The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-09-20
HEAR TRUMPET|NG
Of GABRIEL 5 HORN
yfoLATORs OF SHERMAN LAW Elk
PECT TO BE HAILED INTO THE
COURTS.
PRESIDENT DETERMINED
FREE SELLING OF sToCks Is IN
OBLIGED IN AND MANY STAND
ARD ISSUES ARE Eff
FECTED.
BY THOMAS C. sHoTWELL.

NEW YORK, Sept. 1s.+-Free selling
Of stocks was resumed this afternoon
in such volume that Steel. which was
the leader, made new low record
for the year, dragging down other
standard issues 90 that some material
net losses were recorded. Attempts
TO sell special ties resulted In remark
able declines, such. for instance, as
break from 30 TO 40 on a single trans
action in Des Moines and Fort Dodge
preferred stock, and Joss OF j. / ,
points on 4oe shares OF American
snur. Amala gamated Copper sold al
new low record price for the move
mnet as did International Harvester
The close was heavy With most stocks
at the low figures Of the day.
The direct cause Of to~day's decline
WAS the speech OF President Taft
made on Monday at Detroit Breach
OF faith by several newspapers that
not only published President Tafts
speech three hours in advance OF its
delivery, but neglected TO cut out a
stick Of dynamite that the President
had ordered eliminated Is not so I'm
portant rs tho Tact that the Presi-
dent did intend 10 make the remarks
attributed to him. The statement In
question proves that the President will
bring to court as rapidly as possible
all corporations believed to be violar-
ing the Sherman antitrust law.
The proceedings against the kindling
wood trust to-day following immedi-
ately the Presidents unofficial state
ment that he intends TO bring all VIE
lators of the anti Sherman law into
court before the end OF his first term
makes IL look as though Gabriers horn
had been blown for the corporations 49,
Under the circumstances 1t was per-
fectly natural that the Steel trust
should be attacked by traders and that
investors should resume liquidation.
The unfortunate feature OF the sttua-
ton Is that the government has given
no intjmation of the rule that IL Will
use for deciding whether a corporation
Is innocent or guilty. Common decen-
cy demands that the administration
make public in the near future list
OF the corporations investigated to-
geth~r with its decision IN regard TO
prosecution In each case. II Is not fair
that every corporation be forced to
I've In suspense. This suspense is
what Is causing liquidation and the
market Is a. such a level that 1t Will
require only little more crumbiing
OF prices to precipitate real old fash
toned panic.
Crop Failures Abroad.
There Is no doubt that the crop dis
aster ia the United States has been
completely discounted in stock market
prices. but dissipation Of the Moroccan
cloud gives more distinct view OF the
situation in Europe. There have been
severe crop failures In Spain, Austria
Germany and France and even in
China, Food riots have been raging IN
all the countries. spain and Austria
have been compelled TO declare mar
tial law This condition will tend 10
put an end to the Industrial boom that
Germany has been enjoying and furtn-
er sales OF American securities by Ger
man investors must be expected. 1t
is the constant arrival of fresh bun
dies of American stocks from Europe
that Is enabling the short interest to
cover so easily In Wall Street.
Rumors from the Pittsburg district
are TO. the effect that the Steel Cor
poration will reduce wages. While
there Is nothing official on this point
reduction OF wages would be no
surprise to the trade. A few reports
made by railroads for the first week
of August show such reductions OF
earnings rs 10 indicate a reduction in
the near future of either wages or
dividends, Capital is In such humor
that a reduction of dividends viii he
resisted and will only be accepted on
condition that the labor also stand "a
portion of the curtaiiment of income.
Capital is in better condition TO force
its demands that labor. especially this
year when the smaller crops will make
food prices higher.