The Washington herald., 1907-07-11
WALL STREET NOTES
Convertible Bond Issue Not
a Great Success.
RESULT ADDS TO PESSIMISM
Enga cement of n Million Dollars for
Export, Advance in Call Money.
Make Situation Somewhat Seri-
Ous-BuIIs Fail to Aid the Market.

New York, July l0.-Whatever doubt re-
mains over the withdrawal of support by
the bull leaders In the last half hour Of
Tuesdays session, was entirely dissipated
by the course Of the market to-day. There
was throughout to-day. no aggressive ef-
fort to maintain prices, or even to check
the reactionary tendency. That the mar
ket was most decidedly left to take care
of itself. and the pyramid of prices erect
ed by the bull party, at so much trouble
and expense, tumbled like house OF
cards.
Union Pacific officers and the converti-
BILE bond syndicate managers were reti-
cent over the amount Of subscriptions TO
the bonds from outside sources. The
feeling was general. however. that the
prime object for which the advance in
price was attempted had not been at
tanned Union Pacific stockholders with
a fair approach to unanimity, it was said
on good authority. had refused to take
The bait dangled before them, with the re-
suit that subscriptions to the bonds by
stockholders outside the syndicate would
be not as great as 10 per cent of the en-
tire issue. There were, it Is true, higher
estimates.
Subscription to the S26,OOO,0O0 conyerti-
bles were open in London and Amster-
dam as well as here. officers Of the
road said no reports had be9n received
FROM abroad, and, therefore, an estimate
Of the amount taken could not be made.
II was well understood in banking cir
cles, however. that the subscriptions on
this side were not greatly. if any. IN ex-
cess Of 10 per cent OF the amount offered,
and there was little expectation in inter
national banking circles that the foreign
subscriptions would add enough TO make
the total subscriptions s.. 100000
The poor result of the bond-offering
added 20 the pessimistic feeling though
the point was made that If the road
could not get the money II could not
spend it. and might. in the future. carry
on the Improvements much more cheaply
and ultimately more profitably.
The engagement Of 100000 in gold for
export, and a sharp advance in cali
money for the repayment Of government
deposits again called attention 70 the un-
pieassntness Of the money situation
Call money at no time advanced above
per cent. however. and ruled easier than
might have been expected
AS on Tuesday, the stocks that had
made the greatest advances sustained the
sharpest declines to-day. but there was
this difference. that on Tuesday. st. Paul
was an exception TO the rule. There was
no exception to-day, and traders appeared
10 display more zest in pounding ST Paul
and Amalgamated, the tipped stocks,
than in any other department Of the trad
ing, and to derive greater satisfaction
from the results attained
There was a sharper decline than on the
previous day in American Tobacco securi-
ties In transactions Of 500 shares. the
preferred stock dropped to $50, net loss
of 2as points The 8 per cent bonds closed
at lOi5s, and the fours at Il, losses of is
and IA points. respectively. Even more
attention than on the previous day was
given to the proceedings against the COM
pany. and TO the new policy of anti-cor-
poration activity, which the proceeding
signalized