The Bridgeport evening farmer., 1914-10-26
NEW YORK EXPERT
 REVIEWS SITUATION. IN FINANCIAL WORLD

(The Barron Financial News Service.1
 New York, Oct. 26-Great Northern Railway reports that $38,127,50o, or 16.5 per cent. of it's S$230,099, 450 out standing capital stock, was held in Europe as of September, 1914. Of seventeen important railroad systems that have reported the amount of their stock across the water only Pennsylvania and Southern Railway exceed this amount, the former hav- ing $74.49O,442 and the latter $62,- 552, 400 on the other side. Great Northern's stockholders total1ed 22,- 1o9, of which 2,1T7 were European. A year ago there were 1ss183 stock holders; in 1912, 17,766; in 1911, 1S,- 069. This big gain in the number of stockholders is largely attributable to the increase in capital stock, of which there was but $98, 100 outstanding in 1901, as against the present amount of $23O,099, ,450. More than 40 per. cent. Of Great Northern's stockholders are women, there being $, 8,845 registered on the books Sep- tember. 1914.
 While short term financing by rail- roads has been condemned by certain bankers, the railroad men. and many bankers, too, do not see much pros pect under present conditions of a. general turning of the railroads from notes to bonds in their financing. What little has been done since the war began has been practically all with notes, running for not more than a year. Of the approximately $5O0,- 00O,000 securities that will call for re- funding next year. nearly $400, 900, 900 are short term notes These were in substantial part sold to extend for
 ner note issues, and it is considered likely that at least a, majority of them will again be refunded in the same manner. eOf course; if the bond mark ct next year shows the improvement that railroad officials have for eight years been waiting for. refunding of these notes into long term obligations may be accomplished.
 Dividend reductions last week were more numerous than reported in the previous period. Directors of about 45 large corp porations took action and eight of the boards e1ther passed, de- ferred or reduced disbursements One steel company was included in the. list@The Warwick Inon & Steel Co., which reduced it's senni-annuaI div1-5 dend from 4 to 3 E per cent. The Cambria Steel Go. declared a scrip dividend of "A per cent. in place of the regular cash quarterly payment of I A per cent The Seaboard Air Line passed it's preferred dividend of per cent. quarterly Action by the Sea- board directors did not come as a sur prise, as it had been intimated for some time that the dividend would not be paid. About thirty corpora tions will hold dividend meetings this week. The most important meeting will be that of United States Steel Corporation directors If the com mon dividend is reduced between 60, GOO and 7O,O0o shareholders will be affected. It can be stated that there will be no change in the pre- ferred dividend, as earnings through the depression have more than cover- ed necessary payments on this class of stock.
 CT l. Watson 6 Co.9
 Until the entire financial situAtion5t is safeguarded it is idle to discuss any change in present Stock Exchange conditions. Meanwhile, by economies, accumulation of funds, streng gthening of margins conservatism Of all opera tions, the country will go an laying sure foundatfops for adequate invest ment support when 1t becomes safe to re-estab1ish free, normal markets.