The Providence news. (Providence [R.I.]) 1891-1906, 1895-12-11
FINANCIAL NEWS
Leather Dividend Was Not
Expected Yesterday.
Tobacco Company Spent Much Money
For Advertising.
Special TO The News

Sneclai 10 Tue N6Ws
NEW YORK, Dec. 1.-THE leather trade
expressed no surprise over he failure OF
the United States Leather Company TO
declare anything on it's accrued dividend
account at yesterdays meeting. Such ac-
tion was not expected, ana even had IL
been under consideration 1t is doubtful
whether ii would have been deemed eX-
pedient in view OF the sharp reaction In
leather prices. The meeting TO consider
a dividend from the last quarter OF this
year will be held in January. There Is
| none OF the good feeling in the trade
| that was prophesied for December. In
terosts now claim that nothing of import
ance will develop until after January j.
| Consumers show little or no confiden
in the situation and tnose who are operat-
ing are buying from hand to mouth.
Shopping is universally followed in plac-
ing orders, the contract going TO the low
est of several bidders. This renders the
market ragged and uncertain.
A rumor yesterday was that outside in
terests in Tobacco mad been large buyers
lately with the idea OF making good in
Tobacco stock losses incurred in the
trade war. One of the prominent Tobac-
! co men says: ~ am perfectly willing 10
| state why the company took the action
| 1t did in regard to dividends. The intro
| duction OF the Battle Axe plug has cost
| an immense amount OF money. The
cent. On ali the sales there was loss.
| We considered il good business, however,
because in he toDacco trade every thing
| depends on the introduction of brand.
| Once introduced, that brand il great
| Hsset Anu the profit from its sale viii be
! enormous for years. We consider that we
| have spent this money judiciously and in
any other business ii would be called ac-
| yertising.'
A trader who watched the movement
| in Lead preferred yesterday, which car
| ried the price down 49,, says il WAS start
ed by ar order to sell small lot of stock
! for an account that had become involved
| in the Tobacco slumps. Lead preferred
| paid dividend all through the panic and
had a surplus at the end OF each quarter
| Tue company is in infinitely better shape
now than then.
TODAY's STOCK BOARD.
| 4 WALL STREET, Dec. 1.-The stock
| market opened quiet and irregular. To-
! bacco showed a tendency to lower figures
! and soon sagged III per cent. 10 20. On
the othec hand, Leather preferred and
| Manhattan sold UP rs per cent. each.
| Renewed buying of Consolidated Gas led
/ TO al probation OF 1lo per cent.
| There was decided upward turn 10
| prices OF Industrial shares after 10:15.
| Consolidated Gas jumped an addition OF
| 2. per cent. TO 1872. Tobacco gained
| 5-S Leather preferred l2 and Sugar and
| Chicago Gas liberal fractions The market
current changed during the hour before
noon, and Incidental to realizing sales n
general reaction in prices ensred, in
which Leather preferred, Chicago Gas,
! Consolidated Gas and tennessee Coal,
1 yielded materially. Reading and Atchlson
4 were sod freely and lost q per cent.
| each. Tobacco roso about a point and
| Tobacco preferred sold up 2lt per cent.
| a h5a
Pacific Mail sold freely after mid cav,
and dropped TO 29l2. n net decline OF 23i
| per cent. Tobacco common and preferred
| received some attention from the bears,
falling IL, and IL, per cent. respectively.
GENERAL FINANcIAL NOTES.
| Canadian Pacific earnings for the first
weelo of Dccembe increased $40, 0O0
Europe is selling and Offering Union
| Pacific at TO.
London Copper: Spot, 42ai; futures,
| 43 rs; market quiet
Real treasury gold this morning, s76,
t-Gela= =sAipraeniA- are likely TO be very
| small Saturday, as Exchange showed
weakness at the close.
st. Paul only shows an increase of SSi,
| 600. This shows that the big spring
wheat movement has about exhausted IL
self, although the road will make a fine
showing for the year.
| The London market, at 2 p. M, was is
better, except for Union Pacific.
| Joseph says: "The bear campaign
against Leather preferred is over. Keene
has covered and Cammack is even on
Leaf her. The vice president of the Equit-
able Gas Company ridicules the report
| that the company is about TO pass into
| the hands OF the Consolidated Gas Com
pany. There has been good buying OF
| the latter based on earnings and the fact
| that the company pays s per cent. divi-
| dends The Western Union report today
will show an increase OF $3.50, 900 over last
year The short interest approximates
| 80. 600 shares ard IL is doubtful whether
Kcene or the big shorts Will cover"