The Providence news. (Providence [R.I.]) 1891-1906, 1896-04-01
FINANCIAL NEWS
Stock Market Opened Firm
This Morning.
Tobacco Company Dividend
Will Be Declared Today.
Suits Brought Against St p, N. w.
and c. B. & Q.,by Molone.y



New YORK, April 1.-Yesterday Hud-
OF Tobacco taking about 1000 shares at
the opening. There is reason for believ-
ing that the rumor OF lessened production
by opposition interests had something to
do with the early strength OF the stock.
Later, selling orders were put in by trad
ers. Tobacco directors act on the divi-
dend today. 1t Is asserted that the COM
pany has been able to reduce its extraor-
dinary expenses materially and that this
is enabling the company to resume its di-
yidends regardless OF the trade war.
Leather will sell higher and puts are
written at 30 and 30 days for small pre-
MUM.
The dividend OF Chicago Gas has been
delayed pending the arrival of the lead
ing Western members of the board. There
is some proposition to dividend among
large holders who give the reasons fol-
lowing for their opinion:
First, the Attorney General Is believed
to be opposed TO II and that 1t migat
provoke fresh hostility, besides the court
has yet to pass upon the consolidation and
that decision viii not come until fall. In
the second place, the larger holders of
Gas are believed to be investors who do
not need the money and will be amply
repaid by greater appreciation In the
value of the stock because Of the increas-
ing surplus. 1t is found that the public
generally pays higher price for an in
creasipg surplus undivided than for a
dividend With decreasing surplus. The
third reason given is that the company
has not paid dividends for SO long,
and this has improved the value
OF the bonds so much that the
company could well afford to hold the
money while longer and put it into the
property until the bonds OF the company
have been better secured and sell above
par in every case. 1t is claimed that the
tendency Of the times In all corporate
properties now Is to better secure the
bonds and it is found that with the
bonds of company commanding q high
price the stock OF the company is in bet
ter credit and commands high price with
or without dividends.
Some OF the leading spirits in the effort
to put dividend say that they are will
ing to submit to the wishes of the major
ity and that they do not object to further
delay. One of them. however, thinks
that the company has the money to spare
and ought to show the world that it is a
dividend-payer. That, he says, is the
only reason ne has for wanting a divi-
dend.
Acknowledgement Moloney yesterday
began suits in the Superior Court against
the Northwest, st. Paul and Chicago.
burlington q quincy. They are accused
OF charging 81 for switching. Suits are
brought TO recover $500 from each COM
pany
George Gould says that Western Union
and Manhattan Elevated are going higher.
The general market is strong, and tar
ring accidents and spasmodic feverish-
ness due to-traders evening up Owing to
holiday Friday prices will be better.
The liverpool Cotton report for today
is as follows: 1890 D. m. Sales 5000
bales MiddliDgs 1892. Futures opened
quiet, demand moderate, unchanged
prices.
2 p. m. One-half point up from yester-
ay's close. Sales 10, 600 bales.
Mining Stock.
The following are the closing bid prices
OF the listed stocks on the Colorado Min
ing Stock Exchange, Denver. March 81, as
reported by h. L. Davis IL Company, 24i
Washington street. Boston.