The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-10-18
STOCKS STRONG;
RUM0R IS BUSY
SEVERAL IMPORTANT SHORTS
BELIEVED TO BE TAKING
LONG SIDE.
APPROVE TOBACCO PLAN
STREET HEARS GOVERNMENT
Is. TO DO THIS AND ALSO
IS NOT TO PROSECUTE
THE STEEL TRUST
APPROVE TOBACCO PLAN
BY THOMAS G. sHorwELL.

NEW YORK, Oct 17.-Stocks
closed strong to-day in the midst of
a substantial rally that seemed to
have moro than ordinary backing. Ru-
NOR was busy with names OF several
important shorts who were believed
to be taking the long side Of the
market for a turn and among these
vas an important Standard Oh opera
tor. The advance Of the market. how
ever. was probably due almost en-
ttrel yto the technical condition which
has become strong recently.
On the constructive side OF the
market there was more definite talk
regarding beet sugar. and the new
high record made by the stock seem
I'd to bear out the reports that the
dividend Will be greater than four
per cent. perhaps FIVE. Buying OF
the stock to-day seemed to be for ac-
count OF insiders. and there Also was
INSIDE buying Of Steel. Reading and
Union Pactfsc. Attorney General
Wfckersham was quoted a. having
said privately that he could find no
legitimate excuse for attacking the
general organization of the Steel
Trust although there might be some
details that should be readjusted. 1t
- believed the government will sue
two or three OF the subsidiary COM
panies but not the parent company.
Tobacco Plan Approved.
II IL also underwood that the
American Tobacco plan has been APP
proved in its main features by the
Federal authoriueA and that 1t will
go through in spite OF the protests
of the independents The CHIEF rea-
SON 1t will 80 through II that the com.
mon stockholdsrs own tho equity in
fiscation for the government to take
1t out Of thAir hAnds.a Unless the
common stockholders are permitted
to retain ownership Of theAr Town
property, II will be impossible to re-
organize any trust whatever. The
propagation to deprive them OF their
rights 10 an Ah1urdity, however, un.
fortunate It may be In the tobacco
case that the COMMON stock II own
I'd by only = few individuals.
In both the tobacco and oil COM
panies the government has made a
sorry mess In its attempt to force
dissntegration, for all tho practical
good that has been accomplished ii
hundred moro CLERKS than are now
employed. Thomas r. Ryan. A. the
owner OF a large interest In each
Of the many tobacco companies, and
John D. Rockefeller. as chief owner
OF each of the Standard OIL units can
not be compelled to compete against
themeelvee or to use one property
to destroy another. The impossibility
OF accomplishing anything in the civil
line led Wall Street to-day to talk a
great deal about the criminal CLAUSE
OF the Sherman antitrust law.
May Use Criminal Law.
II the government resorts to the
criminal clause. ~ 1t IL now felt II
OF course. the stockholders might be
prosecuted - parties 10 the con-
spiracy, but their largo numbsr makes
such q course impracticAb1e, and the
Supreme Court i1Slf u On record IN
the tobacco decisions a. saying that
the stockholders are innocent
Grain moved to 4 new high record
for recent weeks and cotton made Its
usual new low record. Banks In the
South are said to hawe loaned mil
lions TO planters Of cotton on the
basis Of eight cents II 10 - near
eight cents In the spot market that
these. AAnks viii be compelled to
force liquidation to save themselves.
the South. however. much OF a bless
Ing II may prove to the world in
general.
Beet Sugar PAsses Steel.
American Rex Sugar sold yester-
day higher than Unssed states Steel
common for . short time. although
Steel was In the lead At the finish.
Lehigh Valley also went ahead Of
Union Pacific and held It's leadership
TO the close by the margin or i.a.
0oldfleid Consolidated sold 1t ths low
est prices in recent months, touching
81 q share ~ = result OF the latest
report showing Z material falling of
In net earnings. Anaconda, Amalga-
mated and Utah Copper are being
strongly recommended - purchases
ON the theory that copper metal has
zone to about the lowest level pos
stble, but II win be we'll for the
public to let the copper stocks alone
for . time. even though they do seem
to have considerable technical
strength. F'saAfa1 Mining and smelt.
inE advanced sharply on : single
transaction In each class following
the excellent report for the iast year.
American Cotton OH In tn report
for the last year to be published in
. 10 wdays 10 expected to show moth
fnr 1t all earned ON the common
stock. This Will b NO surprise. "a
the stock ha1 discounted such ! sit
nAt1on. Ihe l1nDorfant thing Tor In.
veefors n ~ Gnkt6n on CpmpaAy
- ~ ~ 11SS4 go Nesoa 49, 100