Evening star., 1901-02-08
FINANCE AND TRADE
Recent Combinations Not Expected
to Require Great Capital.
PLANS OF UNION PACIFIC
Good Buying of Stocks Involved
in Consultations.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

| Special Dispatch to The Evening Star
NEW YORK, February s.-Opening
prices were steady this morning and some
new buying came in from sources hereto
fore identified with the great consolidation
| plans.
London was irregular early in the day.
but later advanced beyond the local parity
and sent some buying orders to this side.
Official announcement was made that
negotiations looking to a giant steel combi-
| nation were progressing favoraby. De-
| tails are withheld, but the transaction, 1t Is
| thought. will go through on beneficial lines.
1t was stated that the plan In contempla-
| tion called for only moderate expenditure
| OF cash, and that money market furry
would be avoided.
| This latter prospect is almost as en-
couraging to the public interested In the
security markets generally, as the deal IT.
self Is to its promoters
Official announcement was made that
Union Pacific would finance the Southern
Pacific transaction by issuing s40OOOOO0
first mortgage, collateral trust, ten-year
per cent gold bonds.
These bonds are convertible at the option
of the holder into stock at par any time
| prior to May l, 1905, and are redeemable
after that date by the company at 102ls.
The bonds are underwritten, but will be
| offered to stockholders at par. The scheme
| Is generally regarded as being favorable.
| and should cause little disturbance in the
general market
| Baltimore and Ohio directors have de-
cided to Issue SIS, 100000 4 per cent ten-year
convertible debenture bonds.
Shareholders are to be given an oppor-
| tunity to take the issue at par and interest,
| in the proportion of a 81. 600 bond for every
seventy shares of stock owned. Dividends
| OF per cent were declared upon the COM
mon and preferred stock of this company.
There was aggressive buying OF the Wa
bash issues again today up to new high
levels. The stocks. both common and pre-
ferred, We're bought in round amounts by
the pool, and some important reason Is ex-
pected to be disclosed in the near future.
The strength Of Chicago, Indianapolis and
| Louisville was again the subject of mu.h
comment and either Southern or Nashville
Is expected to absorb the property. There
has been excellent buying of Nashville late
ly but there Is no effort to force the move
ment.
Western Union was strong during the
morning as the result of rumors that the
clique behind Missouri Pacific and other
Gould properties would shortly force an
advance. In addition to this prospect the
room invented consolidation scheme with
| rival company. The stock held well at
Its higher level. but the demand was not
of the best.
Texas Pacific. Erie. Northern Pacific and
similar issues identified with pending ne
| gotiations in the community of interest"
transactions were exceptionally we'll
bought. Little is heard of 1t just now but
the st. Paul deal is still live issue
The currency movement for the week
| should show a gain to the banks, probably
s2,5O0,0OO. Owing to the many unusual
| railway transactions II is impossible to
| forecast the item of loans. but consider
able increase seems assured.