The daily morning journal and courier., 1905-12-01
STOCK MARKET FEATURES
LOND0NCREERFUL OYER MONE-
 TARY OUTLOOK.

Americans Were steady-Paris BOurse
 Prices Heavy on Russian Outlook
 P. Morgan's Release of Erie Road
 from Burden of the c. H. D. System
 Erie Was Dissatisfied With the Bar
 gain.
 A Paris dispatch last evening says: Prices on the bourse to-day opened ir- regular and then became heavy. This was followed by 8 decline throughout owing to a fall in Russians resulting from the uncertainty regarding events at Sebastopol. Russian imperial As went down two francs 30 cents, Russian bonds last four francs, Russian imper- ial As were quoted at S5.7O, and Rus sian bonds of 1904 at 49O.
 A Berlin dispatch last evening says: Trading on the boerse to-day was quiet A waiting tendency prevailed and prices were slightly lower.
 In London yesterday money in the market was in good demand for month end requirements and stock evchange pay day. Discounts were earsier. The tone on the London stock exchange was cheerful despite the Russian situation, and prices generally improved in con- sequence of the monetary outlook. The volume of business was not great and the market closed quiet with prices somewhat irregular. Consols were in better demand and home rails were in good demand on the latest earnings. Americans opened irregular and in- active owing to the holiday in the United States. but prices were steady and stocks generally were above parity. The market closed rather dull. Foreign CTS were fairly steady. Russians were depressed. Imperial As fell to S4 S-4. h. ternational were Upheld. Peruvians were in request. Japanese were steady and Kaffirs were firm.
 No little interest is excited over the taking back into his own hands of the Cincinnati, Hamilton and Dayton sys- tenn, thereby relieving the Erie sys- tenn of this acquisition or burden, which every one may call 1t.
 Mir. Morgan will hold himself person. ally responsible for the $12,OOO,OOo which he agreed to give for the road, and the financial world is now wondering what he will do with his latest acquisition.
 President Underwood of the Erie aft CT a meeting of the board of directors gave out the following statement:
 Tt having appeared to the board of directors of the Erie Railroad com pany that. under existing conditions, the purchase of the common stock of the Cincinnati Hamilton and Dayton Railroad company might involve obli- gations on the part of the Erie com- pany interfering with the future devel- opment of it's own railroad, the board of directors to-day voted unanimously to accept the offer of J. P. Morgan him. I self to assume and complete the pur- chase on his own account, thus rel1ev- | ing the Erie railroad from all costs, | charges and contracts in the matter. i The Erie board voted further to pro- 1 ceed with the sale of it's S12,0o0,0OO con- 1 yertible bonds as heretofore authorized, 1 the proceeds to be used are authorized under the general mortgage of 1903 in the improvement of and extensions to l its road. Of course, all stockholders who have subscribed for the bonds on the faith of the Cincinnati, Hamilton | and Dayton stock being pledged there under, will be released from the sub i scriptions if they SO desire.'
 Tn the latter part of September it was announced that J. P. Morgan & Co. had bought from the H. B. Hollies syndi- cate the subscription rights to 56,OOO of the 65,O00 shares of Cincinnati Hamil- ton and Dayton held in a voting trust at 160. A few days later came the an- nouncement that the Erie had decided to purchase this stock from the Mongan firm.
 At that time there was manifest some oposition to the taking over of the road by the Erie, and Wall street heard that MT. Underwood himself did not believe entirely in the roperties. Money actual 1y was paid over by the Erie, however, and all arrangements were made to f. nance this purchase by the sale of $12,- 100000 of the per cent. bonds of 1903.
 A trip of inspection was made by the president of the Erie and several of the vice presidents, accompanied by Russell Harding of the Cincinnati, Hamilton and Dayton At that time, it was learn ed Wednesday, the Erie men suspected that some of the companies controlled by the Cincinnati, Hamilton and Day ton would not especially benefit the Erie MT Morgan also looked into the after the sale.
 The results of these investigations, 1t was said, convinced MT. Morgan and the Erie officials that the carrying out of the bargain would do great harm to the Erie.
 Contracts were discovered, it was said, conveying rights to outside com- panies which the Cincinnati, Hamilton ] and Dayton was supposed to enjoy The acquisition of the Chicago, Cincinnati , and Louisville railroad by that roads , of the dividends on the Pere stock were viewed with , much disfavor.
 The traffic arrangement made by the Hamilton and Dayton with the Detroit, Toledo and Ironton also came in for criticism.
 BANK OF ENGLAND.
 London, Nov. 30.--The Bank of Eng lands rate of discount remained un- t