Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1900-06-16

Stocks-To find a parallel to today's
would be necessary to go back to the
period of the last presidential cam
paign. A number of usually active
stocks were not dealt in to the extent
OF a single share, and it was long
after moor before such a speculative
leader as Brooklyn Transit or Man
tape at all. There was some desult-
DRY speculation in Sugar during the
morning at an advance of about a
point, but that stock fell back into
the rut of dizziness which characterized
the whole market. Large offerings Of
Northern Pacific began to appear near
at 2 o'clock, at which time the direc-
tors were assembling to take action
on the semi-annual dividend. The
stock fell into quietude in the last
hour and hung about a point below
last nights level. 1t was not until af-
ter the close of the market that the
announcement was made that only a
enc per cent. dividend had been de-
clared for the six months period. The
proposed action of the directors seems
to have been kept a close secret so
that no estimate can be formed of the
effect of this action on the stock mar
ket. At the last dividend period the
directors declared 2 per cent. on the
was called regular sem1-annual and 1
Ter cent. extra. Several weeks ago
the stock was rushed up above sixty
by q speculative pool on the allega-
ton that a regular semi-annual divi-
dend OF 2 per cent. would be declared
for the last six months. More recent
ly rumors have been abroad that the
directors would hesitate TO put the
stock on a regular 4 four per cent.
basis, but 1t has been generally ac-
cepted in speculative circles that the
last dividend action would be repeated,
that is to say a 2 per cent. dividend
declared, but i per cent. to be called
extra. No intimation has been heard
in Wall street that the actual amount
to be disbursed would be cut in half.
The action taken proved a complete
surprise and what the effect may be
upon the general market it is impos-
sible to foresee. 1t is a clear an
nouncement of the formulated judg-
ment of the directors, heretofore in
formally announced by officials of the
company that the current high level
Of earnings can not be maintained.
It will be accepted also as eonirma-
ton of the reports OF extensive dam
age to the northwestern wheat crop.
The price movement in to-day's mar
ket was irregular and without signif-
canoe. Not much attention was paid
to the forecast of to-morrow's bank
statement, but it is expected that a
loss of cash by the banks will be dis
closed, owing to the So, 500, 600 export
of gold, which seems to have been
only partly offset by the receipt OF
cash from the interior. New York ex-
change at Chicago, however, has NOV
ed upwards during the week and to-
day touched 20 cents premium, show
ing the movement of currency still
strongly towards New York.
According to the statements from
the leading banks, the net loss in
cash will probably be upward of a
million.
The bond market shared fully in
the dullness of the stock market, and
price changes were Insignificant
Total sales par value $500, 600.
United States bonds were unchanged
in bid quotations.
Atchison ......... .......... 253
Do. preferred II
Baltimore and. Ohio ................ T6k
Canadian Pacific 81
Canada Southern 57II