New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-10-05
MAY STOP GERMAN
STOCK TRANSFERS
Canada Plans to Strike
New Blow at Enc
mics Finances.
DIVIDENDS UNPAID
ON BERLIN SHARES
London Refuses $3,OO0,OOO
Worth, Much of Which la
Been Sent Here.

According TO adyices received by m
,ornptional houses in Wall Street. Can
ada is preparing TO strike another bio"
et German and Austrian finances ny
refusing 10 permit the transfer OF
stocks i'm Canadian companies that may
be held i'm the names Of subjects OF the
two cour.rIcs 1T war with England.
The principal stock affected IS Cana
dian Pacific. tho only Canadian OF I'M
rortance held IN Germany TO any great
c,tout and. one of The few American
issuos that nation could depend upon
20 get money for in any considerable
quantities. Reams Of Canadian Pacihc
stock have been held IN Berlin, that
capital being the one place on the Con
tincnt where any considerable volume
in held. Though the amount was great
" reduced before the outbreak OF nos
.iItics. German and Austrian holdings
run into millions.
Already dividends on stocks Of Cana
dian Pacific held by German and Aus,
ttiau subjects have been withheld ana
such stock has been barred from deal
irrs on tho London exchange. Some
thing less than 10000 shares, repre-.
scnting money value IN excess OF
So 600 OOC. offered on contracts m tho
20
much Of that stock, according TO wan
street houses with foreign connections,
has been sent to this city for sale here.
Much more has been received here d.
rect. and more is understood 10 be on
the way. 800.
II is this stock and additional shares
received from Germany by way OF Am
sterdam that Canadian Pacific officials,
directly or in obedience to orders from
the Dominion government are expected
70 declare non transferable until peace
IS resumed.
How such a ruling would affect stock
bought BY innocent neutrals before me
outbreak Of hostilties, or neutrals act
ING i'm good faith since war broke out,
is something Of a question, but t IS
expected that If such innocent holders
can prove purchase before the war ana
paymeut transfer will be granted.
Pending some such arrangement houses
with branches in London and PARIS
and correspondents on the Continent
have notified them TO go slow IN buy
ing or accepting Canadian Pacific, or,
if bought, to defer payment until
transfer Of the shares has been made
in this city or in Montreal, where the
home Offices Of the company are.
The local transfer office Of the com
pany is the Bank Of Montreal, which
thus far has accepted for transfer
without question all certificates offered
il, for the reason that no instructions
to the contrary have been received
from the home Offices. The certificates
sent from London after being refused
there have not yet been put on the
market. and they cannot be m very
large volume until the New York Stock
Exchange reopens. the private market
for this security being too thin 10 nc
ccpt any very large amount without
breaking the price 70 par or even
lower.
Il is understood that the matter mas
been informally discussed by members
Of the governing committee of the New
York Stock Exchange, but no difficulty
is anticipated in reaching an agree
mcut that will be satisfactory TO the
railroad company and to the London
exchange. IN view Of the close working
arrangements now existing between
the managers Of the two markets.
Persons familiar with Canadian Pa
cihc affairs said yesterday that II was
impossible 10 estimate the amount of
gold Germany might thus obtain by
way of Amsterdam Such stock as -
sold would be sold for gold or its
equivalent i'm credits, and this is eN-
actly what the British authorities wish
TO prevent