline has not dis
counted much of the other unfavor-
able factors 10 justify free invest
ment buying. The factors that caused
the break in tho market were In
addition 10 tho crop failure, the
threats of Wholesale strikes bp labor
unions. the extraYagant capers of
freak politicians. the certainty oe
tariff reform and the liquidation OF
Europe. particularly Germany and
France, OF American securities.
Public Now Understands.
It has been proved on many &C.
easions that as soon as the general
pubic understands and appreciates
any argument for or against the stock
market 1t ceases TO be an influence
for or against prices. For weeks ths
general public and most OF the news
papers combatted stubbornly the
facts in connection with crops. Per
sons with complete information Knew
the situation Is had. but nearly every
to sell. Now everybody agrees that
the situatio Is had. but nearly every
body realizes that the situation has
been discounted in the market. 1t is
thoroughly understood that the agri-
culture community will begin at unca
TO make UP for the loss by planting
more acreage. Therefore the crops
can be dismissed altogether as a mar
het argument.
President T3fLs veto message on
the two tariff hills passed BY the late
Congress. when com bined with I is
decision in the pure food case. proves
him man who would rather be right
than be president.
Wickershaan Faecs Crisis.
Taft has faced critical situations ard
passed through them 10 the satisfle-
ton OF the country. but Attorney
General Wlckersham Is facing the
crisis of his career. He must begin
prosecution at once Of the labor UNION
that declared a strike on the Laeha-
wanna raflraad or abandon ali his
pretensions ~ seeing that the sher-
man antitrust law Is strictly enforced.
The Lackawanaa strike furnishes the
attorney general case of con-
spiracy In restraint Of trade in viii h
the principals have put themselves
on public record as conspirators. It
Is not contended here that strikes are
wrong, hut Mr. Wickersham cannot
permit organized la Dor to brea& the
Sherman anti-srust law and force OF s.
ganized capital Il obey it
Reciprocity has apparently won II
Canada and that Will create millions
oc dollars of new business for the
United States. quickening trade be-
tween the two countries. II will ope II
up q new West 10 the United States
and theer should be a business revival
very much like the one that came
when the States west Of the M!ssissl ppi
were first exploited in earnest.