New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-05-19
REVIEW AND DIGEST
Uncertainty Still Prevails
New Haven Pays High for
Money and Cuts Dividend
Gold and Income Tax.

-UOlu anu lnCOIIle DIX.
The speculative skies that light the
stock market were overcast with po-
litical clouds during the week ended on
Saturday last. and prices during the
six days period passed through a SERIES
Of sinking spells which left Wall street
much disturbed over the situation, and
dsheartened traders who had hoped
for higher prices found little consola-
ton in the outlook. Considering the
betterment of affairs abroad and the
improved sentiment reported on he
European stock markets, there was
reason to suppose that local prices
would show some upward movement In
sympathy. as for a long time local de-
preston had been due chiefly TO the
Balkan troubles and the uncertainty
regarding the European peace outlook.
Following closely on the announce
ment that dissensions had ended be-
tween Austria and Montenegro and
that a general movement in favor of
peace had been declared by the Balkan
allies. troubles increased on this side.
especially the political brand. one Of
the incidents of sufficient Importance TO
cause some sensational rumors 10 he
1irnn19fca NC Coiffornfo aI la NJ
law act, TO which Japan entered pro-
test and Secretary Bryan Intellectually
tried TO avert by requesting Governor
johnson not TO attach his signature.
Another was the Southern Pacific
Union Pacific segregation plan. which
at the end OF last week apparently had
come no nearer a solution than during
previous weeks. and the question OF
the future regarding the division of the
holdings of these two lines was still IN
doubt
one Of the happenings of the week
which attracted attention was the
financing of S12.OO0OOO one-year I per
cent notes, maturing on June 10 next,
by the New York, New Haven & Hart
ford Railroad. To secure the money
necessary to retire these obligations
the road was forced to pay per cent.
which is fair indication OF the diff
Guilty experienced by corporations at
The reduction of the dividend 10y the
New Haven on Thursday last from : -
Is per cent was an event of interest. al
though a reduction had been predicted
for some time and estimates OF the cut
had been greater than really occurred.
The record of The New Haven as a
dividend payer has been remarka bly,
good. From 1873 To 1893 the road paid
10 per cent. In 1894 . per cent was
paid but for eighteen years past. until
the last meeting Of the directors per
cent quarterly has been declared regu-
larly. There are those who doubt
whether the New Haven will he able 10
continue the Is per cent dividend as it
calls for a distribution Of SO $1,000
and from the earnings reported during
the last few months the roads income
does not appear 10 he sufficient to meet
this demand. Taking into considera-
ton increased obligations resulting
from the high cost Of money for
financing purposes and a possible fall
ing off in business as result Of tariff
revision, which would affect the textile
industry. the outlook for the New
Haven is not bright.
The announcement Of the week which
had tone Of cheerfulness in ii. even
though it was confined TO a few stock
holders, was that distribution Of 400
per cent in stock dividends would be
made 10 holders of the shares OF the
Standard oil Company Of New York
Since the dissolution Of the parent or
ganization melon cutting has been fire.
quent among the subsidiaries, and
when one occurs nowadays II excites
little interest. compared with such
news Immediately after the segregd-
ton. The declaration OF the regular
dividend by the Chesapeake g. Ohio d.
rectors relieved the Streets anxiety
regarding that point and made ia
vorable impression on the roads stock
holders.
The continued siege Of the bears in
the stock market has undermined con-
fidence that few weeks ago was pro-
nOunced in various places in the Wall
Steet district. and that underlying con-
fidence was the force depended upon to
restore the stock markets speculative
position. However. with the railroads.
Industrial corporations and business
men upset by political affairs at Wash
ington, IL was difficult al the close on
Saturday TO read the signs of the times
In a way TO venture prediction
regarding the trend of prices, at least
in the near future. Bankers were hope
ful. yet not overconfident, owing to the
money strain partly due 10 an extended
situation, which has loaded up many
Western institutions with indigestible
securities, that will require time TO
reach the payment period. when such
accommodations will become liquid as
sets IT does not mean that the sta
biity Of the country is threatened, but
that the drain made upon us by Europe
during its continued boarding period