The sun., 1913-12-10
FINANCIAL NEWS
And COMMENT
New Haven Shares Break
Sharply on Doubts About
the Dividend.
OTHER WEAK FEATURES
General List Declines, hut
Resists Pressure
Stubb0rnly.

road shares which broke to a new low
price. and a renewal Of liquidating weak
ness in New York Central and American
sugar Refining provided rather severe
tests for the general stock market yes
terday. News bearing OH values as a
whole did not have any especially favor
able content. but the market in the main
showed a considerable degree Of under
lying strength. The average Of major
issues offered resistance to pressure
although yielding with the special fea-
lures OF weaknesses and 1t was not ap-
parent that all around selling was induced
by particular declines. The total volume
OF transactions was no expansion over
Mondays dealings and was we'll below the
maximum Of rising activity last week.
1t was especially noticeable that the
shares which usually constitute the specu-
lative leaders of the market movement
did not contribute abnornally to the
aggregate Of the days business. which
was instead raised chiefly by the deal
iigs in the stocks obviously undergoing
liquidation. Closing prices were about
the lowest OF the session. hut the final
tone was not generally weak despite the
softnesS in the issues Conspicuously sub
jccted to pressure. In "A way the marke.
undoubtedly Indicated the difficulties with
which any constructive effort at this time
must be attended and served as a re-
minder that the readjustnent OF financial
positions could not be regarded as alto
gether completed. II was also Indicated
that much stubborn opposition would be
offered to the spread OF unsettlins in
fiuences from the necessary continuation
of destructive processes in few quarters
of the financial market.
London impaired downward impulses
h.. tAu a,,is ~ Ian. sluS ia
on account Of the disappointment evoked
by the character Of the new beneficial
distribution announced for the Canadian
Pacific shareholders. III the last decade
there have been ten such security Of
ferings. with rights to stockholders in
cluding tho present proffer, but none eX-
actly like the proposal of $4,000
900 Of per cent. notes to be subscribed
for by the shareholders at 50. The fact
that the sharehoiders' return for the year
is increased thereby seemed to be some
what offset by the consideration that
the company was raising money on costly
terms. especially as non-participating
market was established for the notes
around 102 At the same time Cana
dian Pacific stock. after falling about 3
points from Mondays exaggerated rise.
held obst!nately. and II WAS not apparent
that the new financing was regarded as
intrinsically unsound or unwise,
London took It rather badly because Of
the dubious views which have come to be
held over there about public and financial
affairs in the Dominion and because
OF the prevalent gloominess in the Lon
don stock market community induced by
the distresses of new security campaigns
and the general lack OF investment and
speculative interest. Consols shaded fur
ther to a new low record price. but on
the Continent security markets were firm.
a At. ate NJ hAel lip NJ mt hAV
early official relaxation in the money
market.
Doubtless the weakened investment
position all over New England accounted
for much OF the Wall Street liquidation in
American Sugar Refining and in New
York Central. as we'll as in New Haven.
to say nothing Of other stocks. Tho pri-
vate damage suits which have been piling
up agains; the American Sugar Refining
Company are probably only a cause OF
concern because OF the prevalent dis
turbance OF financial sentiment and not
because Of any likelihood that the COM
pany will be eventually mulcted to any
amount In litigation based on
the Sherman law. The selling OF New
York Central was connected In the Wall
street mind with ant!c!pations OF divs-
dend reduction to per cent, but OF
these no authoritative confirmation could
be obtained.
There was such a large increase OF
trading in New Haven as to suggest the
possibility that a short interest was being
covered up to the accompaniment OF pre-
dictions thas the directors of the road
would to-day pass the dividend altogether.
Nevertheless there was no basis In earn
ings reported or In the legal embarrass-
ments with which the Government has
surrounded the company to assert with
any confidence that dividends would be
rtren ntw.xsd 20 nf ill .trl lI,tet Inn
Apart from these matters there was not
much in the way OF conjecture or develop
ments bearing on particular stocks. but II
was said that the rumored Lehigh Valley
financing would be postponed to "a season
more propitious for the sale OF high grade
bonds. since the company was not under
immediate compulsion to make any new
financial provision for the future
on account of the absorption Of atten-
ton with the direct developments in the
stock market little notice was taken of
the matters of larger bearing, although
it was more clearly manifested that the
Administration currency bill. with or with
out desirable amendment, was moving
toward speedy passage by the Senate and
perhaps to final enactment before Christ
mas. 1t IL this prospect which IL un-
dOubtedly assisting the maintenance OF
some constructive and hopeful Views in
financial circles where reliance Ia also
placed on the good sense Of the Admins
tration and its ability to appreciate the
wisdom OF moderating the rest OF the
political programme which has impaired
business confidence as well AZ volumes
and values
A measure Of contracting trade was fur
nished by the idle freight car report as
OF December 1. showing an increase of
3i,5s2 cars In the net surplus during the
last half Of November. Call money ruled
at per cent. and again loaned AZ high
as per cent. hut there We're no signs of
increasing stringency. Foreign exchange
was inclined toward easiness, demand