New-York tribune., 1914-12-24
FINANCIAL RECORD
HERE And ABROAD
Stocks Go Lower After Cut
In Dividend of p. r. R.
Subsidiary.

In the late trading the securities
market, already rather weak, followed
announcement Of a cut Of per cent
IN the Pennsylvania Company's divi-
dend with a break in railroad stocks
and in the more active industrials. The
downward movement was continued 10
the close, with final prices in many in
stances from one 20 three or more
points under those Of Tuesday. Penn
sylvania Railroad was particularly de-
pressed by the action Of It's subsidiary.
Steel reached its minimum and ap-
penred only twice !n the last hour OF
trading.
The days business was not great,
only about 100000 shares changing
hands, but selling in small lots was
steady. Expectation that the Lusi-
tania, which was 10 arrive In the after
noon, would bring a considerable cargo
Of our securities had a depressing cf-
feet. II any large volume OF stock IS
brought from abroad, there Is nothing
20 show that 10 has not already been
sold or is intended for immediate dis
posal Traders figuring that the float
Ing supply Of stocks which investment
buying has been keeping down would
be increased. took the short side.
Selling for foreign account was ap-
parently no greater than that which
has prevailed in the last five or six
days. Customers Of commission houses.
however. who had been hoping 10 profit
on the advance promised by the short
lived upturn Of the first two days or
trading. disposed Of their holdings in
considerable amounts.
Announcement OF now miuimums
after the close was awaited with much
interest 20 see IF Steel would be in
cuded. When the list appeared on the
tape il contained only those stocks Of
Southern railroads marked down Mon
day afternoon and two or three indus
trials. If minimums are 20 be retained
at all after the initial overwhelming
rush Of European liquidation failed TO
appear, they would be OF little effect
should they be reduced as soon as any
prominent issue falls temporarily out
Of the active list because there are no
bids at the low price established.
Discussion Of the possible reduction
Of the Pennsylvania Railroads divi-
dend next month naturally followed
the lower disbursement by the COM
pany through which 10 operates lts
Western lines Though the Pitts
burgh, Cincinnati, Chicago q St. Louis
aud the Vandalia had already cut their
dividends. similar action by the Penn
Fylvania Company came as "a considera-
bic surprise. The parent railroad
owns ali Of the $50, 100000 stock Of
the Pennsylvania Company, and, M ad-
dition 20 this present loss, has re
ported earnings on other lines heavily
reduced so far this year. The Penn
sylvania is justly proud OF MS record
Of continuous dividends. which since
1860 have resulted iu cash payment TO
stockholders OF over Si5O,OOO,OOO. SO
a. IL not impossible that business pros
meets for the wear To- come as well as
the record Of 1914 may be taken into
consideration.
Pennsylvania shares closed more
than points down, after rather heavy
selling. Reading, New Haven, Lehlgh
Valley and Union Pacific lost 3 points
or more. Baltimore & Ohio, Canadian
Pacific. St. Paul, Southern Pacific and
New York Central were also decidedly
lower. Copper shares were reactonary'
Amalgamated rcCeding over two points,
10 under 90. Bethlehem steel lost
practically an its improvement Of the
week. Wabash refunding As were par
ticularly weak In the bond list, while
Steel sinking fund 5s were strong.
Monetary conditions were little
changed, though time accommodation
vas a little easier IN tone. Call loans
were made as low as pa per cent.
Sterling exchange, while triae firm
or. showed no such activity as antlci-
patton Of any extensive selling move
ment for foreign account would pro
duce.
The Imperia, Bank Of Germany, ac-
cording TO private cable adyices, low
cred its discount rate TO . per cent
from that of 6, established the first
of August. its minimum Is now the
came as that of it's rival central inst-
tutions at London and Paris. me
Bank Of England set aside its weekly
n 0OO 600 for redemption of emergency
notes The French Chamber of Depu-
ties prepared for needs OF continued
warfare I'M voting S,5O0,00OOOO francs
.-..,.-., ,f tIe uoNf