The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1890-06-11
A UNION PACIFIC DEAL.
The Proposed Issue Of Guarantee Oregon
Short Line Bonds.

ginson & Co., bankers, who have the deal
to manage, were astOnished at the an
nOuncement that the Union Pacific had Sc
cretly determined, in defiance of the law, to
| issue S12,500,000 guarantee Oregon Short
Line bonds, and made futile effort to have
the matter suppressed, but were forced to
acknowledge that they were about to issue
circular to the Short Line bondholders
which was to have appeared to-day, and the
exposure before the explanation Is annoy
ing. They will bring out in New York and
| Boston simultaneously with London, AM
sterdam and Germany S12,500,000 of Oregon
Short Line and Utah Northern per cent
| collateral trust bonds, secured by that
amount of Oregon Railway and Navigation
stock deposited with the American Loan
and Trust Company in Boston as securities.
The bonds bear date of September 2, 1889,
and mature in 1919 They are gold bonds,
guaranteed by the Union Pacific Company.
Subscriptions are to open June 18th and
close June 18th. The price will be 81, and ill.,
terest accrueS from March l, 1890. To confirm
this, letter is published here from Presi-
dent Adams of the Union Pacific, who is
now in Oregon, which, among other things,
says: ut is very simple process to pull
the Oregon Short Line and Utah Northern
through and make 1t remunerative road.
In spite of the Navigation Company's lease
the Short Line is over-capitalZed.
CHICAGO, June 10.-The Times New York
special says: A railroad combination far
bigger than anything yet attempted is be-
| Ing discussed among well-lnformed rail-
road men, and that is the amalgamation OF
! the great Missouri Pacific and the AtchiSon
systems. The recent rate wars in the West,
taken in connection with the strong rival
combinations formed against the Missouri
Pacific, 1t Is believed, have strengthened
Gould's desire to Withdraw from that par
ticular field, providing he can do SO with
out any sacrifice of property or of pride.
The scheme is something like this: 1t is
| proposed that Gould shall buy the Chicago
and Alton road. This proposition is to
be covered by collateral trust mortgage,
so that the Missouri Pactic's present capl-
tai stock of about S44, 600, 600 will not be in
| creaseds Having grated the Chicago and
Alton onto his Missouri Pacific system,
Gould will lease the entire system TO the
| Atchison people, the latter to guarantee
certain percentage per annum on Missouri
stock. The exact amount OF this guarantee
| is the bone of contention.
The Western Passenger Association has
elected j. f. GODDARD, formerly General
Manager of the Chicago, Santa Fe and
California, Chairman.
NEW YORK, June 10.-The Times says:
A conference of railroad men, held in this
city few days ago. resulted in an agree
ment by which the Northern Pacific OBJ
tainS control of the Seattle, Lake Shore
and Eastern incompleted road, projected
from Seattle to Spokane Falls, Wash, by
| assuming the obligation of its bonds One
| hundred miles of road is already built.
The contract is signed by Ii. Armour
General Thomas NJ. Logan and Edward 0.
| ID. Chester, representing the Seattle road.
This deal practically shuts out the Great
| Northern from connection at Puget Sound.
1t is auth0ritatiyely stated that Willard had
secured most of the land bordering on Lake
Washington, and line will be run around
| the lake.
President Cakes of the Northern Pacific
denies the reported purchase of the Seattle,
| Lake Shore and Eastern road, but says the
| trade has been made for the formation of
belt line which will encircle Seattle and
Lake Washington. There will be fifty
miles of railroad built and operated jointly
| by the Seattle and Northern Pacific. The
rumor Of the acquisition of the Seattle road
| grows out of the fact that the Northern Pa
citic will build twenty-five miles in order to
| perfect belt line.
| BALTIMORE, June 10.-Mayor Davidson
has signed the ordinance to sell g, 800 shares
Of the Baltimore and Ohio common stock,
held by the city, to L. K. Bacon of New
| York for 500 per share. Bacon also bought
| S950.000 preferred Baltimore and Ohio stock,
held by the State, at 1914 and 1900 shares
| com mon from the Johns Hopkins Univer-
sity. he will not diyulge the names of the
| parties to the syndicate. He says they are
| all in entire accord with the present man.
agement, and refuses to tell what additional
roads will be brought into connection with
| the Baltimore and Ohio. The sale will rid
the Board of Directors of seven city aud
| TWO State Directors, which the company
has been striving for for years. The Balti-
! more and OHIO company is determined to
issue 100000 common stock to raise
money for extensions and equipment
A deal for the transfer OF So, SOC. 600 worth
Of Baltimore and Ohio stock, owned by the
| city, to syndicate was completed to-day.
| The papers are signed and 100000 paid.
| The remaining S3,000,000 Will be paid be-
| fore July 1st
BosroN, June 10.-The News Bureau an
nounces that it has it on good authority
that the Atchlson is delaying its contem-
plated deal with the Pennsylvania for an
outlet to the Atlantic, ana instead, through
| the MesSrs. Barring of London, are endeay-
Oring to secure control of the Baltimore
and Ohio system, as the Barings have
large interest in that corporation and have
promise of the large block of stock of
Baltimore City. The company, in this case,
will start a line from China aud japan to
San Diego, and the Earrings will establish
line from Liverpool to Baltimore, making
| continuous traffic, and control the entire
| business from Asia to England.
LOUISVILLE, June 10.-The Central Pas
senger and Louisville City Railway Com
pany to-day transferred its property. con-
| slstlnB OF loZ miles oil Track, 100 pieces OF
real estate, $500 miles, to Eastern capitalists.
The consideration is S3,900,O00.
MABsHFIELD Oregon, June TO- - The
railroad subsidy is nearly raised In this
county. At large meeting held at CO.
| guile City last evening they raised ST., 600.
That nearly completes the amount to be
raised. There is a large meeting in progress
in this city now which will probably raise
| the subscription to $4,000.
| VANCOUVER, June l0-Mr. Ledule, who
built the Portland railroad bridge has
rented office rooms here preparatory to
starting the big bridge across the Columbia
at Vancouver, soon to be built by the Union