The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-12-03
RESULT OF TRIAL
AFFECTS MARKET
Capital Is Encouraged by Con-
LESSONS Of Mcnamara
Brothers.
EXPECTS LAW ENFORCEMENT
No Important Movement il
Stocks During the Past
Week.
Especial to The T,mes-pispa,ch. J

Especial to, The Times, Dispatch.1
New York, december 2.-Strength OF
the stock market to-day was the d.
rect result OF the dramatic ending OF
the dynamiting trial at Los Angeles.
Capital Ia now encouraged to feel
that the administration at Washing ton
may enforce the Sheridan antitrust law
honestly. that Is. enforce 1t against
conspiracies of labor as we'll as against
conspiracies OF capital. The fear OF
losing votes has prevented such en-
forcement in the past. but the Los
Angeles trial has placed organized
labor in a position whore the poliu-
clans may be brave enough to do their
duty in attacking It's outrages.
Specific movements in the market
were not important Some very ia
yornblc developments are expected
from Washington next week. The
Presidents message and the report
of the Hadley commission on railroad
securities are expected to be favor
able TO tho constructive side of the
market. The favorable developments
however. have been forcshadowed In
Wall Street for week or more. and
IL Is possible that the rise In the mar
ket has discounted them. The advance
has ena blcd pool in Lehigh Valley
to liquidate more than 100000 shares
und a strong pool in Reading Steel
and Union Pacinc has also liquidated-
Most important OF the weeks de-
vclopments was conclusion of the gov
ernmcnt's well meaning but inefec-
tual smashing of tho oil and tobacco
trusts. Both these concerns are nor
officially destroyed. and able to do
business under the protection OF the
law. and both are strong as ever In
their best days Stocks OF both COM
panies hold around high levels, and
the Insiders are much more pleased at
the development than is the govern
ment. In fact, the tobacco trusts plan
Ia exactly what was proposed several
years ago by one of the directors as
a better way to control buhiness than
the ownc rship under single company.
The most important thing about the
dissolution Of tncse trusts is the work
II hag mado for carpenters building
partitions in the headquarters OF the
Standard OIL Company at rs Broadway
TO promote competition between COM
panles that have been occupying offices
in common. and the shifting OF OH
Gals and clerks to other cities. where
a prctense must oe made OF maintain
ing headquarters Early in the now
year some financing will be done by tho
United Cigar Stores Company that Ia
expected to make its present stock
much more valuable.
In connection with the large pay
ments OF dividends and interest for
the fret OF December money went to
per cent. the highest price OF the
year.
Copper stocks were made active dur
ing the week. partly because OF the
greater strength OF the metal market
and partly because the Amnlgamated
interests purchased control Of the Live
Oak copper mine, which is one OF the
best of the low grade producers.
Politics continued a disturbing factor,
but forecasts OF President Taft's mes
sage were rcassurlng. The trouble is
expected, not from the President, but
from Congress. President Tafts cam
paign against business is believed to
have reached It's elimination in absurd
ity when the Steel Corporation wat
sued. But Congress has been enrGged
by the failure of the President to ac-
complish anything In the oil and to-
bacco cases. and some drastic legisla-
ton undoubtedly will be proposed, al
though none of It Is expected to get
past the White House.
Cotton made new low levels for the
year.
\ In the street-Number of shares sold
to-day, 2l2,377; year ago, 2s+.+40.
Par value Of bonds sold to-day, s3,Ti2,-
900; year ago. s9ss.o0o
The trading on the outside security
market to-day was only moderately ac-
tive, but with prices displaying an I'M
6ertonc OF frnness. Inspiration cop
per was again the feature. and scored
ii further advance. Other copper shares
were quiet and steady. Precious metal
shares were quiet and steady.
New York, December 2.-Money on
call nominal. Time loans firm; sixty
and ninety days. 33i "a per cent; six
months, 3&@4. Prime mercantile pa
per. 4 to Az per cent. Sterling exchange
steady, with actual business in bank
ers' bills at s4.s325 for sixty days and
at $4.s625 s4.S630 for demand. Com
Incrcial bills, S4.S2A. Bar silver, 30 IS
Mexican dollars. 46ia Railroad bonds
firm