. The market price, surplus, net earnings, and dividends of common stocks . we have to consider. Its dividend rate was four oer centin 1905, and was increased to five and one-half per cent in 1907 it was lowered to five per cent, but was raised to six r>ercent in 1910, at which level it remained. Earnings during theentire interval were never less than one and one-half per centabove dividends, and in 1907 reached the high mark of fifteen nercent. Surplus during the period from 1905 to 1908 remained?practically stationary, due to the policy adopted by the Atchisonroad of charging bett
. The market price, surplus, net earnings, and dividends of common stocks . we have to consider. Its dividend rate was four oer centin 1905, and was increased to five and one-half per cent in 1907 it was lowered to five per cent, but was raised to six r>ercent in 1910, at which level it remained. Earnings during theentire interval were never less than one and one-half per centabove dividends, and in 1907 reached the high mark of fifteen nercent. Surplus during the period from 1905 to 1908 remained?practically stationary, due to the policy adopted by the Atchisonroad of charging betterments to revenue, which items were not shownon the balance sheet. After 1908 surplus rose with earnings,except in 1910, when a considerable increase in the amount of stockwas made. As with Chesapeake and Ohio, two price periods are tobe observed. The first extended to 1910, and in it a gain from84 to 116 was made. The price in 1908 was only 79, but is plain-ly a break in the general tendency. After 1910 the level ofprices fell, and in 1914 the quotation was only 95^.. -19- Hailroads in GeneralOne cannot draw any very intelligent conclusions as tc rail-roads in general from a consideration of twelve railway course these roads, as we have pointed out before, are large,and are representative to a certain extent. Yet the majority areof that group which may be termed successful. We have not in-cluded such large and ill-fated systems as Chicago, Rock Island,and Pacific, or Wabash, or St. Louis and San Francisco. One mayargue, however, that a discussion of the successful and moderatelysuccessful roads is all that is necessary, since our object is acomparison of price with earnings, dividends, and surplus. Nat-urally no very adequate comparison is provided where there are nodividends, -/here the amount of earnings is negligible, and wheresurplus is a negative quantity known as deficiency. Nevertheless,from twelve railroads, we can at least point out a few generaltendencies
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