The daily morning journal and courier., 1907-08-24
|TE FEATURES 0F THE STOCK MARKET ices Off on Out of Southern's
 Dividend.
kNHATTANL L OFF 8 POINTS
pney Easier, Though Banks
 Have Lost $4,2O0,000 Cash This Week.

&&0VS A4O6N
 Cash This Week.
 here was long period of dullness the stock market yesterday, lasting rly four hours, but on the an ncement of the cut in southern's dend prices fell off under a re- Ved professional attack.
 he Southern railroad directors met declared "a dividend of 1 1-2 per t. on the preferred stock. This is cent. less than the last seml-an- l dividend which was 1-2 per cent. on April 2S, 1907. Wall street was atly interested in the news of the Idend cut. It represents the first iness act of J. P. Morgan since his lrn from Europe. Generally the .ncial district had been expecting a sing of the dividend. The action construed as indicative of 6 re- # ton shortly In the Erie dividends. : official statement given out after 4 meeting said: Tn taking this ae- the directors were influenced by consideration that the income &C., ' Int for the year reflects such ab- nal and extraordinary conditions as M not reasonably be expected to re- At the same time the directors sidered that under existing condi- Ps of high prices of supply, mater and labor, of increasing taxes, and slative reduction of revenue, 1t was part of conservative prudence to It the distribution of profits of the bparly at least until the permanent ct of such conditions can be fairly ksured."
 he southern's dividend is payable october 17. According to the phrase By of the official notice which was en out at the meeting the dividend imply a dividend out of accumu- : surplus" There was nothing in official announcement to indicate the directors had adopted any cy as to the annual dividend rates other words, should conditions i'm. ve by the time of the next semi. ual declaration it might be 2 1-i cent. again.
 for the market for Southern rail- stock, yesterdays action has beer ndantly discounted" but the cut. F-in-two of It's price since January dvance of the splitting of the divi- l.
 liquidation of Third avenue in 10C Ire lots carried the stock down about otnts more. It is beginning to look cheap, for what 1t yields, as the rest the Ryan-Belmont securities outfit. ly this month 1t sold at 104
 he violent bidding up of New York Brake from 104 1-2 to 10S, resem-
 similar performance of this k several weekes ago, when it was up above 12O, with rumors that ebody had made an offer of 150 fo1 Majority of the total outstanding k. Probably nobody believed that .ss y at the time. From the violence which the stock declined after it was evident that the men who ulated 1t sold all they hoped to, and did not care to support the price longer.
 lere was @ very poor market fol lhattan L. It was offered dowr Ut points without attracting sup There is no question about pay. t of the dividend, but the stock ir sort of a market, when everything cling at a heavy discount, is moi Iidered the bargain at 112 that eith- treat Northern. Northern Pacific o1 Paul is at approximately the same re.
 petition was started on the Stocl hange yesterday to close the ex lge on Saturday, August 91, before pr Day.
 sw Haven railroad stock sold at 15 Boston yesterday.
 e bear element sought to undo thu tructive work of the past few days found help to do so in the liquida of Third Avenue and Manhattan F in the scare in the grain pits owe weather a chance to depress val once more.
 e fright over the crops is due t. eool weather of the past few days ,h has stopped some growth in tn Invest and in Canada and has pu
 in a position where frost in tn mn may do it considerable harm. most favorable development wa reduction in the rates for tim sy. In some of the short dates thi lnted to one-half per cent. It re t ed a rather better sentiment in re
 to the future, to which a cut wa l Thursday, in the unchanged of England rate
 other incident of the day was tn mess of Erie, another so-callet tan stock, beginning right at tn ing This tended to chec khuyini her issues.
 Rkers were disposed to take tn