Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-09-29
TOBACCO's BIG DROP.
As Result of Slump Five Millions In
Value Are Wiped Out.
(New York Herald-2sth.)

(New York Herald-2Sth)
There was a small panic In Tobacco
stock yesterday. When the Stock Ex-
| change opened and dozens Of thousand
share lots of this volatile stock were
| recklessly poured out there was commo-
| ton among the brokers and room TRADERS.
Curiously enough. there was no real
news TO account for another break in the
| stock, and as ii tumbled neadlons eight
points during the first half nour the only
explanation that could be advanced by
traders was, that the plug tobacco deal
might have fallen through.
This, however, was denied, just as IT
has been denied every day since the de-
cline from 153 "a, a week ago Monday,
began.
When, however, the stock OF the trust
melted away so rapidly at the time a
combination was supposed to be nearing
completion, another explanation of the
slump was sought for. 1t was given out
yesterday as sort of 'quiet tip" that
there may have been a misunderstanding
between several of the big operators who
had been bulling the stock, and had ap-
parently been operating a pool, and that
one OF the leading members had "un-
loaded"
operators concluded to market their hold
ings Yesterday. This would account for
the stocks that were poured out right at
the opening. Scores of stop orders were
reached and many traders accounts we're
ruthessly swept away.
MILLIONS WIPED OUT.
The lowest quotations were during .he
first hour, when 132 IA was touched. THIS
III, h.. HIGHEST nTica
eight days ago, and about fifteen points
, below the first prices on Monday morn
ing. In other words there has been
shrinkage of value in the s33, 100000 capital
stock of about S5,Oc0olO in two days.
There were small recoveries during the
day, and the closing price was lS4, or "a
net loss for the day. AT the close OF
business Wall street was just as much
mystified as ever in regard TO the real
causes OF the decline. and as to whether
the stock would continue to go down or
take a turn for the better.
The total decline on the present move
ment is less than a third oil the extreme
rise of seventy points since the move
ment began last March from around 81
some EXPRESSED the opinion that the So
called pool had failed to put out any
more stock at high prices, and had de-
cided TO make scoop" and begin new
movement.
KEENE SAYS NOTHING is THE MAT
TER.
Nearly the entire street however, was
pretty badly scared, and with another de-
cline I'm Sugar in progress. opinions were
freely expressed that both OF these mil
lionaires' stocks might go to par. Shrewd
brokers. however. said that when traders
felt thus stocks were sometimes likely TO
go the opposite way.
James r. Keene, who Is credited win
having much to do with the rise IN To-
bacco. said: 81 haven't heard OF any Dig
interests selling out or OF any dissolution
of a pool-in fact, ] wasn't aware mat
anv pool existed There is NJ Dad news
In SIGHT that | 6how of wnicn would ac-
count for such sh,rp 'eak. The plug
tobacco deal Is going ahead. and Ii may re
that some persons were disappointed ne
cause IL wasn't fixed up in 4 day; but big
operations like that take time. l really
see no reason why anybody should throw
over his stock. 1t is worth just as much
now as IL was when II was selling at lSo-
no more. no less"
Friends Of Messrs. o. II. Payne ana III.
T.. Terrell, who were reported to have
taken a hand in the selling, denied that
they had sold any stock, and they SAID
that there was absolutely no news TO ac-
count for such a break.