Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1900-12-05


A favorite. paradox in Wall street is
that a surprise is always expected in SUI
gar. In the pursuit of their professional
avoc,ation stock traders are always trying
consequence is that In Sugar they are
Invariably surprised and disappointed.
To-day was no exception. Action of the
quarterly dividend has been looked for
at any time for several days past and the
news" as to what the dividend would be
has varied all the way from an increase
IN the regular rate from IL per cent to
per cent, and up to the regular rate
and an extra disbursement of 2 per cent.
The price was run up to 1851 this morn
ing when the intimation was disseminate
dividend to-day. Consequently the an
nouncement little later that the direct
ors had met at the private residence of
the president of the company and de-
game like bombshell upon the specu-
lative contingent. In their rush to save
losses they forced the price down by
rapid stages, meeting no support except
down. The stock touched 1871 in the last
hour, which was 8 full points below the
highest, and closed with a net loss of SIS.
The violent slump in this stock had a
ket, but the movement, elsewhere, at no
time approached decentralization. In fact.
there were. points of strength persisting
here and there in the railroad list, not
ably the Erie stocks and in the low
priced southwesterns, but those yielded
their gains in the late reaction. In the
early dealings the principal weakness
was shown by the specialties and espec-
tally the steel stocks. The latter group
showed good recoveries and except for
Tennessee Coal held we'll in the late
weakness of the railroad list. The pres
sure to sell the railroads grew steadily
during the latter part of the day and a
large number of them show net losses
OF about point. Chicago. Burlington &
l)IlInPU declined L.
ness, while partly due to sympathy with
the. violent decline in sugar, was I'M
doubtedly based for the most part on
anxiety as to their ability of the money
market to carry speculative accounts
safely over the new year. There was no
evidence that liquidation was forced to-
day, but a spirit CT caution prevailed and
induced measures to avoid anything like
forced liquidation in view Of the large
advances in prices which the market has
enjoyed; Owing to the renewed move
m n OF currency to the interior and the
present low level of pension disburse-
ments, the sub-treasury has already TAX
en- up from the money market nearly 49,
oee,OOO since Friday. To-day's, transac-
Orleans were $500. coo, compared with $3.50
COO yesterday. Another noticeable fea-
ture of the situation is the steadiness of
sterling exchange in spite of the firm
ness in the local money market and the
notably easier rates in London and Ber-
lin. The foreign selling of our securities
which was continued to-day to the ex-
tent Of about 2500o shares, is supposed to
account for this. The opinion is ex-
pressed by some foreign authorities that
this process shas been carried as far as
to leave New York without future power
to draw gold from European sources. In
this connection to-day's report of a fur
Their shipment from Australia to San
Francisco of s1500,000 in gold has some
significance. Incoming steamers are
bringing large shipments of American Sc
curities recently sold by foreign hold
ers and theincrease in the supply of stock
available for lending serves to facilitate
bear operations in the market
The bond market shared in the reac-
tionary tendency of the stock market but
was varied by new points of strength.
Total sales, par value. $3,505, 600
Z. S. is advanced u per cent on the
last call