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

surprised if * should come this afternoon.
But as yet there are few that look for
a smash, unless something startling in
the general news forces il. 1t seems prob
able that the nIgh-priced railways will be
allowed to sag back few points, and
that on the next advance they viii not
get quite so high as 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 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-
" on the common stock. The tipsters
had promised per cent and the street
was disappointed The Pennsylvania peo-
pie met and declared only dividend of
2Ia 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
win make the market break suddenly some
day when the new public IS least expect
ing it, Gold has been engaged for ship
ment this week in some quantities, ana
the banks have lost. according to the eX-
perts. more than S3,00G00 since last Fri
day but money was easy yesterday ana
talk early i'm 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 Atchson 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
per cent rate, and 1t is probable that
the stock was advanced to IS because of
this talk. As 3 per cent stock, ii is not
worth its present price. and ii is prob
able that sales on the bulgeS Will prove
profitable. The wonderful earnings of the
AtchiSCn system during the past Few
years are reason enough why the prefer
rcd stock should sell we'll 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 unassailable stability equal
TO that of Pennsylvania and New York
Central. Some day there win be failure
of the corn crop. and then 70 will look
very high for Atchison common. Only
six years ago the preferred stock was
the prospect of any dividend whatever
on the preferred was exceedingly remote.
Only three years ago, in 1898, the prefer
red sold at 227s, and the common at 1Ol+.
The .grangers. with the exception of the
Atchsons. 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 $41.296. and the years net an in
crease Of $634, 956.