The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-11-16
STOCK RUM0RS
CAUSE FLURR|ES
MARKET FLUCTUATES CLOSING
STRONG AS TOBACCO CASE -
LOOKS BETTER
DEAL NETS MILLIONS
STANDARD OIL TO SHOW NO
CHANGE--FRACTIO OF
SHARES DISTRIBUTED.
OBEYING COURT.
BY THOMAS c. sAorWELL.

NEW YORK, Nov. i5.--Irreguuluu
in the stock market to-day was due
largely TO the failure of the Lehigh
Valley directors TO make any an
nouncement following their meeting,
An extra dividend has been expected
sets and tn" report had been in cir
culation without denial in such quar-
ters as to justify its acceptance as
true. If it proves to be just another
of the manipulatiVe rumoTs that have
been circulated to assist in manipula
ton of Readirg and Lehigh Valley Ii
Will be unfortunate for the stock
market. However, since investors
ought not pay any attention to what
Is going on in Wall Street now, no.
body but spectators will be hurt and
they are able to take care of them
selves.
The market was alternately weak
and strong during the session, a per
iod of strength coming just at the
close of the day. This strength WAS
no doubt due to announcement that
Attorney General Wickersham had d.
rected United States Attorney Wise
not to participate in the attempt to
upset the American Tobacro Com
pany settlement. 1t was a rumor that
the attorney general would take just
surh action that caused the rally in
the late trading Tuesday. SO at least
one rumor has come true.
Heavy Profits Announced.
Persons in close touch with Union
Pacific said tonight that in the an
annual report of the company to be
nal iSh
showing will be made of cash assets.
1t seems that the Oregon Short line
Northern securities deal, was never
fully closed up and several other bits
of unfinished business have melted
millions to the company. According
to one report there will be an increase
of assets for the year Of s60,o00,o00 or
more.
Action of the Chicago packers in at
lacking the criminal section of the
Sherman antitrust law puzzled the
street. 1t seems to be IA principle we'll
established in criminal law that man
cansot be punished for crime unless
that crime IS so strictly defined that
he may know when he is committing
il. People in general do not believe
that the Sherman antitrust law de-
ines the crime of restraining trade
definitely enough to make punishment
for that crime constitutional. 1t is I'M
derstood that the Democratic wing of
Congress holds this view.
End to Trust Busting.
With the criminal section of the
sherman antitrust law destroyed and
with the civil section of that statute
practically nullified by the settlement
in the American Tobacco case, the
outlook il for some important trust
legislation at Washington this winter.
However drastic that legislation may
be Wall Street does not overlook the
act that it cannot be retroactive and
since all Of the big corporations stand
ready to readiust themselves to con-
form with any definite rule of bust
n. SIS laid down by the government. 1t
Ii cks like an end TO trust busting
through the, courts.
When with this one considers the
check given to the Interstate Com
merce Commission by the new Court
of Commerce. there ia hop. of a re-
turn to sanity In connection with ptg
business. The administration is be
lieved to be willing to accept an
amendment TO the Sherman antitrust
law or other legislation. which would
be the equivalent of that on the
grounds that the combinations that
would have to be attacked il the
Sherman law is strictly enforced are
so numerous that the entire business
world would he involved in litiga-
tion for the next decade. The Sher-
man law criminals" outnumber the
innocents.
Announcements Premature.
OF specific news the most import.
ant perhaps was failure OF the plan
allowing the Frisco Company to run
trains over Texas and Pacific tracks
into New Orleans. 1t appears that
that such a DIAL had
been contaminated was pre- mature,
for the Texas and Pacific Lever agreed
to It. the agreement having been
reached between the FRISCO and Mis-
souri, Pacific only. The Texas and
Pacific is not In financial condition
to carry out its part of the proposed
agreement.
Although official denial was issued
Of theAreport that old MIA In Stand
ard OIL are to be replaced with young
or ones. the resignation Of Colonel
Oliver II. Payne az a director was
The Standard Oil Com
pany declared the usual dividend Of
l1o q share, but divided II between
The New Jersey and New York cor
porations. Distribution Of tho GER
ItAroHAs - ~ no. -