The sun., 1910-05-05
VIZ SELL BONDS IN PARIS
ENCHtNGE BREtKS OV THE
hARkETING ARRANGED ABROAD
~ Pants Is ihs RlEEesi sale Repsried 10
iie COmlOE CIly Has sold MIO.OO0.-
600 ReVenuc BsnSiS Blg FSur Ar
ranging an Issue Sf sIO.OOa OOO.


Iie COmlNE CIU Has Sold aIO.OOa.-
600 ReVrnue Bands -Bag FSur ~.
ranging an Issue of slO.OoR OOO.
New York bankers were concluding
arrangements yesterday for the larRes,
and most important sales of American
securities in Paris that have ever been
made with the exception of the wear
before the panic Then the Pennsylvania
Railroad, the bond market here heins
heavy. broke the thick ice Of the Paris
market with a sale oi ssO.OO.OOO bonds
and the New York. New Haven and HArt
ford followed with a sale of SSO.OOO. 900
debentures. These were the biggest sale
Ot American corporation bonds made in
Paris up TO that time Yesterday the
negotiations which the bankers had
under way involved the sale u At leAs,
SoO. 40 On railroad bonds. NOOoOoo New
York city revenue warrants. and. accord.
ing TO report from ordinarily reliable
sources, about sso.oO.OOo more bonds Of
various railroads
The principal iotRiion and one that
is all bat agreed upon il one of about
tSo OOO.OOo bonds of the Chicago. Nil
waukee and ~ Paul That company :
Pacific coast extension has BEEN opened
for business IN the last year and the
company IL constructing branch lines
for use as feeders To the main system
On account II the stagnant condition II
the bond market most of this year the
company, though it, credit is the highest
found It inadvisahle % put out q bond
issue according 10 the terms obtainable
here The expenses u the fiotAtion ~ q
loan In Paris are very heavy. bat the
interest rae - lower Apart from this
consideration n was deemed a1p.d.nt
10 offer the bonds IN Paris. because that
centre is long uf funds whereas the
New NoFk money market has been
weakened by shipments 1t sDOOo.0
gold 80 London Ia Trc-H, weeks.
The terms of ,the ~. Pam bond sale
have heen practically agreed upon ihs
only consideration, Il was said. that
withheld an official announcement yes
terday was inat Paris hankers. a. was
shown IA the iong DELAY over the Penn.
syivania hotRFion -four wears ago. hold
their minds open for change without
notice until the papers are signed. -ealed
and delivered u was not considered
possible that tho deal would tall through
but the hankers consider il advisable
To withhold the terms until lt is formally
completed Kuhn. Loeb 4 60 are con.
dtcting the negotiations Tor the St Paul
and % was reported yesterday that the
National CITY Bank - also Interested
IN the fOtatiOn
kuhn. Och 4 90 have ulaced aliroad
s5UOUD New York city rvvenu- War-
rants and Goldman Sachs a 60 have
sold the same amount in the sane market
FROM neither the lanksr- nor 'he COmu-
trol~r, otfoe could u he learned how
much interest the city is 10 uav Tor the
accommodation Another issls which
i- practically arranged = tha' Of $50 uOD.O .Ot
Big -Four bonds These II ls believed
have h-su all but PLACED IN Paris through
u ? Morgan a Co or through President
" h Vanderbilt aud Treasurer D. ' v
Rooster u the central lauss 10th oI
N horn ar in Ptr-
II = DAWSON - } r Morgan a Co
who returned from a prOtracted stav ir
Europe only last week. sliled yesterday
IN tho Adriatic Up tO short um,
before bis departure Mr. DAWSON Had mol
cpntumpls ted a return trip n was said
at the Offices ~ p Morgan A Co that
his huyiuess abroad - not related {,
American railroad financing bur ~ th,
Chinese railr,id loan. which has hs-~r
hanging fire Tor months Mr. Dawson
will meet willard Strait in Europe. Mr
strait having left Pekn 30 an 10 arriy,
20 about the tune of Mr Dawson arrival
sales - securities abroad make aN
change and yesterday the rates for De
rand sterling. bills broke rs points q,
s575 Last week. when 81 JOO.OnO gold
was shipped abroad. demand sterling
sold abuye 4ss and u il only in the lhrss
business days - this week that the ma rk-l
has declined 70 point dsmonstra tins
the conclusion of the gold export move
ment Exports are still backward AZ
compared with imports 90 that u B.
only because Of the sale Of securities that
the exchange market has broken 50 extra.
ordinarily IN favor Of this country Tn.
doubtedly Il has been principally weak.
ened by transactions anticipating the sale
Of the 81 Paul and other bonds abroad.
Il vas reported yesterday that the
Southern Pacific. Union Pacific and Baiti.
more and Ohio we're also making over.
lures 10 Paris bankers. but in the case ol
no one Of these rolds could the report
be confirmed