2 cans (15-ounces each) sliced peaches in heavy syrup, drained
1/4 cup butter
1/2 cup brown sugar
1/3 cup sugar
1/4 cup all-purpose flour
1/2 teaspoon ground cinnamon
1/3 cup chopped pecans
Combine 1 cup flour, sugar, undissolved yeast, and salt in a large mixer bowl. Heat milk, water and butter until very warm (120 to 130°F). Add to dry ingredients. Beat 2 minutes at medium speed of electric mixer, scraping bowl occasionally. Add eggs and 1/2 cup flour; beat 2 minutes at high speed, scraping bowl occasionally. Stir in remaining flour to make a stiff batter. Turn into greased 13 x 9 x 2-inch baking pan.
Cinnamon-Nut Topping: Cut butter into brown sugar until crumbly in a medium bowl. Add sugar, flour, ground cinnamon and chopped pecans. Stir until well blended.
Arrange peaches in rows on top of batter. Sprinkle cinnamon-nut topping evenly over peaches. Cover; let rise in warm, draft-free place until doubled in size, about 1 hour.
Bake at 375°F for 25 to 30 minutes or until done. Serve warm or cool. Cut into squares to serve.