The Providence news. (Providence [R.I.]) 1891-1906, 1895-11-16
FINANCIAL NEWS
Regular Dividend en- Tobacco
Will Be Declared.
Efforts to Force Reading Interests
To Accept Plans.


NEW YORK, Nov. 16. Tobacco went
down on sales by Bache q Company,
Blair, Rigley and stop orders. A rumor
that Lorillard & Copmany would manu-
facture cigarettes had some influence. 1t
is understood that a conference was lately
held at which Tobacco interests were
we'll represented.
The feeling was practically universal
that while trade conditions involved
losses it was good policy TO continue the
fight. There was some talk about the
next Tobacco dividend, which Is payable
next month. A prominent Tobacco man
says that the regular dividend VIII be
declared. IL the companies have not
earned them there is the big surplus 10
draw upon. He looked for a further
prosecution OF the tobacco fight and an
ticipated that the stock would sell near 80
before a settlement was reached. "A cor
porstion with a large surplus can stand
a tight which involves financial loss bet
ter than individual firms and he was con-
tident of ultimate victory for the Ameri-
can company.
1t is thought there may be an effort
in the present depression OF Reading ju-
nior securities TO force certain interests
to accept certain propositions in q pro-
posed reorganization plan.
These Directing interests are found to
be unexpectedly strong in their position
and claim TO be able to keep of foreclo-
sure if they choose TO do so. III the
junior securities are put down further It
Is thought that resistance will be much
less.fru'tful than acceptance of present
plans TO rehabilitate the company.
The selling OF Reading securities is
persistent and sggravating in the ex-
IRENE to those who have been buying, In
hopes Of rallies. A number of traders
who bought largely around 20 do not
want TO buy or sell around ii, and have
quit trading in the stock on the theory
that the steady decline has brought 1t to
a point where one had better wait until
the plan of reorganization is known def
nitely and assessments are paid. With
the exception of New Finland il has been
found that a stock assessment paid can
be bought cheaper than before the assess
ment Is made.
The amount of gold going today was
enough TO be disturbing, especially in
view of the probability OF more gold next
week. IL did not, however, break prices
until rumors of commercial difficulties
were added, when traders selling to take
profits, added to the attack on special
stocks, carried the list down.. The de-
clines were about equal TO the advances
Thursday forenoon, yet established a lit
tie lower level. 1t does not follow, how
tNtEs lBht tnt iihIhe IL kOluk w nhNt u
large fall. The lumber of people who
believe 'that the main movement of the
market is upward is sufficient TO create
in the aggregate a large amount OF buy
ing on declines.
GENERAL FINANCIAL
II is acknowledged that the shipments
OF gold next week Will be heavy. In
some quarters these exports are estImat-
ed at between "a, 600, 600 and 50, 900, 600.
While gold goes out at this rate anything
of a bull market Is scarcely to be looked
for.
Edward Sweet q Comply say: .'The
gold shipments do not arouse the alarm
Of former ones as ii Is felt that Cleveland
would issue bonds promptly If the occa-
sion required them.
Joseph says: ''We wish to draw at
tention to the following important ex-
tract which appears in a column of lead
ing editorial in today's Journal OF Com
merce and Commercial Bulletin, which is
the authority, speaking of the DISPOSE
ton to make a party issue CT the trust
question. This Sherman law has not
proved adequate for the suppression of
trusts snd people now say, "Let us have
a law that will This sounds reason
able enough, the editorial concludes,
but il ignores the fact that there is a de-
cision OF the Supreme Court of the United
States under which no law OF Congress
Gao be made effective against the great
manufacturing monopolies known as
trusts. The bears Will probably drive at
Sugar when they learn this"
London for Americans is irregular and
Is 10. Ia lower. Reading is the excep-
ton, being 3-s higher; Consols, lie
lower.
Treasury gold this morning, about $50,
500, 900; excess expenditures so far this
month, 81, sol, OBJ; since July, S21, PSF, $3.50.
NEW YORK STOCK QUOTATIONS.
nKroRTEp BY MILLER q vAueHAn.