New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-12-09

dents message as factor In stock speculation
Tell hat, Some men in the banking community
announced that the Presidents message was the
ch'ef topic of Importance during the week, but 1t
is hard to see just where the Importance Of the
message as an influence in the financial situation
comes In. Had there been a careful statement
concerning the cause Of the revenue deficit. with
some recommendation for a remedy, the message
would nave received popular approval. and II
would have then been OF some influence as cur
rent factor in the financial markets. The most
important factor of the week az the close
IN the form or an easier foreign exchange mar
ket induced by O more liberal supply of cotton
DIS The gold shipments o. the week, which
amounted to 8, 900, 600 were made at q minimum
profit. and slight reduction in rates may be
made this week which will be sufficient to stop
specie exports. At the present the demand for
exchange is not heavy. and considerable Of the
inquiry has been to cover short contracts made
some time ago, and 1t is probable that these short
contracts have very nearly all been closed out
The foreign exchange situation receives more
attention than any other form of Wall Street
business. and the street is waiting with consider
able Impotence to see what action Congress will
take on the revenue question. which has played
such an important part in the foreign exchanges
since the Wilson Tariff law has been in force.
The stock and money markets are excessively
dull and outside OF the speculation in the IN
dustrial shares there is little doing the Stock
Exchange. Items OF interest which continue to
excite enthusiasm among the stockholders Of
solvent railway companies are the good earnings
reported each week and month. and the batch OF
such reports received last week was again graft
flying. Louisville and Nashville showed a net
increase for October Of s2i9li, and Denver and
Rio Grande of s29.4l6 The st. Paul state
ment for October showed net increase for four
months OF 81. .347. which would indicate Z per
cent earned for this year. and the increase In the
dividend by the Chicago and Northwestern COM
pany indicates that present earnings VIII give
this road almost per cent.
People who buy the shares of industrial COM
panes which systematically refuse TO make pub
lie detailed statements of operations received an
object lesson last week. 4 drop Of 1f7s per cent
in the price of the common stock of the Amer
lean Tobacco Company. following announce
ment that the February dividend would be passed
was food for deep and mcditative reflection in
Wall Street Yesterday especially among the So
called innocents and lambs who follow tips and
tipsters and have confidence In the inside in
terests in the big Industrial blind pools Of We'll
Street. On Friday and earlier in the week the
speculative community received with chi!dl!ke
faith the stories of harmony among the cigarette
companies and the plug tobacco men, and tales
OF big earnings which would make It possible Tor
the American Tobacco Company to continue its J.
per cent dividend OF the common stock with a
comfortable surplus besides Yesterday morning
the company informed its stockholders that no
dividend on the common stock would he pald IN
February. 1t is not surprising that charges Of
stock jObbng made against the insiders III To-
bacco. II is not surprising that The company cam
not maintain l2 per cent dividend but Il Is sur
prisnG that Wall stree has been long de-
oeved in the stock. Companies which pay divi-
dends of u per cent and refuse to satisfy the
public Of their actual financial condition make
good blind pools for Wal. Street. In the case Of
the American Tobacco Company professional
Stock Exchange operators have been the lambs
rather than the general public Fortunately the
public is steering clear o the Industrial stocks
and the insiders and the professional traders ara
fighting il out between them with the advan-
tage generally on the side % the insiders. The
insiders in Tobacco played their trump card yes
terday Already holders % the stock have made
arrangements to igh. the insiders in the protec-
ton of their interests. Insiders In Tobacco have
endeavored to convey the impression that TIE
operati tons Of the company yielded an income
which would give uninterrupted y per cent divi-
dends and. spectators in The stock have so be-
lieveG despite the failure OF the company to
make detailed reports OF its operations. Last
MAY Tobacco sold at III Yesterday Il closed at
67N a drop OF 497s points.
Transactions IN the Industrial shares made up
the greater part Of rne Stock Exchange business
in the week Sugar Refining and American To-
bacco monopolized more than half Of the total
sales while fourteen active stocks made up a
total of lS5 943 shares against 1455G32 the total
business in all stocks OF the Industrials Cli-
cag0 Gas and Sugar Refining werr both high !.
The majority of active shares closed tho week
lower. but the standard shares. as rule showed
no important changes Burlington. 81. Paul,
Rock Island Louisville and Nashville and West
ern Union the Only ones II show marked de-
clines The Reading reorganization plan VIII %
made public this week. the fna work on i heF-
ing beer completed last week and copies of 1t
sen. TO London. where 1t will be published sinful
taneousy. The details of this plan have already
been published in The Tribune.
The following table shows the movements or
the principal active stocks In the week;