The Providence news. (Providence [R.I.]) 1891-1906, 1895-12-10
FINANCIAL NEWS
Directors of American TObac-
CO Need Counsel.
Considered Unfit for Their Position
of Trust.

NEW YORK, Dec. 9.-Thero was no rea-
son, as far asscan be ascertained, FOR the
drastic treatment to which the stockhold-
esr of the A. M. g. were subjected. The
question may logically arise: TX the
American Tobacco Company in the first
months of it's warfare, and before the
plug tobacco people had put their cigar
cites on the market, thought II advisable
TO pass dividends, what are they not
likely to do when the fight that Is only
Just beginning RACES hotY The Lorlllards
have been experimenting with cigarettes,
and have almost completed thor arrange
ments. They are scarcely likely TO back
out of any fight they go into. 1T would
have been very much better II the dlrec-
tors of the A. Nj. a. Company had called
a meeting OF the stockholders for the pur-
pose of laying before them the exact status
OF affairs and taking counsel accordingly.
The history of the past few days shows
that IL the directors are not reckless gamo-
lers, or worse, they certainly stand sadly In
need OF counsel, Because they have shown
themselves to be utterly untitled for the
position of trust that they occupy. Con-
servative bankers in Wall street point to
this last high binders action or the com
pany as another eeldeT ce that people
with comparatively limited means, who
hope 10 make a. living in Wall street,
should confine their attention, their
money and their energy to railroad
-stocks. 1t has been pointed out recent
ly that some railroad securities are SELL
ing almost on prohiDitive basis since
they return 8 per cent. or less 10 the
stock holders.
Anyhow. those who have an interest
in these properties don't render them
selves liable TO be fleeced OF everything
hpV Inn in a feNy m .
nors OF the New York Stock Exchange
should seriously consider he ADVISE bill
ity of compelling all companies whose
securities are listed in the regular depart
ment to make periodical statements.
Counsel for the American Tobacco Com
cany In not anxious, representing his
pllents, TO convey the impression that
The advertisement in Saturdays papers
was nothing but hoax, and not only was
unauthorized, but was inserted without
the knowledge of any OF The insiders.
GENERAL FINANCIAL NOTES.
TIE regular dividends will be recon-
mended and declared by the Manhattan
and Western Union directors. The
statement of the Western Union viii show
a comparative increase over last year OF
$3.50, 000 but for reasons already gwen the
feeling on Western Union Is not bullish.
The Whitner suit against the Chicago
| Gas Company, like the predecessor
brought by Barrows, is likely 10 have an
| untimely end.
II is reported that Leather will pass the
| dividend.
London Copper: Spot, i2al; futures,
43 Is; market steady, Is of.
The Boston Advertiser sTys Tobacco
has issued a million common stock since
the annual report for the year ending last
ber. but the treasurer Of the COM
pany denies this.
London for Americans is very dull, and
a trifle lower.
1t is likely that $4,000 gold will be
shipped Thursday to Europe and $500, OOC
TO South America.
Treasury gold, s7G, 641, 900. Secretary
Cnrlisle's report Will be presented to Con
gress Thursday next.
Joseph says; "lt really looks as il the
Tobacco reople were endeavoring to
back down from their position.
ToDAY's STOCK PoARD.
WALL STREET, Dec. l0-Thr share specula
tion opened moderately active and heavy
The early trading was practically confined {,
rtU fTruustriaf sit1re-.-fe fehae-t,-otef4eA- ~
sales OF 45O0 shares at from Il TO 20, and or
further heavy offerings, the prico soon re
ceded to 6s against III, yesterdays final sale
Leather preferred was also pounded vigor
ously by tho bears. and yielded "a TO t9l@
Sugar and Chicago Gas made fractional con
cessions Tho pressure 60 sell abated directly
after 0:l5, and on covering OF short contracts
n general rally ensued. which, however. was
not Of material proportion in the active
shares. except in the case OF Tobacco, which
regained l34 per cent. OF the earlier decline
Sugar and Chicago Gas recovered 80 las
nights closing. and Leather prefeire an,
Burlington made n small gain; Coa-' i'd tee
Gas displayed unusual activity and improve,
2st TO l5sia.