The Irish standard., 1913-06-07
WALL STREET HARD
MT BY SUIT RUM0R
eTock SLUMP AND SELLING uN.
PARALLELED SINCE
1907.
M'REYNoLDs WILL ACT SOON
Warrington Report Says Attorney
General Holds "Tobacco Trust"
Decree An "Cnvious
Subterfuge."

tivity on the stock exchange during
the first hour of yesterdays market
probably was without parallel since
1907. Stocks were literally poured
out regardless Of quoted prices, with
declines greatest in the standard
shares.
One Of the main factors making for
the liquidation was the over night
news from Washington indicating a
radical attitude on the part of the
administration in connection with the
American Tobacco company and the
Standard Oil company. Another in.
fluence was the decidedly lower level
of prices quoted by London before the
opening here.
Pessimism Increased.
All advices from abroad indicated In
creased pessimism, not only in London
but at all the continental financial CEN
tiers. Inquiry among local banks and
trust companies failed to elicit any
satisfactory explanation for the fur.
ther slump in prices abroad except the
note of extreme conservation sounded
In those quarters.
The steady decline of the last few
weeks has caused general calling OF
loans by financial institutions. This,
as yet, has made only slight impress
sion upon the money market, but a
stiffening Of rates for both call and
time accommodations is expected be
fore the end of the month.
3v
the second hour but the selling move
ment gathered greater momentum be
fore noon and lower prices were reg
istered practically throughout the hist
The aggregate Of sales during the
morning session was we'll in excess Of
100000 shares.
"Miscarrtage Of Justice"
Washington.-Attorney General Nc
Reynolds yesterday declared that he
had always regarded the final decree
intended to dissolve the tobacco trust
as an obvious subterfuge and mis-
carriage of Justice and if there was
any proper and just way by which
he could cure the evil, he would do it
AS an immediate step he is consider
Ing proposing to congress a graduated
excise tax on tobacco manufactures
Probe Not Certain.
The attorney general said that while
he had not finally decided upon an in
vestigation of the tobacco situation
with a view to possible further anti
trust prosecutions, he likewise had no.
reached a conclusion as to whether
the decree of dissolution can be re
opened.
The attorney general indicated thai
he was firmly convinced that the de
cree was in commensurate with the
demands of the occasion. He declared
that there could be no real dissolution
Of a trust by distributing it's stocl
among the same shareholders
Regarding the Standard Oil situa
ton, the attorney general said he was
giving serious consideration to the re
suits of the governments completed
investigation Of the workings of the
dissolution decree, but had not yet de
cided whether action would be taken
Tobacco Plan Outlined.
McReynolds' tobacco plan is t.
tax the output of tobacco fac
tories in such way that the biz
manufacturers will pay more and NOR.
as their output increases. 1t is sal,
the attorney general has talked hi
plan over with President Wilson ant
the cabinet and shortly will submit i
to Chairman Simmons of the senat,
finance committee.