The times. [volume] (Washington [D.C.]) 1897-1901, 1901-05-02

surprised if it should come this afternoon
But as yet there are few that look for
smash unless something startling IN
the general news forces 1t. II seems PROB
able that the nIgh-priced railways Will be
allowed to sag back few points, ana
that on the next advance they will not
get quite so high they are now. The
lower priced railway securities to which
attention has been called in this column
will probably be the features next. and
may be bought with reasonable safety on
reactions of a few points. The indus
trials too look well to many market peo-
pie of experience.
The market news yesterday was dis
tinctly bad, what there was of it. The
Atchison directors met and declared a
dividend of only IL per cent semi-annual-
ly on the common stock The tipsters
had promised per cent and the street
was disappointed. The Pennsylvania peo-
pie met and declared only a dividend of
2Ik per cent semi-annually instead of the
per cent that had been looked for nearly
everywhere. A few more disappointments
and exploded bull tips of this character
viii make the market break suddenly some
day when the new public is least expect
ing II. Gold has been engaged for ship
ment this week in some quantities, and
the banks have lost. according to the eX-
perts. more than So 100000 since last Fri
day, but money was easy yesterday and
talk early in the day of the probability
of some tightness was forgotten before
the close. The traffic returns received
were generally good. including net earn
ings reports Of Northern Pacific, Rock
Island, and Louisville and Nashville for
March, all showing gains.
The dividend declared on Atchison com
mon stock was all that was expected by
railway people. 1t was all that there was
any warrant for paying. If the company is
to be run on a conservative basis. Never
theless. there had been much talk of
4 per cent rate, and it Is probable that
the stock was advanced to IS because of
this talk. AS a per cent stock, 1t is not
worth its present price. and ii is prob
able that sales on the bulges will prove
profitable. The wonderful earnings of the
Atchison system during the past few
years are reason enough why the prefer
red stock should sell well above par, but
they do not mean to any student of rail-
way finances that the securities of the
system are to jump az one bound into
position of unassaiable stability equal
TO that of PENNSYLVANIA and New York
Central. Some day there viii be a failure
of the corn crop and then 70 will look
very high for Atchison common. Only
six years ago the preferred stock was
selling at 16. and the common al. 81. and
the prospect of any dividend whatever
on the preferred was exceedingly remote.
Only three years ago, in 1895 the prefer
red sold at 225s. and the common at 10l+.
The grangers, with the exception of the
Atchisons. were inclined to be reaction
airy. Burlington did nothing. but Rock
Island and st. Paul several times during
the day broke off two or three points,
which they were slow to recover. Rock
Island closed the day with nearly two
points net loss The Rock Island net earn
ings for March. and for the fiscal year
which ends with March, were good. but
they do not warrant the present level for
the stock The March net shows an in
crease of S41.296. and the years net an in
crease of 1854, 956.