The times., 1901-05-05

The news during the past week has been
generally of an unfavorable nature,
though for the most part 1t will be seen
that it was not unexpected by conSerVa-
tive people, consisting of deDials OF ru-
, mors more or less absurd that have been
fioated to help along the bull market. The
Pennsylvania directors continued the div
idend on that stock at 21z per cent semi
annually, instead of putting IL on per
cent basis Their conservatism In this is
in marked contrast with the action Of
some other boards during the past few
months. II is probable that they cOnsid-
cred the present rate quite as much as
they were warranted in declaring In the
face of the immense increases in capital
stock already made and proposed, some
Of which are for the purpose of buying
securities Of other companies that are not
yet receiving any dividends. PennsylVa-
MIA had a sharp advance Immediately be-
fore the dividend was declared and since
that time it has had sharp recession.
The stock is considered by many to be
good purchase on the recessions, as its
boom has not been nearly so violent as
that OF some of the granger and Pacific
securities.
The Pennsylvania and Atchison officers
both made very positive statements dur
ing the week that the Pennsylvania has
rot been buying the AtchisOn for control.
President Csssatt and Vice President
Greene of the Pennsylvania, both have
made Official statements to this effect
1T is possible, however, that there has
been buying of AtchiSon for the Pennsyl-
vania people in order to secure represen-
tation on the board, and harmony be-
tween the managements Of the two sys-
TENS. II seems entirely probable that a
large part OF the purchases have been
made by the Gates and Moore factions
for speculative purposes only. The pres
ent price Of AtchisOn common stock, even
after 10 points have been knocked off the
extreme advance, is entirely too high, and
it is likely that it will reach lower
level in the near future With the pre-
ferred stock on q per cent basis and
selling for l03. the price of 80 for the COM
mon stock. which is receiving only per
cent now for the first time, is more than
sufficiently absurd. The preferred should
have a further advance. and is consider
ed one of the cheapest stocks on the list
at the present time.
Mr.. Hartman has come out with two
important if not sensational statements
this week. He denies very positively that
he and his friends have lost control of
the Union Pacific and he affirms with
equal positiveness, that he has never had
control of the Chicago Terminal Com
pany. This statement that he has not
lost control of the Union Pacific deprives
the theorists of one of their chief sup
ports. They have argued with much pos
itiveuess that such buying as has occur
red in the stock recently could only have
come from "A contest between the Harri-
man interests and the Vanderbits for
reason in particular that can be learned,
that the Vanderbilts have been success
ful. The only basis on which they can
argue now is that there has been such /
a contest but that the Nanderbilts have |
been unsuccessful Whatever the ex- /
planation Of the situation is at present |
the stock has had a sharp decline. the /
low point reached yesterday being off il |
points from the top. This suggests very |
forcibly that the contest Is over The /
stock is selling at too high a level. or (
rather. its advance has been too rapid. /
and Il seems certain to decline in the /
near future The stock is an excellent /
)ne, however, and its prospects are fine, |
rhc dividend is likely to be increased at |
any time, as the company is earning
something like u per cent for the stock.
The statement of Mr.. Hartman that he
las nothing 10 do with the Chicago
Terminal was a hard blow to the bull
heorists and romancers also. The stock
umbled sharply yesterday. Who the
,arty was that secured control last Janu-
Try from the large German holders of the
stock is now a mystery of interest and !
Importance. One theory is that the
ioulds are the fortunate possessors of
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