The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-10-10

companies. These companies cover
bacco. With the restoration Of the
Duke. Sons &c Company business at
Durham, n. c.. the Allen 6 Ginter
branch at Richmond. and the Kinney
Brothers branch at New York. all of
which are now submerged into the
American Tobacco Company. there
would again be competition in the
Wanufacture OF cigarettes. Then, with
the resuscftation of the Liggett &
Myers Company. the Drummond To-
bacco Company, both OF ST. Louis; the
Finer Brothers, and ono or two other
important factories at Louisville, and
the p. H.. Mayo & Brother OF
Richmond. and all as really indepen-
dent companies, there would again be
competition in the manufacture OF
navy style Burley plug tobacco
In almost every city in the tobacco
sections of Virginia some important
tobacco factory has been blotted out
or existence as q going concern by the
american Tobacco Company. Why not
ask the United States District Court of
New York to order a competent com
mission to study the situation and re-
port a feasible plan to the court at
some future date? Ask hat the court
give the leaf tobacco sections OF the
country representation on the com.
mission. Better this delay than some
hasty sentiment that will not give
proper relief.
Unscramblins Eggs.
How to u~nscramblc an egg Is in
deed a difficult proposition, IL we
should remember that we have some
smart mathematician and lawyers
these modern days of progress and dis
covery In the sciences. This is the
brightest. most technical age OF this
old world, and | believe a commission
could be appointed by the court, rep
rescnting all interests involved, that
could work out the proposition ef-
fectualE and cquitably.
I'm this limited space only sugges-
tons for the proper working out OF
results can be considered. But II
seems to me. upon superficial consid-
Grafton. that "a new and general bond
issue could he ordered By the court to
cover and redeem every outstanding
bonded debt OF the American Tobacco
COMPANY: that upon investigation OF
the books of that company certain now
defunct companies could be revived
and made as going concerns again.
with specified capital stock approach
ing the value Of the property as taken
over by tho American Tobacco Com
pany. Then. after il Is determined
what companies shah exist. under iGle
new order OF things. each said COM
pany shall assume payment of it's pro
rata share OF such new bonds. When
all OF tho necessary WORKING assets
of the present american Tobacco Com
pany shall have been divided among
the said succeeding companies. the
american Tobacco Company could be
dissolved and to the present holders
OF its stock the stock OF the succeed
ing companies could be distributed pro
rata. Just as has been done already
in the adjustment OF the Standard Oil
C~ompanH's affairs.
provision could he made that any
such successor company could be freed
"f its obligation by payment of its
pro rata share of the new issue gen
eral mortgage bonds. The stock OF
each such company would he indepeu-
dent of every other such company;
and when il paid its assumed share
OF the new general mortgage bonds, il
would be free. This would give every
present stakeholder OF the American
Tobacco Company a full participation
in all of the assets of TIE company,
end would not impair the security OF
the present American Tobacco Com
panv bondholders, for each stock
holder would hold q pro rata share OF
new stock of each new and
each present ~bondholder of the Amer
lean Tobacco Company would hold a
new bond covering all OF the assets
a 90 r. a.. - =. -
"N'IAat is desired by the country. and
required by the decision OF the Su.
preme Court. is the efectual cstab.
nshment OF conditions Of competition
~ believe this can he brought about
by the combined wisdom OF an able
impartial commission, to be appointed
by the court