New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-12-15
REVIEW OF THE
WEEK IN FINANCE
Passing of the New
Haven Dividend a
Feature.
HITS NEW ENGLAND
A SEVERE BLOW
Future of the Road Brighter
Steel Situation and the Rail
rOads-MOney.

Fluctuations Of listed securities on me
New York Stock Exchange last week re-
flected the events Of the period directly
bearing on Wall Street. UuQuestionaoN'
the passing Of It's dividend 10y the Ne"
York, New Haven & Hartford was the
most noteworthy of the weeks happen
ingS. The farreaching influences Of TINS
epoch in the history Of the New Haven
cannot fully be Comprehended Since 1917
corporations. including the railroad com
panies. have been under suspicion In the
eyes Of the government rs transgreSsoIS
In some form or other against the law.
On various occasions Developments have
appeared to confirm the suspicion ana
have destroyed the confidence formerly
placed by the investing public in railroad
and industrial securities. Coupled WIN
this have been the attacks on Wall street
by politicians. so that the people OF Inc
country. on whom the large corporations
must depend for increasing supplies OF
money for capital and operating accounts.
have become discouraged and have with
drawn from participation to large OK
tent in the purchases Of stocks and bonds.
Hits New England Hard
The publicity given affairs Of the New
York. New Haven & Hartford during the
last months has shown a condition eN-
listing in the administrators Of that sys-
TEN up TO the period of the retirement OF
Charles s Mellen as president that could
have no other effect than that Of con
firminC a prevailing belief in the public
mind that irregularities I'm corporations
have existed. Naturally, the blow inillc'-
Cd on the stockholders of the New Haven
by the discontinuarce OF dividends has
fallen most heavily on New England, and
has touched the bread and butter of many
who have their all invested In the Sc
curities Of that road. More than Noo1
women. il Is reported, are numbered
among the stockholders Of the New
Haven. and more than 80 per cent Of all
the stockholders. it is estimated, live IN
Massachusetts. While the passing or the
dividend had been expected in wall
Street, the record that the road enjoyed
of n fortv-years' existence as dividend
payer had established too strong a iaith
in the minds of New Englanders to allow
them fully TO realize the situation ana
10 foresee the end which came las;
Wednesday, when the directors met
Future Prospect Cheerful.
There is a bright side 10 the picture IN
the consideration Of the fact that the turn
has come toward betterment and that
the road has reached period OF con-
structive instead Of a destructive policy.
The misfortune although not minimized'
lies chiefly in the delay OF income 10
stockholders for a period Of possibly
year or more only. No longer will the
directors attempt to force or the road
costly burdens at inopportune times ana
under the direction Of Howard Elliott, as
chairman. there promises to be a hu'i-
ness administration OF the roads ahairs
which will bring it out OF this temporary
slough Of despond" and place IT IN the
future in the high position which. geo
graphically and constructiyely the New
Haven Is entitled 10 occupy.