The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1913-12-12
NEW HAVEN STOCK
DROPS AGAIN TO
LOW POINT
Down To SO and threatens
Worse
INVESTORS DlSAP P0iNTE 0
Heavy Sales Show That Many Hold.
ers are Anxious to Unload This
Stock


New York, New Haven and Hartford
railroad company, whose directors
Wednesday ordered a suspension Of
the dividend for the first time in 40
years. declined 52s points yesterday
on the New York stock exchange,
rallied, and sold at net loss Of 33s
at the close. Dealings In tho stock
were larger than in any other Issue.
The closing quotation was 6si8.
Wednesday It was I2%
Excitement was greatest at ,he
opening Of tho market, when 5000
shares changed hands at the wide
range of 69ia 10 CS, Indicating hat
much of the stock then sold was Of.
fered "at the market" or foY what
it would bring. \ considerable part
CT the selling was traced TO Bos'
brokerage houses and other New Eng
land points, which suggested liquid
alton, but early decline received adj
1itional momentum from bear sourc.
es. Tho market rs a whole was not
seriously affected, although Pennsyl-
vania. which holds upward OF $1,000
shares of New Haven, was conspcu.
ously weak. Final prices reflected
general support with a firm close
The heavy liquidation in New lila.
ven shares reflected the disappoint.
ment felt by investors in the urax-
pected action OF the directors in pass
Ing the dividend Trading in thcse
shares was on such large scale that
transactions up to l o'clock amount.
ing to $4,000 shares. This years
high record for weekly sales was
$4,000 shares. Last week only H..
600 shares OF New Haven chan ;cd
hands. While two weeks ago the total
sales in that stock ran to only GOO
shares II is safe to say that never
before In the history OF tho stock
exchange has there been so large
turnover of New Haven stoyA.
Sales OF iG,l00 shares compared With
1880 Wednesday and q previous
high record Of 26,70O Tuesday. They
ran far ahead Of any previous week
~ total this year,and we're almost
equal to the full total of New Haven
sales for all Of 1912. Last years
sales Of New Haven were 1870
shares, or an average Of 100 sbares
day. The sales OF 1911 We're CO.
753 shares What a great change es.
terday's sales signify for the New
Haven can be judged by comparing
the present total with that OF the last
week in April, 1901, which was The
most active in The stock markets
career. In that week 30o shares OF
New Haven We're sold. In the most
active week of the Hartman boom,
an odd lot OF 5S shares OF New Hay.
en- made NJ that stocks turnover.
This weeks sales of New Haven
have already run to 100000 sharea.
Bond houses had to answer many
qucsies concerning the status ot
New Haven bonds as q savings bank
investment. The question is OF great
importance. for the reason that from
Si0000,op0 TO S50000,000 Of New Ia
ven securities are owned by SAVINGS
banks. trust companies. insurance
corporations and other financial instr
tuiions throughout New England. Tn
der the Massachusetts savings bank
law a road must pay 4 per cent dIyi-
dends for five consecutive years IN or
der TO make its first mortasc bonds
available as investments for savings
banks. This viii mean that the New
Haven bands can still remain In the
savings bank class. az least until
June 80. 1914
u Us possible that the law can be
SO interpreted as to make the sccuri-
lies legal Investment for savings
banks throughout the next calendar
year. or until December 81. 1914. ON
This point there is some doubt. out
the view is held tina, the state bank
ing authorities in both Massachusetts,
and connecticut will be inclined TO IN
ierpret the law as literally as JOS
siblc in this instance.
Frank 7. Williams Of Ludlow. w..
state bank commissioner In COM
meniing yesterday on the passing OF
The dividend By the New York. New
Haven end Hartford statemon. IN the
New York rop6r, Of the dividend &C.
uion TO thc effect that Sso.o00.000 of
The roads stocks and bonds we're
hcld by savings banks. othc. fnan-
ciai Institutions and estates. was in-
Corrcct al Tar as Vermont was con-
cerned Not dollar OF stocks or
nnrh. 81 Tho Nnrr NcrI- " IL.