The Bridgeport evening farmer., 1914-01-16
IN FINANCIAL CIRCLES

I FlNANGlAL Glh6LEO
 New York. Jan. 5Runprs of a probable reduction in the New York Central dividend have again become widespread as a result of the action taken by directors of the, New York, Chicago & St. Louis Railroad in pass ing the common dividend. This New York Central subsidiary declared an annual dividend of per cent a year ago, and for the preceding three years per cent was disbursed. The Gen. tra1 depends to a large extent upon revenues received on it's holdings in such lines as New York, Chicago & St. Louis. New York Central bears point to this development as fOre- shadowing a cut in the disbursement, probably at the next dividend meet ing. Central directors at their meet ing today accepted the resignation of J.. P. Morgan, and elected Harold s. Vanderbilt in his place. One vacan- cy on the board still remains, no suc- cessor having been elected to the place formerly filled by George s. Bowdofn, deceased.
 < Tn November gross revenues of the Wabash system decreased $1eS,000, and net declined S114,000s or Is per cent as compared with the same month a year ago. This is the poor est showing made by the road in any month so far of the current fiscal year. November net earnings, after deduction of expenses and taxes, amounted to only $439,000, which in cIuding $67,OOO 'sother income, : made $506,000 available with which to meet the months fixed and other deductions, amounting to $6I6.00O. This resulted in a deficit of $170, 000 on operations against 8 surplus Of $24,0o0 in November 1912.
 The chief obstac1es to sang a1liance between Maine CentraI and Bangor & Aroostook is that the latter does not pay standard wages. having de- feated its engineers and firemen when they sought to compel the road to pay the standard. It is pointed out that if Maine Central should absorb the Bangor the entire wage question: would be re-opened because the for mer road pays standard wages
 The Third Avenue Railway has de-. c1ared the full semi annual disburse- ment Of 2 1-2 per cent on the adjust-l lment bonds, payable April 1.
 John R. McCune of Pfttsburg has. been elected a director of the West inghouse Electric & Misunderstanding Go, succeeding James s. Kuhn and. Paul D. Cravath has been elected a director succeeding the late Anthony N. Brady. One vacancy still exists which was caused by the resignation
 
 gan 6 Go. s
 At the present rate of orders the Steel Corporation will show an in-. crease in untitled business in Jan-3 uary, which would prove to be the first monthly increase reported since December, 1912. The company re- ports an increase in the volume of orders since January. due to depict ed stocks and the customary first of the year buying. Unless orders show falling off in the final two. weeks of the month the showing should be very favorable.
 On February 3, maturing short term notes amounting to $1O,000, G00s will have to be faced by Boston 6 Maine, and it is admitted on all sides. that prompt action is necessary if the situation is to be met without seri- appears that the only possible steps to save the company would be to extend the notes, or to sell outright s the Maine Central Stock. What basis would exist for the renewal of the February notes is not clear in view of the fact that holders Of the $17.- 000, ,00O notes maturing in June would doubtless object to the pledge of Maine Central stock owned by the Boston & Maine as g basis for renew al of the February notes.
 For the, eleven months ended No vember 30 the American Telephone & Telegraph and associated holding and operating companies in the United States showed gross earnings of $197,- 452,138, against $181.411,0S3. Net totalled s53,858.1 52, against $52,S11.- 48O. Surplus for the period was $1o,- ss1,313 compared with S12,983,284 in 1912.
 Coney Island s Brooklyn Railroad Go. has declared dividend of per cent on the stock, most of which is now owned by the B. R. T.
 CThe Barron Financial News Serviceo
 New York Jan. 16-An important step toward remedyings the unsatisfac- tory process of day loans to brokers has been taken by the National City Bank by adiscontinuingI daily clear ance loans for Stock Exchange houses. In future no loans will be made un- less secured by adequate collateral. This action results from the supreme court decision rendered in the famous Hooking Pool case, which involved City and the Mechanics & Metals banks, which made it clear that the understanding prevailing among banks that such loans placed them in the position of preferred creditors was err roneous.
 purchased 100000 Philadelphia, Bal tirnore & Washington first mortgage 4 per cent bonds from the Pennsylvania, railroad The bonds are part of an authorized issue of $2O. LOGO maturing in 1s43-
 Arrangements have been made here and abroad to extend for a year the greater part of New York CentraPs $30, GOO, 600 notes maturing March 1. No arrangements have yet been made for the $20,000, 900 notes maturing in April, but it is expected that they will also be extended. In extending these notes, advantage has simply been taken of the present good short term note market. It is expected by Gen. with the Lake Shore can be consun-