The Washington herald., 1907-06-29
WALL STREET NOTES
Failure to Sell City Bonds
Causes Drop in Prices.
WEEKS ADVANCES APE LOST
New York Traction shares Are
StronE as Result of Composition of
Public Utilities COmmission-Many
stocks Sell ex-DiVidend, Notably
New York Central and Shelters.

New York, June 2S.-Though the market
held strong on Thursday during a sharp
advance in grain and cotton prices gem
orally considered a severe test OF its sta
bility. it sold off very rapidly to-day on
the failure OF the city bond issue, though
bankers, almost without dissent, had pre-
dictcd the failure Of the sale all the
week. and had themselves not been in
clined to consider it a matter of stock
market Importance.
Prior to the sale the weeks advances
had been well sustained In all cases and
in the majority of stocks the advance
had been continued. There was the same
wide range 10 the market that brought
forth favorable comment on the two
previous days. and the general list was
at the high point Of the movement when
at 2:3O the announcement Of the failure
Of the bond issue was made.
Room traders and many professional
operators shifted positions at once and
sold stocks as rapidly as possible. In
most Of the brokerage Offices there was
almost q stampede 10 put in selling orders.
and the rush carried those who nave Deen
working for higher prices off their feet.
Undoubtedly there is a feeling In many
of the banks and bond houses that there
is no use buying a per cent bond al or
above par while there is chance TO se-
cure a better bond The comptroller
now has the authority under a new
statute TO sell bonds at a higher rate
than I per cent, tO-day's sale being the
first since that authority was conferred.
There may have been no concerted pur-
pose 70 leave the issue alone, but whether
concertedly or separately, the houses did
so, and there may we'll be satisfaction
now over the prospect Of securing in the
near future a four-quarter or four-half
bond probably the latter. which viii
offer an opportunity TO recover losses on
3i2 and 4 per cent issues.
The local traction shares were con
splcuously strong throughout the d8y, and
held up even I'm the last half hour. In
ACKNOWLEDGEMENTS common and In
ACKNOWLEDGEMENTS preferred each
registered an advance of is points net,
and Brooklyn Rapid Transit scored a net
advance OF u OF per cent. Among the
followers of these stocks there appeared 90
be an impression that holders Of them had
been more scared than hurt by reports
regarding the composition of tile public
utilities gOrr1r7f Ssigu
.The appointmeDt Of demagogues." a
man rror7fnart f, fraction circles said
"o''N '''' '''' "
rect Oh lI's market prices '' ''.'' rae
lions. mere would nave I'l3"su ''','."s
ON l-e conn -''-les ,--"' "o'.- l"'' ''sI
unrsasonaDls ana "iJ lS'''i.''le' L-l uLl-
less companies nave P-ol'u ''',ln II '-.4
courts ,He a''ayhs "2u'p - .'gl ca
al -...-.- - -. s
80, -. 80 -, ,.,5 .+,r7t,,,- MY,
ar-~rscb trs traction situation v-i+I r-o-
per motives. and with an absence Of po-
HticaI demagoguery."
~'''l '''oi'9s "1 '---'.'' I''.'I % p'' '.'1 Guy
lue oI-u''- s' h. per cent .o"''" ''-'
close. 'he iaS' loan was al ~ per cent
and the prevailing rate IL per cent
Loans made yesterday carry over TO Mon
DAY. and # was expected that the las.
loan de, prior 20 the July 1 disbursements
rro,,l5 ,,ftross hif of a furry fn +ra
..---. -. ~, ,,.. -.,,,,4 80 e..
49, - a.. =. 80 -,.,,..l..;...
- .'' ~, "a -,, .-.-.......,,,r- 49,.
ll-'7 r,, - - -.-,-..,,-.-.,..
=" 49, ne - 7''
''o- d '-l''i %
~ many '9 '"'i,l S'1AS SUN ~ va
!deHu Ne" i'IN 0'"''al ana ''i'7''''5
We're the most important Oh 'Neil, ah1
each started OUT as II "oout 10 recover
'He dividend Siiis''sIs' opening al Ii'.i
showed gam Oh p Oh per cent al
the very start Inc price looked very ar
traeliFe.t 10 many VINO nad Hnes OF stocA
and II sold on under very heavy offer
iugs Apparently it was necessary fOl
the outside bull pool largely TO increase
its holdings and the po9I upde-foo,, +b.
- t.-1t..l1,. ro,,.l,..- ,,.,-,l....,r,+ 4;