The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-11-12
STOCKS UNDERGO
SLIGHT REACTION
Declines Very Small in View OF
Rapid Advances of Past
Week.
AMONG SHORTS
PANIC
Action OF Court in Tobacco
Cases Sends Prices
Upward.

New York. November 11.-stocks
were slightly reactionary to-day. The
proiit-taking sales were well absorb
ed and the declines were remarkably
small in view OF the rapid advance
OF the last week. Lehigh Valley and
United states Rubber made new high
records. 1t is now admitted officially
that the Jersey central is planning &C
greSation OF some OF it's holdings Of
coal properties. Other coalers I'M
doubtcdly will follow suit. Owner
snip of Jersey Central by the Read
ing Company is Illegal and Jersey Cen
trail stock must be distributed. This
is the cause of the advance in Read
ing.
Stocks have been wildly excited the
past week and there WAS a genuine
panic among professionals who wee
short OF the market. Steel advanced
more than i've points in one session,
and Union Pacific moved up almost
as much. The cause of this pa 1ic
was the fact that the United States
Circuit Court OF Appeals in approving
the plan Tor reorganizatins the Amer
lean Tobacco Company rebuked the
Attorney-General by throwing out most
OF his objections to the plan fled by
the tobacco insiders.
The reorganization as officially APP
proved leaves the tobacco Industry In
the same hands that 1t was before
thc suit was begun, the only differ
once being that insiders are forbidden
TO Cypress independents. This d.
cision Will, OF course. be taken 10
the United States Supreme Court fo-
NAL approval. but in the light cf
the riginal decision on Standard Oil
ana American Tobacco there IS little
prospect of any change being made.
The Taft administration has persist
emily misinterpreted the Supreme
Court decision. and the settlement of
the tobacco case as now promulgated
by the court confirms the views of
the supreme Court decisions expressed
the day after being handed down. The
prospect now is for q compromise on
the part OF the government with all
the corporations which have been sued
or against which suit is proposed.
As the tobacco decision was known
In advance at least ten points OF the
remarkable rise in the stock market
the past two weeks must be credited
TO that influence. American Tobacco
stock Itself advanced to AS, in the
big uprush of Thursday, which is a
recovery of SIS a share from the low
point after the Supreme Court decision
WAS announced.
The 6 per cent. bonds went TO III
this week or within u fraction OF the
highest price at which they ever sold.
TIL advance in Steel omnon was
natural under the circumstances. for
the governments suit is lost before
IL goes to court.
mother influence making for better
prices in Wall Street, was the decision
OF the new Court OF Commerce, grant
ing a temporary injunction against
reduction OF ~ntermountain rates by
the railroads as ordered by the Inter-
state Commerce Commissioners. When
the case is finally disposed of BY the
Court OF Commerce 1t Will be taken
to the Supreme Court OF the United
States no matter which side wins and
n final decision Will be secured as to
the power of the Interstate Commerce
Commission to adjust rates.
Another cheerful influence was the
reports OF heavy orders for rails be-
ing put in by the railroads. The
American Cotton OIL Company passed
the dividend on its common stock. but
this had been discounted. The Ma
tional Biscuit Company an
-1Ttrh dividend OF . per cent. on Its
common stock. ana the Ihfhfi&a.,, Geo
Company is expected to make some
paymen In the near future on account
OF the accumulation OF dividends on
the preferred stock. The coal stocks
were uHOeT manipulation, ana reports
were circulated OF a distribution OF
assets. Brooklyn Union Gas had a
sharp movement upward in expectation
of an extra dividend. Union Pacific
and Southern Pacific announced their
giving dividends. and Judge Lovett
started on an inspection tour over the
system.
Election results were so mixed that
neither party in politics or in the
stock market got much comfort out
of the return. so that they might be
considered without influence at all
on the prices the past week.
New York. November 11.-Money on
call nominal. Time loans steady: six
~ days and ninety days. 31-2@33-4
per cent; six months. 31-2@33- ga.
Prim. mercantile paper, 41-4@41-2
per cent. sterling exchange steady.
with actual business in bills
at s4.s3s0 for SIXTY days. and at $4.s7
for demand; commercial bills. s4.s3 1-8.
Bar silver silver. Sc Is. Mexican dol
lars, 46 1-2. :
RICHMOND STOCK MARKET.