Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1895-12-08
SLUMP IN TOBACCO.
IN NEW YORK.
onr, Now and Then Is the
no,I as Great on the STOCK
.,.uge-Heavy ssics of the
property.
property.

vopK December IAN adver-
o,hlisbed to-day states;
or The Stockholders OF the America"
rohacco Company;
- ,sual quarterly dividend OF per
~ the preferred stock OF this COM
e'" ,,ul be paid In February, but no
Pea will be paid at that time on us
mon stock. II Is estimated ina. W.
earnings will permit an aaaiuo"
oso 900 10 the surplus. after paying
cent on the preferred and on the
IN stock. Owing to increased busi-
a,s newiy-acquired plants. the COM
,scuires more cash working capitai
PAN -.,ofore. The management.
,ore considered II necessary tha'
-. s.m required for dividends on tne
". en- stock be instead applied to work
Initial Thus. the business OF the
-" oonv can be properly cared for ana
.-,,,sa without departing from its con-
g., nolicy of not borrowing money
- ,,s assets kept. as they are now. the
AZ "a uuencumbered property OF its
.tockhoiders."
rxcITMENT ON CHANGE.
lew YORK. December Tt Is only
In a long time that such excitement
", ~, The floor OF the Stock Exchange
=. characterized the opening THIS morn
~ late the Industrial stocks nave
- monopolizing the attention or specu-
,",,-s and each as taken Its turn IN
,.,,risinR operators with some VIII
trar,ent Yesterday 1t was Chicago
css which doomed up. To-day 1t was
,r'hocco which broke wide open. Before
49, chairman's gavel dropped nearly
~ -, broker on the floor was about the
rohscco- trading post. They fought ana
ei,nbed over each other TO get as near
,hs centre OF the crowd as possible. When
che gavel dropped, roar as OF ire
,nendous explosion burst out ana hoiueIs
- American Tobacco Company STOCK
.,,o read this morning that the directors
Ss5 decided 10 pass the quarterly DIVIDEND
- q ner cent. upon the common snares'
,srsw their stock over In blocks.
The price al the close last night was
g "a hid: ~. asked, and this morning IL
vas offered points, then D, then g. aho
,hen points below yesterdays last SAFE
:, the first few seconds after 10 O'CLOCK
s1oo shares had been sold at prices rang
Ing from IS down to 20.
HEAVY DEALINGS.
Ths heavy dealings continued-lv"'
s0O-. 1000, and 4,Wo-share lots pelng
thrown overheard at between II ana rs
=. tho first Ave minutes $1,000 shares had
banged hands. and the price had settled
around II to ~.
Tohacco shares are only $50 par. so
that in full shares, $l,S5o,0oO had been
traded In. -
Far months Tobacco stock has been de-
ollning on the war with the plug-tooacco
manufacturers. who resented the making
OF plug-tobacco by company which mao
previously devoted Itself to the proouc-
lion of cigarettes. Cigarettes nave ior
some time been practically given away
by both sides, since the plug-manufac-
lures have gone into making them.
The galleries were crowded with curious
snectators. who always gather when such
a movement is promised.
STOCKHOLDERS ORGANIZE.
NEW YORK, December THE sensa-
,,onal action OF the American Tobacco
directors In passing the February divi-
send on the common stock. and the meth
"a of making their decision public
has created a good deal of dissatisfaction
among local stockholders.
In order to make their operation ef-
lsctlve and for more mutual protection
n,ovement has been set on foot to form
an association OF stockholders. j. >.
Bache & Co. and Rolston & Bass. both
members of the New York Stock Ex-
rbange. who are at the head OF the new
movement. this afternoon issued the fol-
lowing statement:
ITO the Stockholders Of the American
Tobacco Company:
"The recent remarkable developments
IN the affairs of your company. coupled
with the persistent decline in the price
OF your securities. leads us to regard the
present az an opportune moment for the
assertion Of the rights Of the security
holders.
I'VE believe that majority or the
stock is to-day in the hands OF the gene
raj public, and not represented on the
Board OF Directors. as at present consti-
tuted We, therefore. ask the co-ope-
ration Of our Observation-Disclosures with
view 10 securing greater publicity ana
detail in the company's reports. and to
enforce adequate representation on the
board
stockholders are requested to commu-
ricate with either Of the undersigned.
stating the amount of their holdings and
their addresses"