New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-07-11
Up. BONDS TEMPT FEW
SUFFER.
Stockholders Fail Also to Grasp
EagerIy at 4tchiS0n Issue

Yesterday was the last day for stockholders to
.rbscribe 10 the new s75OOOOOO 4 per cent con-
vertible bond issue of the Union Pacific Railroad
Company. It is understood that only about Is per
cent Of the issue subscribed for
representative OF Kuhn. Loeb & Co. the man
ayers Of the syndicate which contracted to under
write the issue, said yesterday that the amount
subscribed for by the stockholders had not been
large but Just what il he refused say. He
added that the Union Pacific would not lose any
thing as it had wise enough to have the issue
underwrltten, and the syndicate would have to
take all Of the issue that not subscribed for
br the stockholders when the time limit expired at
O'Clock
From other sources II learned that the sub
seripions to the bonds had not exceeded $4,000 co.,
ana in some well informed quarters estimate OF
70 per cent was regarded liberal Bankers have
all along commended that only a comparatively
small amount of the issue would be taken by the
stockholders.
The latter were permitted 10 subscribe To the
I, nds at 80 while the market quotation has been.
around s91. This disparity between the market
quotation and the subscription price would
u indicate that there would be subscriptions
whatever from stockholders. but il be
menbered that the latter were only required 10
pay - per cent of the amount OF their subscrip
tons yesterday whereas the purchase of the bonds
in the open market would necessitate putting up
their full value at once or at least good margin,
and the payment Of interest at current call money
There was a ruInor current yesterday that The
underwriting syndicate had requested the Union
Tactic company TO postpone until later date the
payment Of its share Of the 20 per cent OF the s75
0.0.605 issue, which due yesterday. The
declared TO bs utterly without foundation by
the underwriters. who said there had been
change in the terms. They declined to say, how
ever. whether the 20 per cent, amounting to SIS
e00O0 hai been paid the Union Pacific
company, ana the latter equally uncommun-
catjVe.
The time limit for stockholders subscriptions
the Atchson, Topeka g. Santa Fe Railway Com
Tany's s26,0o0000 issue of per cent convert
lie bonds also expired yesterday. The subscTip
ton price to stockholders par. The amount
subscribed for could be learned authoritatively
yesterday, hut il said in well informed quar-
tiers TO be about 100000.
AS the Atchison bonds were not underwritten, the
failure Of stockholders subscribe them in any
large amount would leave the company in rather
q disagreeabIe situation It suggested in bank
ing quarters yesterday that the AtchisOn might be
compelled ultimately TO offer the unsod portion
Of the bonds at price below par to syndicate TO
underWrite them.
When the bonds offered II believed by
the Atchison interests that per cent issue would
induce a large proportion OF the stockholders TO
subscribe. Ever since the issue announced,
however, the rights" subscribe have been quoted
at d nominal figure, and large amounts OF these
rights could be purchased at almost any figure
named. This taken by those interested as
elusive evidence that there great desire
on the part OF the stockholders to exercise their
privilege.