The Indianapolis journal., 1896-04-03
A TOBACCO SCANDAL
TALK OF INVESTIGATION BY NEW
YORK CHANGE COMMITTEES.
Dealings Yesterday Professional and
Limited to Few Shares-LocnI
Markets Quiet.

At New York yesterday money on call was
firm at slka4 per cent: last loan, A; closed,
31k94 per cent
Prime mercantile paper. 5lz0s1k per cent.
Sterling exchange was firm. with actual
business in bankers bills at 81. sss4Q4 for
demand and s4s7%G4Ss for sixty days;
posted rates. s4.sslk@4.ss and s4-sslzg4.so;
commercial bills. S4.s.
Silver certificates ssdsslzc; bar silver, CSC.
At London bar silver closed at 311sd per
ounce.
Total sales Of stocks were 1923 shares.
including: American Tobacco. $500; Ameri-
can Sugar. 1850; Burlington, 1890; General
Electric. 3,7oo; Louisville & Nashville. 4Soo;
81. Paul, 500; Union Pacific. 5000.
The extraordinary performance of the di-
xectors OF the American Tobacco Company
at Wednesdays meeting was the absorbing
topic OF interest in Wall street yesterday.
Criticism OF the dividend policy was un-
compromising. and the directors were re-
ferred to in forcible terms; in fact. agitation
towards an Investigation by the governing
committee OF the New York Stock Exchange
has already been begun. and rumors are also
current Of Injunction proceedings to restrain
ehe payment OF the extra script dividend OF
20 per cent. The advance Of over per cent.
in the curb-bid price Wednesday over the
actual closing figure led the financial COM
munlty 70 expect a bad quarter of an hour
for the shorts yesterday morning, and so, in
deed, II proved. At the opening simultaneous
sales were made on 5000 shares at 80 10 81,
as against s9zs. Wednesday nights final sale.
The decline under rush TO realize. A
rally 70 esls. reaction 10 ss11. another rally to
STA. all occurred within the first fifteen min
Eses OF business. 5000 shares being dealt in
in that time. The final price was SsA. or
without change from Wednesdays closing.
the entire dealings The general list was a.
most neglected pending the manipulation in
fionaHy higher all around In sympathy with
improvement In the prices OF American Sc
curities in London, and or some buying for
reactionary tendency vas soon developed. in
f1uenced by the petering out OF the Tobacco
boom. IN General Electric, disspPoinntingy to
tion. despite the news or the formal execu-
tion OF the contracts between the company
and the Westinghouse interests moderate
buying movemertaset in at the extreme low
point which carried values generally above
Wednesday nights level with the grangers.
Louisville & Nashville, Southern preferred
and Union Pacific most prominent The last
mentioned was bought in expectation of fa-
vorable action by Congress IN regard 10 the
settlement OF the Indebtedness OF the Pacific
railroads to the government. Dullness and
irregularity within a.parrow range We're the
the only features OF The afternoon trading.
of the most professional character. No con-
drmation OF the reported preparations for the
export OF gold on Saturday were obtainable,
the speculation. however, rejecting to an
extent slight but unquotable stiffening in
exchange, and i'm the rates for call money.
The greater part OF the loans made were at
315 per cent, but the market closed at per
cent This condition Of the money market,
according TO experts on the values of invest
ment securities, was the principal reason for
the abnormally small bids for the S4,3000O0 Of
New York city stock and bonds offered yes
terday by the controller No direct pay
ments on bond account were made at the
subtreasury, owing 10 the fact that the
fourth insta1lment on the government loan.
which fell due early in the week, has been
paid up The market closed dull and unset
tied. bur at slight net gains, as a rule. in
the railway shares.
Railway bonds were less animated. but the
tendency OF prices was higher The North
ern Pacifics led in activity, and advanced
sharply on the approval OF reorganization
plan by the foreign bondholders. The sales
were 81. .157.0
Some comment was excited over the rather
singular fact that no transactions were made
in government bonds yesterday on the board.
Some over-the-counter business was noted,
however. To-day being Good Friday, Ii is a
holiday on the Stock Exchange.
The following table, prepared by L. w.
Louis. Room Is, Board of Trade. shows the
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