New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-12-12
new HAVEN RALLY
AT MARKET CLOSE
Stock Up to 6ST After an
Early Drop to 673s on
Heavy Selling.
46,343 SHARES ARE
~ SOLD AS RECORD
Business Boom in Territory and
Rate Increase Only Hope
for Dividends

! 1Oi blNluSHuo
Keen disappointment among New
Haven shareholders at the passing of
dividend for the first time in forty
years was reflected on the stock Fx-
| change Yesterday. where two new re
ords were made i'm connection with the
| shares Of the railroad company.
At one time during the days trading
the stock went as low as GIas. a mark
| below any ever set before. Before the
market closed iG,343 shares Of New
Haven had been sold. This. too. was
record, and exceeded this years pre-
vious high record for weekly sales by
more than 1900 shares.
So rapid was the trading that 1900
shares changed hands in the first ten
minutes of the Stock Exchanges day,
and in the first hour 26,JJO. After the
noon hour the stock appeared to have
more friends, and it orept up from the
! low record mark TO GSTs.
Market Holds Steady.
While New Haven shares were being
| tossed about, the rest of the market
failed TO sag I'm sympathy. American
Express Company. which is credited
with holding ~ go shares Of New
! Haven and which will lose an income
| that amounted last year TO $IO0,pO
| from them could not remain perfectly
| calm in the face Of this tribulation, and
was hammered down 10 los, a loss ~
! ~ points. This marked the low est
I point which It had touched since Aug
ust !. 1896 The Pennsylvania Bailroad.
which holds more than 5000 shares
and which received an income OF Sl2I-
$50 in dividends from the New Haven
( last year, dropped from high Of losa.
J TO 1865. American Telephone and
/ Telegraph also showed the strain. For
/ the rest, however, the action Of the
/ New Haven directors seemed to have
no immediate consequences.
! Among men in the financial district
| the passing Of the dividend was gcner-
| ally regarded as "A wise step. Brokers
| considered President EliottS state
ment as exceedingly candid and an
understatement, If anything. OF the
| company's condition. Louis -. Bran
| deis, the Boston lawyer who has so
| often appeared az the legal foe of tie
| New Haven, was reported from Wash
! ington as saying:
The New Haven is in competent
( hands, and believe the directors will
/ be forced TO conserve the capital and
/ earnings for some time to come. Mr..
! Elliott is handling the road in New
| England in the best interests of the
stockholders and for the best trans
portation conditions"
! The selling vas considered by brok-
ers TO represent a combination Of
| liquidation held back to the last minute,
1 in hope that a dividend would he de-
clared by the directors. and selling on
/ the part Of spectators.
Many men i'm the financial district
were Of the opinion that the passing
OF the dividend had been made upon
the suggestion If not the demand Of
the Department Of Justice. This was
indicated by statement Of Attorney
| General MCRcynolds. in which he said:
Il am not surprised At the action OF
the New Haven directors I'm passing
the dividend. 1t indicates sounder
judgment than the directors have
shown in other matters. This action
looks like real attempt to meet the
governments demands
Some Of tho Sufferers.
Those who will feel the passing Of
the dividend most keenly are estates
held in trust insurance companies, hos
ptals, savings banks and charitable
institutions.
"Poor's Handbook for Investors"
1913-14 edition, gives a list of 10S In
stitutions, insurance companies, saw
ings banks, etc. mostly in New Eng
land. that are New Haven stockholders
The most important In the list are:
alma Insurance Co.. Hartford ....... sisl, 800
| H;tna Life Insurance Co, Hhtford... oo0Ovp
| Bosion insurance CO., Boston. ......... l75,DJ
CO.. hartford ....................... 252. 500
York ...................,...... 1851
hdr ii 20 N'' y '...,''......... $4,000
| ttar,.o,d Eiro Insurance Co........... 400 900
! Home Insurance Co, New York k....... 21oWo
| indnstriaI Trust Co. PrOvIdencc...... 27s,0OO
| Wu,uai Ilfe Insurance CO. New York 3, ,56i 900
New England Mutual Life Insurance go.
| Co, Boston .........s.s' ..' "Io' NV
Nem r ''"'''P'"'s .''1,''e............... 100 900
| phGni, insurance Co Hartford. ....... $4,000
| HT%u, Prn,,dan"a ,.'..-.............. O00OO
| GavIngs Bank of New London ........ 1876. 2oD
| Sncietv for Savings, Hartford ........ no DO
'psmrincGeld Mass. .................. 600. 900
S'Sve Wo,oaatnr Mas ..,'.......... I43. 900
| Travellers Insurance Co. Hartford 10000
| T,"m r"r,,nn Wc ......... 2s7 aOO
| United States Casualty CO., New YORK lV'""
one OF the best indications that New
Haven shares were held largely for
investment purposes before the begin
ming Of the present year is shown by
figures dating back to 1880. Since
January more than half million
shares have been traded in on the
Stock Exchange, while the previous
high record for sales during one year
was in 1909. when 69,OO shares were
sold. II has been only since the be