St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1895-08-20
TOBACCO DECLINES
SUCCESSFUL BEAR OPERATIONS
CAUSE A STRONG DEPRES-
SION.
SERIOUS SLUMP In PRICES.
INSIDERS ACCUSED OF UNLOAD
ING THEIR SHARES ON THE
PUBLIC.
CHICAGO GAS IN GOOD DEMAND.
General Market Makes a Firm
Opening, but Closes With a
Heavy Tone.
CHICAGO GAS IN GOOD DEMAND.

NEW YORK, Aug. 19-Speculat:on
IN the stock of the American Tobacco
company dominated todays share
market. During the past few days
rumor has been busy with the affairs
OF this property, and there are evil
dences of the working of a plan to
depress the value of its shares, the
leader of which appears to be a we'll
known bear operator who is noted for
the methods he adopts to create spec
ulatiVe situations. When the attack
on the tobacco trust was begun, re-
ports were circulated that independ-
ent tobacco manufacturers in the
West and South were combining
against it, with the purpose of creating
a general liquidation OF the company's
stock At the opening of the campaign
about ten days ago the stock stood
at u4A, and from that time to last
SATURDAY night it was put down from
TO per cent day, closing Saturday
night at 1041s. This morning under
increased pressure, it opened, as the
stock exchange official quotation gives
1t, 2,OcO shares from 1881 to 101. which
means that sales We're made in the
Tobacco pool at the high and low fig
ures at about the same time, so heavy
was the rush to sell. Throughout the
entire day the selling movement was
carried On, and the last sale was made
at ", the lowest figure touched, which
is Up per cent below the final figure
OF Saturday. Charges have been made
that insiders in the company, after
creating a market for the shares. have
DSen unloading them upon the public
Ihe preferred stock of the company
broke 4 70 106
In the general market speculation
was firm at the opening. Chicago Gas
being notably strong and advancing
Ia per cent, the demand for the stock
coming from the same houses which
recently have been buying it with the
alleged purpose of securing a controll-
ing interest. The shares We're some
what scarce, and there was some COW
er-ng by reason of that fact Man
haitian was in brisk demand, the pur-
chaSeS thereof being credited mainly
10 insiders and the recent sellers, and
moved up Us per cent and later an
additional H
When the break came in Tobacco
most OF the other shares dealt in be-
Sugar, 21a; Chicago Gas, 1&4; Leather
pfd,, ~; Cotton Oil, ~; Tennessee
Coal. rs, and Distilling and Rubber,
u. The railway list did not partici-
pate in the downward movement to-
any great extent, except that Lake
Erie z Western declined 15s and West
ern pfd and Oregon Improvement per
cent In the afternoon the pressure
was renewed and in covering short
contracts Sugar recovered IL: Chica 90
Gas, 1ackawanna and Lake Erie d
Western, 13s; do pfd, rs; Leather pfd,
y, and other shares a smaller frac-
ton. In the final dealings there was
a renewal of the depression and the
market closed heavy in tone, with the
net charges evenly divided between
gains and losses, mostly in fractions
The foreign trading was very light
Bonds were strong, with sales of
81, 15S. 0G0. Advances-St P, NJ & NJ.
IDS. registered,4 per cent; Oregon Short
Line consol 5s, 81; Oregon Short Line
trust receipts, ia, and Atchison and
Jewell County and Western lists,
Columbus & Ninth Avenue lists, Chi
cago, Burlington & Northern IS, Mo
bile & Ohio new SIS and Little Rock
& Memphis first trust receipts, l per
cent. Northern Pacific consol- IS trust
receipts declined l per cent.
The total sales Of stocks today were
3i0,SSS shares, including: American
Sugar, 43. 700; American Tobacco, 1850:
Burlington, 7.4G0; Chicago Gas, q 900;
Distilling & Cattle Feeding Co.. 1880;
General Electric, $500: Lake Erie &
Western, 800; Reading, 500; Rock
Island, II, 400; st. Paul, 1900; Western
Union, $500; Wheeling & Lake Erie,
1900.
The leading futures ranged as fol-