Show I l Cuts flown Doun Philadelphia Nov Xe 0 1 Declaring t. that tho the foi ci raising raising- new capital next year Is unsatisfactory the directors of the Pennsylvania Railroad Rail flail road road company compan have hae decided to retrench retrench re- re re rd- r- r trench and after their meeting toda today at Ill which thc they declared the usual semiannual semiannual semi semi- ann annual al dividend of oC 3 1 2 1 per cent 1 gave gayo out a statement that econom economy Ji would be bo the tilt policy of or t the tho o great corporation cor cor- during f rJ 2 It Is learned that the tue compan company's statement for Cor the six Ix months out of or ofIL IL which the semi annual dividend declared del de de- Ic- Ic l- l Nr toda today will be paid shows sho a net fI surplus after all char charges eg and dividends divi I of more than |