The Bridgeport evening farmer., 1913-12-11
SECURITIES OF ROAD FALL TO NEW LOW MARK News of Action of Directors Has Electrical Effect on
 Market
STOCKHOLDERS MAY
 SEEK RESTITUTION
Eleven Thousand Women 7 Numbered Among Stock
 holders of the System

New York, Dec. 1--StOck of the New York, New Haven & Hartford Railroad Company broke to 6S today xhe lowest point in it's history, follow Ing the passing of the dividend by the directors. at the meeting in the Grand Central terminal, yesterday afternoon. = All of the directors were present ex- cept six. among the absentees being J. P. Morgan, whose bank is fiscal agent for the company, and whose fa- 4her was a, leading spirit in the policy That brought the wonderfully rich New England railroad system to it's knees.
 A crowd Of brokers clustered about the New Haven trading post on the floor of the exchange long before tn @ opening. When the gong sounded the beginning of business the rush to sell resulted in such confusion that it was several minutes before any record could be obtained of first transactions Then the opening wos announced as 5000 shares at 69 1-2 to 68. Not for years had such a large block Of New Haven appeared on the ticker tape. The stock closed yesterday at 72 3-4.
 Trading was on a. smaller scale af- ter the opening transactions, being chiefly in blocas of 100 to 200 sf1aree. An effort was made to support the stock on the break and the next sale was at 6S T-S-- Then it was bid up to 69 IA dt failed to hold at this level, however, and by tine end of half an " 6s IA.
 While suspension of the New Haven dividend had not been generally eX- pected dn Wall street it's effect was partially discounted by a. severe de- cline earlier in the week RITnOrs that the directors might suspend payments caused heavy trading and on Tuesday the stock touched what was then the lowest price in the history of the com Dany, at T 1-2, a drop of 6 1-2 points
 
 met with better support and after tquaI1ing its low record ended the day at 72 3A
 The stock market in general was lit tie affected by the violent decline in New Haven. There were a, few weak spots, but most of the leading stocks wore strong Speculators bid up prices on the theory that the passing of the New Haven dividend has relieved the market Of uncertainty which had long been holding it under restraint
 The passing of the New Haven .divi- dend will sadden tens of thousands of New England homes. New Haven stock, more than that of any other railroad in the country, is held by in vestors in the territory which the road serves. In many New England fam flies the stock is handed down from father to son, and ir is the principal source of income of many thousands About 50 per cent. of the stock is held women, some Il, 900 in all
 When the meeting of directors was called there were only six absentees. These included J. Pierpont Morgan, who is in Europe
 There was a. report that cable mes sages were rushed through to Nor gan before final action was taken on the passing of the dividend. Since 1eav- ing America Morgan is said to have been i'm close touch each day with the affairs of the railrOSad. The Morgan interests, even in his absence. were well represented at the meeting. The meeting began at o'clock and contin- ned almost three hours.
 William G. Rockefeller dominated Sne session, and is understood to have nut forward the principal arguments for the passing of the dividend Oth- CTS at the meeting were Charles F. BrooIer, William Skinner D. Newton Barney, Arthur T. HadIey, Robert w | Taft. James S. Hemingway, A. Heaton Robertson, John L. Hillard, Thomas De Witt Cuyler. Howard Elliott, Ed | ward AIiI1igan, Francis T. Maxwell J. ! 8- Hl1stis, Samuel Req, Laurence Mi i not. Morton F. Plant, F. Murray | Crane John T. Pratt, James L. Rich | ards and Galen L. Stone.
 Elliott said the directors had con- | gfdered the question of the dividend 1 rem every angle, beginning with earn | fnes for July, August, September and | October which were made public a 1 few days ago. The question of the 1 various State savings bank laws, re- rJ71dxfrsy a. per cent dividend level on | securaities considered as State invest ments was taken up, and was one of l. he weightiest subjects of debates.
 Asked about his recent conferences with Attorney General McReynolds separation of the subeidia- ries Of the New Haven from the main system. Elliott said tarements on that subject must come from Washington. The reference in his statement, how sver to arrang geInents for separate of the Connecticut Trol- eys was believed to be an initial step toward complete separation of those roiIeys from the main railroad sys- tenn
 From 1873 to 1893 the New Haven paid dividends at the rate of 10 per >snt- per annum- In 1894 the rate was ==e to per ceTfFgad from 1895 to May,