The times. [volume] (Richmond, Va.) 1890-1903, 1896-04-04
srAmPEDE IN ToBACCo STOCK.
"shorts" Rushed TO Cover on Account OF
the Twenty Per Cent. DIvidend.

the Twenty Per Cent. Dividend.
There was almost stampede in the
Tobacco crowd at the opening Of the
stock Exchange yesterday. The galleries
were filed with spectators, who antlcl-
mated a bear panic as a result Of the dec
laration of a scrip dividend Of twenty per
cent. i'm addition to a cash dividend OF
two per cent. on uhe 0o'iiiio'
stock.
The furry drew nearly all the brokers
away from the other posts. and for the
first few MINUTES the railroad stocks were
neglected Eight thousand shares or
Tobacco changed hands in as many sec
onds at prices ranging from 20 down TO
q. IL closed the day before at SO "a. SO
great was the crowd that, while those
at one end were scrambling for the OPP
portunity to buy at 50. thinking that they
had a great bargain. at the other end
those who had bought the stock lower
down were Offering 1t in reams at 81, and
were not able TO get off as much as they
desired at that price.
The result was that the stock was soon
down TO 50 IL. 1t rallied, however, a cou-
pie Of points on the covering oil snort
contracts and closed the same as yes
..aaine, WAS without special Interest. Inc
.n,ai salrs amounted to $3.50 hair shares'
ond the opening price proved to be lhe
1tahast ~ the day. lf the Intention oi
70 conn was to market lot OF slock
a. q high price It was hzzle' anu II
6ooe moi begin 10 compare Win the i"uu
ocatust the shorts on March I,wheh the
sales amounted to 2l9.s42 shares
There were reports that several large
.,,dora u,ho were short OF big lines or
tobacco stock settled yesterday before
tho opcning, at 50, rather thar run uhe
risk of seeing II marked up 10 an un-
known figure by the insiders. ms report
could not be confirmed, but It was doubted
by many brokers. for hve-point proi'
would seem to be too small matter TO
| satisfy the members of the pool who
| made the raid on the shorts early IN
| March. The belief in the street is that
| The trump card is yet to be played, but
traders are In the dark as 10 what II Is.
The stock will sell ex dividend on April
| 18Th. and I'm the meantime the shorts
| will have TO cover If they do not want
20 run the risk OF being conered through
| having to deliver the twenty per cent q.
| scrip dividend, which they unwitting'y
| sold There were severe criticisms In GER
tain quarters about the declaration or an
extra dividend, and there was talk OF
applying for an Injunction TO restrain
the company from paying IT. one OF the
| officers OF the Stock Exchange said that
they would probably investigate the cir
| cumstanccs connected with the dividend.
James Middleditch and j. T. Kirby were
| indicted on Wednesday at the instance
| Of the National Cigarette Company
| charged with circulating misleading re-
| ports about that company. An item was
published by news agency stating that
the company had shut down. The story
appears to have been manufactured out
OF whole cloth, and the officers of the CT
garette company lost no time in denying
it.
Assistant District-Attorney Battle saii
yesterday that the men were charge,
with violating section 435 OF the Pena
| Code. which. under the head OF "Falss
Rumors as TO Public Funds" makes q
a crime to knowingly circulate any fals'
statement, rumor for intelligence viii
intent 10 AFFECT the market price o
stocks. bonds, &c. There has been onll
one other arrest for that crime within
recent years. and this Is widely known
among lawyers as the Vinal case.
Both Middledtch and Kirby called n
the District Attorneys office yesterda,
morning and had their bonds formally re
ncwed. IL was learned that an indictmen
had also been found against one "Richar
Roe" for aiding and abetting Micdle{s..t cl
and Kirby, but II was said at the Distric
Attorneys ONCE that probably no arres
would be made.
Mr.. Middleditch made this statement
mir. Middleditch and Mr.. Kirby are bot
entirely innocent Of the charges preferre
against them by the National Cigarett
| Company. Is win be proved. The motiv