The Washington herald., 1907-07-06
WALL STREET NOTES
London Strength on Fourth
Encourages Traders.
B. & 0. ALONE SUFFERS LOSS
Period for AtchisOn
COnvertibles Now Open and First
Days Applications Gratifying.
Steel Shares show Strength-CaH
Money Opens Mt @, but Drops 10 3Ja.

New York, July 5.-The subscription
period for the Atchison convertibles be-
gan to-day and will expire next Wednes-
day concurrently with the end of the
subscription for Unlon Pacific converti-
bles Any convertible bond, of course.
looks better when the stock is selling
above the parity of conversion, but a ru-
NOR that the Atchlson party was also
supporting the market TO make its bond
sale successful secured few believers.
The Atchison management put out a
3 per cent bond. one that is attractive
entirely apart from the speculation at
taching 70 the conversion feature, and.
it is believed has not been al all con-
cerned over the ability of the company to
sell them. At any rate, Il has not de-
tracted from the roads receipts by af-
fording an opportunity for syndicate
profits, and on the first day of subscrip-
tlons. to-day received subscriptions far
in excess OF expectations.
The market opened at a considerable
advance over Wednesdays close. but
about on a parity with London prices.
Fourth of July celebration in the Ameri-
can department Of the London market
No resistance was made 20 the opening
on a parity with London, and this initial
gain made by the bull party appeared
10 have been secured 10y very moderate
expenditure of money and energy.
As on previous days of the movement
periods of activity We're periods of
strength The activity was injected In
spurts separated by dull intervals many
of which were OF long duration. II was a
matter OF wide comment that though
prices might sag a little In the dull times
there was no particular eXertion OF selling
pressure. All the activity was bull.sh ac-
tivity, and there We're very few operators
who considered themselves strong enough
10 cope with the market leaders Appar-
entity, very little stock Was brought out by
the advance, and the bull party took the
profit taking sales Of. traders. many ~
whom got out on account of the near ap-
proach of the weeks end. c0mplacently
enough and without relaxing for "a mo-
ment their grip on the market
Baltimore and Ohio which was the only
American stock TO sustain a loss i'm the
London market on the Fourth. was neg
lected by the controlling powers. and not
enough attention was given 20 Norfolk
and Western Pennsylvania, and Rock
Island. All of those showed net losses
which. though only fractional and slight.
were conspicuous nevertheless on account
Of the gains registered by the otIEr ac-
tive rails.
The opening price Of call money. 6 per
cent. was also the highest price Of the
day. and In the afternoon the rate got
down to 3la per cent. with a closing rate
of { per cent Most Of the days loans
however, were made az 5ia per cent OF
upward. and though the bull party
called attention To the relative ease I'm
money. it was able 90 arouse no great
enthusiasm on that account In most of
the predictions concerning the bank state
ment there was concurrence in the belief
that the statement would De much more
favorable than was that Of last week.
The strength Of Steel shares was again
very pronounced. and II was generally
agreed that the frmness Of these stocks.
on account Of the very large number OF
steel stockholders, was more likely to at
tract the outside public than any other
development Of the movement.
Notes
Bank Of England rate unchanged.
per cent
Bank Of England returns showed a F.
weak position. but rapid Improvement f.
due from now forward
Steel companies report they have plenty I.
Of business on their books. but orders .
are not coming I'm so freely.
Light demand for stocks In loan crowd .
Crop reports indicate wheat doing well /
in Northwest, but corn making little .
progress.
July, as these have occurred in four out /
OF The past six years