The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-03-13
CONeREsS IS ABLE
TO DO BIG THINGS
nAsEBALL Trust RESOLUTION Is
STRONG BOOSTER ron THE
STOCK MARKET.
OUTLOOK QUITE ROSY
orTlMISTs SIZE SETTLEMENT OF
COAL SITUATION IN SIGHT
STEEL BUSINESS IL
oN THE BOON.
OUTLOOK QUITE ROSY
Nv THOMAS G. sHorwElL.

NEW AOkk. March i2.-~>othing
else happened. SO IL must have been
the solemn resolution introduced IN
Cnngi ess TO investigate the baseball
trust that caused the recovery in the
stock market today. Congress Is
proving It's ability to do big things
IN a big way. Kings and empercrs
and Jack rabbits must be thrilled
with this exhibition of high purpose
on the part of the American Con-
gress. where Henry Clay and Daniel
Webster once debated Every true
patriot will tremble with awe rs thAt
UBIQUITOUS trust Is haied to justice.
The wrctches who come from Phil
ade,uhia TO New YORK, steal bases
aud knock the bali beyond the rule
Of reason. actually crossing State
lines with shameless faces as they
travel East with this purpose in View.
are clearly criminals. 1ney must be
made to taste the bitterness of suc-
cess. Stock of the baseball clubs will
DO nut as high as Standard OH. If
necessary, TO vindicate the noble
statesmen who have become pihicated
with power. The railroads have been
made to regret the day they cut OFF
passes from the politicians. and now
the baseball magnates Will be remind
ed of a similar oversight. 1t Is no
wonder decent business men and
bankers are trying to forget that Con-
gress Is in session and have started
in for a good years work
Strike Settlement In Sight.
--- -s.---- haset,-fi $50 investigation over
shadows everything, but some atten-
ton was paid to reports that the
British coal strike was wen on the
way TO settlement. II was also stated
IN high quarters that the American
operators would make an offer to
the miners which II Is believed Will
avert strike here The operators
are more anxious TO get a long term
contract than to save a few cents
day. They want assured peace at a
fair price. They believe the men will
be glad to accept the terms that will
be proposed
One result Of the belief In an early
strike settlement was further ad-
vance of Anaconda stock. The
strength Of copper shares depends Ola
the metal market. and that is DEEPEN
dent on the labor situation. These
various signs point TO peace agree
ments. An attempt to get the pebble
Interested in Consolidated Gas on the
theory that If there is a coat strike
ii Will have great increase of out
put failed and furnished another clew
TO the feeling OF the insiders. There
can be no coal strike unless the men
who are ON the inside OF the inter-
locking directorates of the coal. gas
and oil companies want one and they
do not seem 10 be preparing for one.
Ger Big Steel Tonnage.
Erie and New York Central at
tracted attention. Erie displayed the
same firmness that has surprised the
Street for weeks. In common with
other railroads ii is getting big bust
ness out of the tonnage boom in the
steel trade. Every ton Of finished steel
produced means at least five tons of
freight for the railroads. IT takes
two tons Of ore, one OF coke, half
ton of limestone. half ron or otner
materials. and then there Is the steel
itself. In addition to the tonnage the
railroads are getting new cars and
structural material at 60 per cent. of
what they paid two years ago. The
condition of the steel business is not
calamity, by any means, not even TO
the shareholders. The Steel Trust
dividend is safe for this. year
New York Central was watched be-
cause of the announcement that w.
X. Vanderbilt has been working so
hard he Is compelled to go 10 Europe
for rest 1t can be stated conf
dentially that Mr.. Vanderbilt IL not
entirely exhausted. But he has whip
pad the system into much better shape
and has the financial plan ready for
announcement at any time things look
right.
May Reform ratept Law.
Another feature of strength was
the decision rendered the previous
day by the Supreme Court, uphoiding
the decision of President Taft. as a
circuit Judge, that the man who gets
d patent can control that patent in
the hands of its purchasers. There
has been considerable outcfy over
this decision. but such is the law.
and this. the first Supreme Court de-
eisioft t,sf Tire potrrt at issue, may force
Congress to reform the patent laws.
As in the Sherman law. the Supreme
Court is not TO blame. IL the people
7. go not FIVE. r.. they have n0ffftisg 10
do but change the law and the Su-
preme Court will follow the law. The
power TO recall decisions has always
existed, being in the shape of the
power to repeal laws. Like most OF
ticians are trying to palm off on an
4 sinsuspeeting public the power to re-
call decisions Is contained in the Con-
stitution.
United States Rubber, Telephone
and Western Union were high ella IS
investment tssues that displayed
strength.
nthe street: Number n shares sold
today 25e.I23 yea ago, 40s.775.
Par value of bonds sold today, ST.
$4,000. a year ago, $2.6e3,o00.
New KorE Money! Market