The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-08-01
MARKET STRONG,
BUT VERY QUIET
BETHLEHEM STEEL LEADS TIE
spECIALTIEs, GOING TO NEW
HIGH RECORD.
INVESTIGATION IS HELP
DISSOLUTION PLAN OF STANDARD
OIL Is SURPRISE AND WILL
SEND STOCK
INVESTIGATION IS HELP
Ry THOMAS c. sHoTwELL,

p
the stock market was extremely quiet
to-day it was strong in ALI depart
ments. Cotton made new low prices.
except In the July option, which had
been oversold. All the business news
was cheering. The only depressing
influence was the absence OF trading
in the market. Nest stocks showed
slight net advances as a result of
the DAYS operations
In the standard shares Union Pa
cine. Steel and AtehIson were promi-
nent. Bethlehem Steel led the spe-
cialties and was almost leader of the
market II advanced 10 a new high
record and held most of the advance
The buying Is In behalf OF insiders
in addition 10 which there is some
speculative trading in the stock. The
bethlehem Company is earnings its
friends say. at the rate OF more than
10 per cent. on the common stock as
the result Of new contracts. The
company is building two dreadnaughts
Tor Argentine and 1t recently received
q big contract for armor plate for
italy The company has about 20
oo9 men at work. and none OF the
profits is being wasted In dividends
l.
lative, this policy Is increasing the
value of the common shares.
steel Is Helped
The Stanley committee subpoenaad
few more witnesses in the hone Of
finding something to intura investors
Members OF the stock exchange were
entertained today with a report that
one or the representatives Of the
Stanley Investigating COMMITTEES had
declared that committee would rec
ommend a civil suit against the steel
corporation regardless Of what testi-
mony 1t takes. The brokers do not
understand why the committee should
continue taking testimony, since IL
has s.resGs decided 10 advice action
by the government. The committee.
has, however, performed some very
Valuable. ssEiee., ", steel shareholders
by bringing out proof that the pur-
chase of the Tennessee Coal and Iron
Company was really a hold-up of the
steel trust
The evidence shows that More e.
Schley, managers of Tennessee Coal
and Iron poei. had offers OF help To
The extent of $s.oo0,0o0, but rejected
all help and gave Morgan & Com
pany the choice or buying r. e. L. l.
at a figure above its real yaiua or
having a stock exchange failure,
which would have caused the failure
of a score OF other banking houses
and or banks and trust companies
However much the steel trust may
deserve criticism for other acts. the
Stanley committee is proving that
the Tennessee Coal and Iron incident
was an unseihsh and patriotic piece
of business rejecting credit on both
the trust and MIR. Roosevelt.
Dissolution Plans.
Speedy reorganization of Standard
OH Company Is a surprise. Standard
Oil stock viii be split into thirty five
units. Instead Of having one COM
retitor. the independents win have 70
look in thirty-fiye different directions
all al once. and while the Standard
OIL people will not be thirty-flve times
rs strong as they are now, they will
be a great deal stronger and the Oil
business will be more completely In
the grasp of the Rockefellers than
ever before. Standard OIL stock as 1t
now stands. ought to be worth at
least $1,000 a share. These new stocks
will all be traded in by Wall Street and
some exciting market movements are
among the certainties of the near flu
ture for oil stocks. The American To-
bacco Company is also taking prompt
action to obey the court and many
new securities will grow out OF the dis
solution Of the company. common stock
or which is estimated to be worth $500
a share as it now stan0s.
Action ON communication rates had
no influence on the market because
something of the kind had been ex-
pected.
The crisis In Europe over Morocco
seems to have passed, at any rate Lon
don was buyin ctsgoski
don was buying stocks In New York
to-day. Warnings issued last week
against the purchase OF stocks were
refutc.i to- day and intended purchasers
were .old by the best people to 60
ahead and make their commitments.
Total number of share Of stocks sold
to-day were 122,9S7, a year ago. $751;
434.
Par value Of bonds traded In to-day