Business & Finance: Erie Pays

Holders of Erie Railroad first and second preferred stock were last week cheered by the decision of Erie directors to pay a $2 semi-annual dividend. It was the first time that Erie preferred had paid a dividend since 1907. The common has never paid a dividend, but common dividends may soon be declared if Erie's present earnings continue.

Resumption of dividends resulted largely from the work of able John Joseph Bernet, put in charge of the Erie in 1927 when the Van Sweringens began operating the road. Last month, leaving Erie to become president...

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