The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-12-12
THE TOBACCO TRUST
FIGURES MOST PROMINENTLY 4,
NEW YORK CHANGE BUSINESS.
Industrials Continue to Lead I'm the
Transactions-LocaI Markets Con-
tinue Fairly Active.

closed. 2.
Prime mercantile paper = y. per cent
Sterling exchange was dull, with actual
business in bankers bills at s4ssaa4s9 for
demand and s4s7s4a4ss for sixty days;
posted rates. <4sS1za4.S9 ard $4.Ssl2a4.9o;
commercial bills, s4sl.
Silver certificates. esGe6izc; bar silver.
Csc: Mexican dollars sac. At London, bar
silver was 30 Lied per ounce.
The sharp fall in silver in London is
believed to be due to the fact that the
Chinese indemnity to Japan, which so far
as paid was deposited in the Bank of Eng
land, has been turned over to the Japanese
government. which, instead of expanding
IL in the purchase OF silver for use in
Japan as expected, is now lending Ii in
London market. This is construed to mean
that the money which was paid in gold.
will be expended In Europe, probably in the
purchase OF war ships and material. This
Is naturally very disappointing to the Lon
don SPECTATORS in the white metal who
had accumulated very large stock of it
and has caused them to unload, with the
resulting drop in price. At present also
the market for rupee paper is slow.
The total sales of stocks were 2O3. 81
shares. including the following: American
Sugar. 60. 400; American Tobacco. 52,7O0;
Atchisons $500; Chicago Gas, 10. 400; Pacific
Mail 300; Beading. 2 goo: st; Paul; 300;
States Leather, $500: Western Union. 6. 400
The chief feature of the stock market yes
business was fair, measured by recent aver
ages. and the industrials, as usual. played
better parts. Considerable interest had at
tached TO the result of the meeting OF the
Stock Exchange relative to the report
garding the statements made by the man
- II 81 rrA1..
pany. These statements were made in re-
spouse TO a demand by the governing COM
mittee for an explanation OF the recent
extraordinary action of the management in
officially anticipating the dividend action
of the board OF directors. IL was stated
no action had been or was likely TO be
taken by hat body on the subject. as the
manager ent of the American Tobacco
change rule. The directors held regular
meeting in Newark to-day and went
through the form of declaring the dividend
on the preferred and passing that on the
common stock This action Is regarded by
weN-informed people as prelude to a still
more aggressive policy by the American
side plug tobacco manufac turers. In regard
10 the controversy over the dividend Of the
American Tobacco Company. the World
THE Developments concerning the recent
action OF the directors of the American
Tobacco Company in passing the dividend
tinues TO be interesting. IL appears that
Treasurer Arents and Secretary Brown. Of
erning committee of the Stock Exchange
10 explain the action of the directors. 1t
was learned that after rigid cross-exami-
ing Of the directors held on Friday last
was entirely informal. and that the de-
cision to pass the dividend was not down
on the minutes. as 1t should have been
The governors were not entirely satisfied
with the explanation and so the directors
board to-day passed on the dividend in an
official manner In other words. they de-
cided to pay the regular quarterly divi-
dend on the preferred stock. and TO omit
the payment OF Ter cent. due on the COM
mon In February next"
Thc market opened dull and Irregular
with but few decided changes In either d.
rection resulting in the Initial dealings.
The trading soon assumed a decided tone
and on comparatively light transactions the
being made in the industrials. Consolidated
Gas made further jump OF per cent,
TO l5e. Leather preferred. Tobacco. COM
mon and preferred. advanced pa per cent
and other shares fractions. Near the end
or the first hour the traders made drive
helped them IN thar e a@a TSa SAILS
bore the brunt OF the attack but the stocks
Of the receivershp railroads. including the
AtchiSon and Union Pacific, also declined
sharply. owing to liquidation By holders
anxious TO evade the payment of heavy
assessments involved in the respective plans
something OF a sensation by dropping near
ly per cent I'm the face of the current
expectation that the long talked OF agree
ment between that company and the Pana-
ma railroad would be definitely concluded
within a few days at the latest. The decline
was caused BY the publication OF an inter-
view with counsel for OF the com.
panies, who was made to say that a dis
agreement was more likely than an agree
ment. The accuracy or the interview was
afterward denied and the stock recovered
all but small fraction OF the loss. The
reactionary movement in the general mar.
ket appeared to have spent its force around
j p. M, and in the subsequent dealings
material recoveries in prices occurred. The
announcement of the engagement OF ST.
The advance OF nearly 10 points I'm the past
TWO days IN the market price or Cosoli-
dated Gas causes the denial OF the rumors
OF a probable consolidation OF the New
York companies TO be regarded as very
largely technical In character. Official con-
afternoon trading. covering OF shorts was
largely responsible for sharp advances In
Sugar. Tobacco. Pacific Mail. Tennessee
Coal, Reading. Delaware * Hudson, Leath-
er preferred and Minneapolis & ST. Louis
second preferred In the final dealings real
tzing sales caused noteworthy slump in
Tobacco and Leather preferred The general
market closed quiet and firm in tone. The
only important net changes presented as a
result OF the days operations are In Pacific
preferred and Laclede Gas preferred Ix
and IA. respectively. and L per cent. in
Sugar.
The railway bond market ruled firm and
higher In the morning. Dut In the afternoon
dealings prices were shaded all around
which impaired an easier tene to the clos
ing The sales were 1857 900. The more
uoteWorthy advances were. Reading fours,