Make sure org-mode 7.4 is actually running. If the repo org-mode is still on the computer, it may be over-riding your custom org-mode.
Try this:
Code:
#+TITLE: Test of Babel
#+BABEL: :session *R* :results silent
#+begin_src R :export results
data <- c(1,4,5,2,3,4,7,8,4)
#+end_src
#+begin_src R :file fig1.png
hist(data)
#+end_src
#+attr_latex: width=0.8\textwidth,placement=[p]
#+label: fig:one
#+caption: Histogram Test
[[file:fig1.png]]
Your original example, exported the image as a separate PDF file and org-mode can't (AFAIK) import a PDF file as an image. I changed it up to a PNG and was able to generate the attached.
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