The times. [volume] (Washington [D.C.]) 1897-1901, 1900-06-06
higher RANGE OF PRICES
A Dull Opening Succeeded by
Noticeable Animation.
Large BAying Orders I'm Atchison
Preferred Give Strength to General
List-Railways Especially Active
Some Disappointment Concerning
the Sugar Refining Dividend.

NEW YORK, June 5.-ThToughout the
morning hours the stock market was eX-
tremely dull and irregular. Not even the
dividend declaration on Sugar Refining and
Atchison preferred served to create any
the afternoon, however, the dealings in
Atchison preferred became fairly animated
upon the execution of some rather large
buying orders in the stock, and the in
creased activity and strength in this in
stance extended in lesser degree to the
remainder Of the list.
As had been commonly expected, Atchi-
son directors advanced the rate of the
dividend on preferred stock to - per
cent and, as had also been anticipated, the
Sugar dividend was ordered at l 1-2 per
cent. Upon the announcement of the latter
rate Sugar Refining broke quite sharply.
although few reasonably well informed
persons had any idea whatever that the
rate OF dividend would be advanced at this
quarter.
Indeed, had 1t not been for the recent,
although seasonable improvement in trade
conditions, the shareholders might have
counted themselves fortunate had they re-
ceiyed more than per cent at this quarter
The policy Of the management OF the
American Company is now clearly defined,
and it is evident that the question of fu-
ture dividends Will depend altogether on
the earnings of the company as determined
by prevailing conditions in the refining
industry.
The dividend on Atchison preferred, de-
clared today, presumably places that stock
upon a per cent annual basis and today's
statement of earnings shows that the re-
turns OF the current year were entirely
adequate to provide for such distribu-
tion of profits. There was, however, an
undercurrent of dissenting criticism upon
the action of the management, the COM
ments being apparently based on the want
of conservatism in placing the preferred
stock upon its extreme dividend basis be-
fore the company has equally completed
the physical rehabilitation Of the prop
erty
The strength reflected in the general
market from the course of Atchison was
expressed chiefly in the railway list. There
were substantial recoveries in Union Paci-
&c, Missouri Pacific. and Northern Pacific.
The latter stock was favorably affected by
the near approach Of the period at which
tn0 Qlv1QeQQ Wall Dc declared
BY the encouraging reports received from
the Northwest In regard to the breaking
OF the protracted drought in that section.
The reopening OF the London market
brought no material support to the local
dealings from thsA quarter. American
stocks were weak there IN the earlier part
Of the day and their recovery later on was
wholly In sympathy with the other quart
ers of the London market which were
strong on the British occupation of Pre-
toria. The dealings here for foreign ac
count were quite inconsiderable. The
morning news contained nothing which
would account tor either yesterdays Sc
we're decline or today's less extensive re-
oovery.
Most OF the days traffic returns. notably
those Of the St Paul Company. made
strong showings. The London money
market was perceptbly firmer.
In industrial quarters, aside from Sugar
Refining, there was comparative neglect. as
was the case In the local traction group with
the exception Of Brooklyn Rapid Transit. In
neither OF those quarters Of the market
were there any novel developments calcu-
lated to give any impetus in either direc-
tion 70 particular stocks. The days total
business was OF small volume, and general
IL considered the dealings were little
more than a natural reaction from those
Of yesterday.