The sun. [volume] (New York [N.Y.]) 1833-1916, 1901-10-07

cdsctuai the Bscrrtsry was forced 20 -
deem iarge mounts Of Government long
term bonds at he highest price at which
. national debt issue over sold In the worlds
history. Il should 10 considered whether
no b likely TO rcp~at his action In order
TO facilitate q Wall Street speculation for
the rise.
Throughout the week. a. has been stated.
the stocks Of the Granger and corn-carrytng
railroads were tho~e which presented the
greatest resistance to the downward move
mont. Professional sentiment In the fnan-
c'sl district IN very emphatic that thesestoohs
must. sooner or later. show the effects
OF the loss Of $500 600 900 worth OF q great
grain staple In their territory. But the
opinion OF tho Officers and controlling stock
holders OF the railroads concerned 10 equally
hrm that the loss from the corn crop ailur
IN very much overestimated and will he made
good. moreover. In divers ways. One thing
that helped TO hold the o was the
rumor that the forthcoming semi-annual
dividend upon Atchi-on common stock
would be ? per cent and that the stock
would. therefore. become a rcgular< per
cent. dividend payer. The story was
upon the whole discrsdited. for while the
Atchison earnings are large. the statement
81 the road for the last fiscal year showed
that ar annual distribution OF 4 per cent. on
the common stock would leave but q sur
plus OF about p. per cent remaining. This
would be a pretty small cash residuum for
40 great a property. whose future gross
earnings are. al least. doubtful; and tho
belief was general that II such an in
creased dividend was decided upon It would
NOT Ia FOR fba walfara nf the AtchtsDn
property but in the interests ola speculative
pool In the common stock. which Is finding
its position uncomfortable. Whether In
the present rather critical state OF Wall
Street temper such action would do
the pool a great deal Of good IL uncer-
tain. Yet. In estimating the Influences
that will control the fluctuations In the
price OF A,ohison stock or that OF any ~
the corn-oarrying roads az this peculiar
| ~juncture. or will affect any market move-
ment at any time, ote must reckon as a
direct aud powerful factor the personal
views and desires OF great capitalists.
II must never bs forgotten by the outside
-peoulator or, investor that the great in
siders have plans and sources Of informa-
ton which MAJ Justify them in doing things
which other people. hot In the secret, may
think TO to utterly improper. and II is I'M
doubleday true that the outsider who IL 30
fortunate as 10 Ia In the confidence OF
one ot these financial giants will do we'll
to act on his friends advice and despise
the daily frit,ering talk Of Wall Street.
This. only. let II he remembered Those
in control Of great interests are always
powerful and usually wise; but they are
no, supremely 80. There are foods that
they cannot stay and barriers that they
cannot pass. They are subject. Just as
are other investors. To undue optimism
or undue pessimism. and they pay the
same penalties for u. Like other people
who buy and sell stocks. they ara liable
10 overtrade, and as against the great
public In one Of its buying or selling moods
they ara a. helpless a. babes. The real
power that determines values In a country
IL not dividends PASSED or declared or any
application Of human strength or ingenu-
ity. II IL the continual natural balancing
Of production and consumption, and into
that great effort forces stream from every
quarter Of the globe. II there IL underpro-
duc,ion business will quicken and prices
advance. n there is oyerproduction bust
ness will languish and prices fall. Often
the operation OF this great law h hidden.
hut never for an instant since man VAS
man has its sway slept or been sbated.
nor can II In any more changed than
the courses Of the stars. IL II one Of the
maxims that every one admits Il true In
theory: vet In the whirl of life its truth
t~comcs dim, and the experience Of ordi-
nary mortals Is that they discover too late
its abiding greatness and control There
IL an Did Morse story 81 a Young king who.
when hs became 81 age. was ushered into
a vast hall where the great gods were
sitting ma iestically upon their golden
thrones. He Was properly awed by them
and did them reverence. until after a little
while tho hall became filed with vision
and fairy shapes and this young king for
got that the gods ever existed Then
finally the shapes and visions faded and
the young king found that many years
had fown and that he was a weak and
white-hair"d old man still standing trem-
bling before Odin and Thor.
putttr EtSn