The daily morning journal and courier., 1907-08-29
ATE FEATURES CF
 TRE STOCK MARKET improvement on Easy Money
 Continues.
NET ADVANCES
Erie Warrant Dividend An nouncement Game Late,
 But Was No Shock.

Wall street had another spell of %roderate cheerfulness yesterday and
 prices in many cases made net ad- # #ances.
 As was to be expected Union Pacific,
 Northern Pacific, Amalgamated Cop
 her St. Paul, and New York Central,
 ed the way in the recovery; all these
 EtocKs rose a point or thereabouts, and
 Ebere were a few even larger net ad-
 Eances-notably in Reading,
 Operations were purely professional. Wall street awaited the conference of The Erie directors as to their dividend : his afternoon. Their decision was E bot given out until very near the close
 bf business, when 1t appeared that the
 bld expedient of paying warrants in- I SBtead of cash had been adopted This 7expedient will be variously received Dividends were declared on both the First and second preferred stocks, but Bsayable in warrants of form to be &hgreed on by special committee and scounsel. This was great surprise to 2Wall street, and it suggested more of &h compromise between the radical and 8conservative elements in the board khan had been anticipated. It was thought that the dividend on the sec |pnd preferred would be cut off alto- 8gether. It is 4 per cent. annually. But Ehere was a sentiment that in the case Eof the first preferred that scrip might be given in place of cash. This action 8 8was taken to mean that MT. Morgan's splan is to conserve so far as possible |Eividends that are actually being learned. The Southern railway pre- ferred dividend was reduced from 5 Ho per cent. instead of passed as ex- 'pected. The stock market was strong Bon anticipating the news of the Erie program. It was again in the action of money Erates that the greatest basis for con- @fdence was found. Borrowers are not on the anxious seat as they were two eeks ago. Tn fact, houses that will zingly paid 1-2 to per cent. then for Accommodations are now refusing of- Efers of per cent. money. It is argued ' that the weekly deposits of treasury #funds to the amount of $5,000,0 900 will take care of the interior currency de- brands, and that the general tendency Eof loans to contract will possibly lead Ito a high total of bank reserves in October than exists now. Altogether 7the best opinion in banking circles is athat the crest of the high-money move- 'ment has been reached for this year, land that gradual Improvement may be booked for from now on. The sentiment abroad fits in with 1 Ireturning confidence here. London i bought American stocks again yester- | day, so that this weeks purchases ag- .gregate 100000 shares The invest .ment demand in the English market i lis growing. Yesterday for the first 1 stime Paris and Berlin were good buy | |ers of Russian and Japanese bonds. At present it Is difficult to forecast 1 |1ust how large September's westward ! flow of currency will be, or what will be the upshot of the present remark l able break in foreign exchange. Banking interests appeared to be doing very little in the market, but 7seemed to want to keep things quiet Above 50 yesterday and yielding 12 per cent, Distillers Securities looked cheap But it was selling nearly 10 points higher than when the pool re- |cently finished liquidating. Trade people took hold of the stock at low levels and bought what they consider led as bargains. The reduction in the Quincy Mining dividend had no effect on Amalga- 1 mated Copper stock, which ruled |strong most of the day, with an ab- l |sence of selling pressure, In the metal trade readustment of copper prices is expected within a few days. some good speculative buylng or | Atchison took place when it was an- nounced that the July gross had in- creased S1,000,000. Around S5 this 1 stock is we'll bought, as there it yields | over per cent
 A better complexion has been put l lon the market with St. Paul, Northern Pacific and Great Northern preferred ] above 120.
 ERIE DIVIDENDS.
 Cash Payment Deferred Ten Years
 Interest to be Allowed On War
 rants.
 New York, Aug 2S.--Payment in cash of dividends on the preferred stock of the Erie railroad company was deferred for ten years by the ac- tion of the board of directors of that company to-day The directors voted to declare a semi-annUal dividend of 2 per cent. on the first preferred stock | land an annual dividend of f per cent. i