Show bUI k i SECURITY PRICES IN NEW YORK ORK Y MARKETS J L i JL kj RAILS FIRM AS STOCKS SLUMP Maintain Tuesdays Tuesday's Level Other Issues Lose One Oneto Oneto Oneto p to Three Points Br fly A Associated Press Pru NEW YORK Jan 27 What 27 What halving of ol the U. U S. S Steel dividend did to the stock market in the earlier carlier hours hour of ol the session Wednesday was partially partial ly repaired by bj maintenance of the regular quarterly payment by Pennsylvania Pennsylvania Penn Penn- sylvania railroad The market closed with a heavy y tone with numerous losses of ot 1 to 3 points In the industrials industrials indus indus- trials and utilities but rails recovered recovered ered cred and closed near Tuesdays Tuesday's final fina levels The turnover approximated shares U. U S. S Steel dropped 4 points to 37 4 3 then recovered to 38 5 58 At its low it was 2 4 1 above the bear market bottom reached earlier in the month American Telephone was a heavy feature losing 3 points Bethlehem Bethlehem Bethlehem Beth Beth- lehem DuPont and Allied Chemical lost about 2 points net and md issues off offa a point or more included General Electric American Can Cm Union Carbide Carbide Carbide Car Car- bide Westinghouse Woolworth and others Final prices in the industrials and utilities were slightly above the days day's lowest General Motors was wasa a steady feature losing only a minor fraction RECOVER EARLY LOSSES Rails Hails recovered early losses In the main Pennsylvania finished virtually virtually virtually vir vir- unchanged a after ler selling down 1 4 3 temporarily Santa Fe Fc and Rock Island closed with gains of about a point point and Southern Souther Pacific was up a fraction The action acton on U U. U S. S Steels Steel's Steels dividend represented a compromise between the expectations of the pessimists who thought It I would be omitted and the extreme optimists who hoped I Ifor for another payment of 1 The latter latter latter lat lat- lat lat- ter group had appeared to be growing growing grow grow- ing lag of late taking their position on the ground that the directors might make another 1 payment from surplus surplus surplus sur sur- plus in an on effort eUort to aid In i the restoration res res- of confidence which the formation for for- mation matlon maton of the reconstruction finance fiance corporation has been expected to achieve Nevertheless declaring Unearned unearned unearned un un- earned dividends from surplus has not been notably effective in improving improving improving ing public sentiment sentient of late late With the steel corporation not earning the interest on subsidiary bonds in the past quarter many my observers felt fel that the cent 50 pa payment was wa fully as generous generou as a could be reasonably c expected HELP RAIL ISSUES The Te regular quarterly payment of 50 cents cent by Pennsylvania railroad and of by Delaware Hudson served sered to enhance somewhat the better better bet bet- ter feeling toward the railroad issues Wall Wal Street remained fairly faily confident confident conf dent of a successful conclusion to the railway wage conference but has grown impatient over the delays Brokerage quarters have predicted that American Tobacco directors meeting a after cr the close cose of the market market mar roar ket today would order an n extra of 1 b in I addition additon to the regular payments The General Motors meeting next Wednesday is being awaited with great interest interest In i view of the preliminary preliminary nary earnings statement showing net ne of a share after all al write oils oIs against last year On this basis maintenance of the te 3 dividend in i 1931 has necessitated taking some from irom the surplus but President President Pres Pres- ident Sloan recently stated publicly that he felt leU corporations rich in cash should houd consider the rights of their stockholders in tim times s of depres depressed ed earnings Call Cal money was about steady at atI I 2 2 1 per cent cent but there was less les demand demand de de- de- de mand roand for federal funds which were quoted at 1 4 3 to 2 per cent off 2 1 of 1 per cent from yesterday 1 L I |