The daily morning journal and courier., 1905-07-27
STOCK MARKET FEATURES
ERIE STOCKS WERE THE CEN
 TER OF ATTRACTION.
The Second Preferred HOnOred With Dividends-Rises Sharply-The Steel StOcks-Gossip.


 Dividends-Rises SharpIy-The Steel
 StOcks-Gossip.
 Erie stocks were the center of attrac- tion yesterday and for the first time a dividend was declared on Erie second preferred, and it was made a per cent. dividend, the same to be payable in two semi-annual installments. The usual semi-annual dividend of 2 per cent. on the first preferred was also declared. The policy of announcing the years dividend in advance is the one pursued by the Delaware and Hudson company. Four per cent. on the $16,000,000 Erie second preferred calls for $640G00. The payments will be made in September and March.
 The Erie surplus earnings for the fis- cal year ending June 30 last have not yet been announced, but for the previ- ous year the amount, after paying the first preferred dividend, was $1,O96,O0O, or about per cent, on the second pre- ferred stock. The amount available for the second preferred during the last fiscal year was supposed to be larger than this.
 Erie second preferred was very strong yesterday and after the announcement ran Up to 75, or to within about nine points of the price of the first prefer red.
 About 30 per cent. of the days busi- ness was in the Fries.
 outside of the Fries the market was very narrow.
 The Steel stocks made but little re- sponse to the company's favorable quarterly statement, and there was some realizing.
 The Steel corporation is in many re- spects stronger now than it was two years ago; but it's available surplus fund has fallen $23,OOO,OOO since that time, and even yet recovers very slow ly.
 The gain in the net earnings of the Steel corporation in the current quar- ter of $7,200,000 over the March quarter and $10800,G00 over the June quarter a year ago shows that the industry has lost none of it's significance as a barom- eter ot business conditions. It accentu- ates the improvement in the internal and external trade of the country.
 J. s. Bache, who has just returned from four months European trip. be- HeVes that there will be a boom in stocks this fall. He says that each year he finds greater interest among foreigners in American securities.
 A feature of the curb trading was the sharp recovery in Mercantile Marine shares, which was attributed to bears covering This was significant in view1 of the very poor annual report.
 The principal sellers of United States Steel were the room traders. The buy ing was by scattering commission houses, notably Dick Brothers and other Philadelphia firms. The quar- terly statement was considered very good.
 A further break in American Steel Foundries shares to a new low record was not considered surprising in view of the companys plans for raising fresh capital. Much of the selling was re- ported to have come from those close to insiders.
 Union Pacific was one of the strong est of the grangers, which inspired be- lief that banking interests do not want the market to react much at the pres- eat time.
 Chicago, July 26.-Gross earnings of the Chicago and Northwestern railroad for the year, as shown in a statement issued to-day, exhibit an increase or $2,41O600.