New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-09-10
RAILROAD INTERESTS.
UNION PACIFIC BONDS.
BOSTON BANKS TO TAKE A LARGE AMOUNT-THE
FLOATING DEBT FROYIDED FOR.

BOSTON BANKS TO TAKE A LARGE AMoUNr-THE
FLOATING DEBT PROVIDED FOR
BOsTON, Sept. 9.-The important negotiations
which for some time have been quietly carried be.
tween President Adams, Of the Union Pacific Railroad
Company and representatives. OF certain leading Boston
banking houses were concluded to-day Under the
agreement reached the firms in question to take
large amount of the bonds of the railroad
company OF various issues, paying cash
therefor. Provision Is also made for taking
up $G,OOO,OOO OF outstanding floating securities
OF the company as they mature between now and the
close Of the year. None Of the money thus furnished
the company is for less than three years. 1t 10 under
stood, however that portion Of IT, II the company so
elects can be paid off ut earlier period The average
rate ~ interest will be something less than per cent
The company agrees for certain length OF time, to
place Of It's securities Of the issue specified, Oh
the market, except at the request Of tho firms III
question THIS arrangement provides also for all the
the floating debt, representing payrols, non-accrned
coupons and accounts with other railroad companies
loan ON collateral Exactly what the aggregate amount
secured H. be learned are ths securities sold
and pledged known, though II IS presumed that hey are
g. Ioscpb and Western bonds Of which the Company
owns about Sc OOO. 900 Beside these and beside tho
cure- of greater or less value which might be utilized
II IS learned on good authority that the loan was
negotiated with Lee, HsgiusOu Go. ana hlducE' fea
body & Co.
40 definite particulars OF the arrangement Of the un
funded debt could be obtained IN this city yesterday
Wc.kuown friends of the company, who assumed to
Know said that tie directors had complete the nego
tat!on5 with certain Boston banking firms which had
been Ga progress for some time. and that the company
floating debt would be practically wiped out" In
short time II Is understood that sufficient money has
been raised TO prosdo for tho retirement OF about
$4,000 600 Of the floating Obligations they fall due
About onc.hllf OF this j. TO he obtained by the
pledge or Kansas Pacific and Oregon short Line bonds
Uut tho transaction reported 70 bc Ia the FORM oI
loan with long privilege rather than an absolute SAFE
Another 1000 600 - 90 be obtained by some agreement
with tie trustee Of the land grant mortgage who mas
market price H. above the limit allowed NM y prom
ucut friend OF the company said yesterday - Know
tuIr The scheme ha, been concluded to-day ana thal It
remove. for long time any danger from the noatlhg
debit u there over any. The company Is now I'D a
strong position financially auI Is dol-s good pusl
ueos.'
TIE CONVENIENT AND THE CENTRAL PACIFIC
WASHINGTON, Sept. 9.-SecOud Controller
MAYNARD has made report % the secretary OF the
Treasury on tie application otC. T. huntington vice
president OF the Central Pacific Railroad Company 70
have compensation earned by the company I'm the Gov
eminent service over the uou-subsded portions OF It's
limos amounting TO some $4,000 paid over to the com
pany Tho second controller recommends that the
aiupt De covered into the Treasury and one-hah ap-
plp To ual iucut vi accrued interest on boFtIuuCH
Sl bombs aud other half placed 10 tho credit OF the
sinking fuul. The controller says tuat the company
viii sustain no lOs. IN consequence OF This disposition OF
,e moneys the whole amount VIII DC dppru tlluti
presently Intimately 20 me payment Ol lis leDt'
ness 90 the Uutrd states. WINE greater security va" Oc
.-rIr a III . d Z a.