New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-06-22
WOULD SHOW GOOD FAITH
Tel. and Tel. Sales on Bourse
Cancelled by Paris Bank.
STOCK SUPPORTED HERE
Lawyer Identified with Listing
Thinks Buyers Will Exercise
Right to Hold On.

The Banque de Paris ct des Pavs-Bas. Of
Paris according TO advices from fhat citv
Yesterday. has decided TO cancel the trans
actions which were made on the naroret
of the Paris Bourse in American Tele-
phone and Telegraph stock on Tuesday.
the day of its Introduction 10 that market
The cancellation, however, IL was added
was to be optional with the brokers who
had handled the stock.
The action of the Paris institution which
is handling the stock on the Bourse IS
supposed 10 have been prompted by appre-
tension aroused among French investors
from the decline OF nearly points in
the market value Of American Telephone
and Telegraph on the New York Stock Ex-
change on Tuesday. following the an
nouncement Of a S50COO,0OO increase in the
outstanding capital stock. The stock was
supported here yesterday and closed at a
net advance of :, point.
A lawyer identified with the Paris listing
of American Telephone and Telegraph
Company stock, and enjoying the conf
dcnce Of the banking interests concerned
on both sides OF the ocean. remarked yes
terday afternoon that rights TO subscribe
looked upon since its organization as an
undoubted benefit 10 the individual stock
holders He reasoned that this must be
true more than ever. now that the market
for the stock had been brOadened by the
connection Of the parquet of the Paris
Bourse with the New York and Boston
stock exchanges, thus bringing into tie cit
uaton new class OF purchasers, general
~ regarded as the most conservative and
richest investing class.
This lawyer was Of opinion that II the
exact facts of the situation had been uu-
derstood both in Paris and IN this city
tie Banque de Paris e. dos Pays-Bas
would not have even deemed il necessary
to give the brokers concerned in the pur-
chases Of American Telephone and Tele-
graph stock in Paris Oh Tuesday the op-
ton 10 rescind the transaction.
Furthermore, lie pointed out that no IN
formation had come that general advan-
tage had been taken of this offer, SO that
il seemed 10 him probable that those who
had purchased the stock in Paris, on Tues
day. would hold on 10 1t ana TO the rleHl
pertaining 10 IL, which accrued 70 the
benent or the holders OF the French .oear-
or certificates by the use OF when the
stock had been introduced IN France;
Viewed in that light, he continued. tie
action OF the Banquc de Paris ct DIES PaES-
Bas yesterday in Offering 20 the PaFia
brokers. through whom purchases OIL STOCK
had been made on the Iarquet OF the
Bourse, 10 rescind the TRANSACTIONS, APP
peared TO have been dictated merely by
desire 70 show good faith. and TO dlssipdle
anv misunderstanding which might nave
beben caused in Paris by the news when
came from New York There was, on
course. no better way in which the Paris
bank could remove misapprenension IMAM
bv taking the action which II old, Which
was bound 10 satisfy every one that any
wrong 70 the purchaser Of the stock on
Tuesday was neither intended nor III iac'
done. " A..
II was pointed out in addition. that me
connection OF the BanQue de Paris et ueS
Pavs-Ba which is one OF the Oldest ana
best Paris banking institutions with inc
listing. and the fact that that bank was 70
merely leading the syndicate Whlcu y
floating the stock In France, but III au-
ditiOn is the representative or tht telt-
phone company accredited 10 the r renDh
governmenr in connection with the nsI-
inr. and therefore the institution WHICH
that government looks upon a the agent
Of the telephone company for an the pui-
noses OF the introduction and listing, NeIS
clements which would always be deenleu
sufricient 10 give the stamp OF the best
financial standing to the listing. as lar a.
Tho French public was concerned