The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-10-31
VIRGINIA BONDS
BREAK ON MARKET
FOLLOWING REFUSAL or sVrNEME
COURT TO DEMAND SETTLEMENT
Or DEBT CASE.
RESTRAIN RAW COTTON
GOVERNORS OF SEVERAL STATES
CoNsrINE WITH JoBBERs.
= DISSOLUTION SUITS
HANG FIRE.
RESTRAIN RAW COTTON
By THOMAS c. sHorWELn,


exception OF American Smelling and
few spscialties the stock market
was strong to-day. making some no.
table advances, but late In the after
noon It turned weak. and the close
was heavy. Although the last prices
were point or 70 under the high fIg-
ures% Of the day. they showed net
gains In most issues. The strength Of
midday was due to a covering move
ment forced by a skiliful operator.
The short interest was reduced. and
In the afternoon the market resumed
its formal condition.
The two distinct influences of the
day were the hearing before the Unit
ed States court for tho Reorganization
Of the American Tobacco Company
and = persistent rumof that the
American Smelling and Refining Com
Jany would be sued by tho govern
ment and compelled to Dissolve.
Smelters broke more than three points
from the high price OF the morning.
and the bonds were heavy. II was
only q few months ago that ofnclai
announcer emit was made by the COM
pany that tho United states attorney
for the Southern district Of New York
had Investigated the company and
found nothing 10 complain OF in its
organization.
1t was interesting. to note to- day
that. although the government has
announced its intention to destroy all
conspiracies IN restraint of trade.
governors Of several Southern States
publicly conspired with cotton job
bers to restrain the trade In raw cot
ton. Tea and coffee interests organ
lied a conspiracy in New York last
week.
virglmln D0nds Break.
The one surprise in the bond mar
ket was the break of more than seven
points in virginia bonds following
the refusal Of the Supreme Court to
demand immediate settlement. and
particularly refaelng to dsmenA the
amount OF back interest that should
be paid. These bonds will proba-
bly, not BE- paAd until after the 1915
meeting OF the West Virginia Legis-
lature. Ii IL fortunate that the vir-
rinia bonds and tho North Carolina
bonds are not outstanding for the
account OF some Central American
public, fot Ia th4t event few bat
tleships would quickly adjust tho IN
tareet. :,
Speaking Of reputation. Wal
Street In amazed at the ingratitude
OF the state OF North Carolina. Whom
North Carolina wanted to borrow .
few million dollars about year age
IL was unable 10 do 20 because II
has refused to make any settiem en-
with innocent holders OF it repuoi-
/ afsd 6onds but ths- A1asfeAsa
bacco Company stsppsd Forward ano
accepted North Carolina bonds. thus
postponing the day Of Judgment On
account of the repudiateA issue. which
win have TO DO disposed OF before
any bankers o. investors will accept
the states securities. Now the 0ov'
amor OF North Carolina has Joined tne
Arht against thA American Tobecce
Company, unmindtul Of the gree(
favors from that corporation
DuGMnn1 DlrepAneA
Attorney General wickerIham't
proposition In connection with the re-
orranisatson % the American Tobac
co Company proved that while imam,
ciers and lawyers are ccmpietsiy q
ssa regarding ! course Of action un'
der the sherman law. tho govern
mental mind u IN . nebuious ccndi'
ton also. WiekorDham's plan to Re-
strain the twenty-nins industrial de-
fandants from buying vtock In any
eubsidiary companies ferces one to In
uuire how he can do It. How car
any one know who n buying stock
Wickersham also provides for dummy
directors Of tobacco companies. De
cause the same man - not to BE- per
rnitted to ut On the board Of twt
companies. ~ some OF the twenty
nine naturally would DO II they *
ercised their lAQAl rights - owners
openly. II the government forces