The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-07-03
FARMER BAROhs
ARE IN DANGER
WALL STREET SAYS L. $. MUST
INDICT THEN FOR FORM
ing COMBINES
MUST ACT CONSISTENTLY
-----.------~~~-- "
VERY MULTIPLICITY OF CASES
cArsElroR LITTLE; ALARM
NET cA4cHns LARGE
coxrRIBuTEK.
By rhoma. 6. sho.w.ll.

BY Thomas G. Shotweii.
NEW YORK. July 2.--Report Of the
government tomorrow at noon will
be the first OF q series extremely i'm
portent to the stock market. Private
reports show an Improvement In cot
ton since the last report and present
conditions are ideal for big crop.
Since the stock market Is in "a strong
condition because OF the extremely
bulitsh report on steel Issued by the
United States government last week
this cotton report should have con-
siderable influence to- morrow, the fact
that Tuesday Is a holiday will keep the
market from feeling the full force Of
this favorable influence until about the
middle of the week.
Conditions in the corn belt are not
good and IT will be just as well to be
careful until that crop is further along
1t Is becoming plain that no bumper
crop In core need be expected. Stocks
of all kinds of grain left over from
last years crops. however, are large.
Railroads are perfectly safe on count
ing ON record tonnage this year and
they are beginning to provide equip
ment for such a thing
The report on the Steel Trust dis
PEELED the last OF the mysteries in a
very pleasant way The report makes
1t plain that the government has no
evidence on which to start a general
suit for dissolution against the Steel
Trust, such as maintained against the
OH and Tobacco Trusvs. About the
only thing left for the government ia
some indictments for political pur-
poses The first indictments are not
particularly cheering to the party in
power. because when the thing had
proceeded so far that 1t could not be
stopped. it was discovered that chief
among the men who would have to be
indicted was one. who raised several
million dollars for the campaign fund
in the last presidential election. 1t
looks as though the wire Indictment
would lead into the Amaigamated Cop
per Camp, and IL go, the movement
would be popular.
Must indict Farmers.
While the alleged patriots in Con-
gress are wrangling over the free list
for farmers. they are overlooking the
fact that indictments brought against
the wire pools viii make 1t necessary
for the United States government to
indjct nearly all the successful far
fners of the United States. for most OF
them belong to pools for selling pro-
duce. The cantaloupe criminals. the
peach criminals, the orange, prune and
raisen pirates, the watermelon crin1i-
nails onion. cucumber and radish bar
ons must all take their turn and have
their pictures In the paper under in
dictment headlines.
Wall Street will insist on equal jus
tice, and there is little doubt of the
ability Of the government to prove
that every successful business man in
the country has some trade agree
ment of which he derives profit The
very universally OF this indictment
makes Wall Street feel safe.
The movement has only begun and
already there are eighty-six business
men under indictment. The govern
ment does not realize the enormity
of the task 1t has undertaken, but
MIR. Justice Hughes. in almost the last
speech he made before retiring from
political life, admitted that nearly all
business men in the United States are
dishonest. and there la. therefore. All
thority to say that Attorney General
will have plenty to do.
Operate Through Banks.
Wall Street brokers complain OF
small commissions and note with sor-
row absence OF the public from the
This is not cause for worry
or reason for not expecting. the
market to advance. The individuals
known a., the. nulhllie are specializing
in stocks. operating very largely
through the banks. The big banks
and trust companies solicit commits
sion business openly In advertise
ments. Thousands of persons who
formerly had their personal accounts
with brokers now operate through the
banks, for these institutions will han
die speculative accounts as small as
100 shares on margin. In addition
TO the buying through the banks by
great pools operate in that
manner
The public personally may be ab-
sent from Wall Street. but the pub
lies money Is there, and as hard at
work as 1t ever Was.
This system of trading in big units
Is a good thing for investors, how
ever bad it may be for SPECTATORS
2fisf brokers. r. gives the market
more stability aud reduces the dam
ger OF foolish panics. Action OF the
market on account of the Oil. Tobac-
co and Union pacific decisions and
the Steel Trust report, was altogether
different than than II the public had
been in the market through the COM
mission houses. whore each individ-
ual has the control OF his own money
The big pool managers knew that
these decisions meant higher prices,
and they received them calmly. Sales
OF stocks under present circumstances
by the big people would be a confess
sion of guilt. and the big people re-
fuaA "a nlon c,,{ttv