Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-01-24
AND BEARS.

Special Dispatch to The star.
NEW YORK. January 24---It will be wen
| to keep in mind the fact that the visit to fhis
city that ended In Marshan Fields death
was related to the important negotiations
regarding the future of the Chicago and
Northwestern. What these negotiations
were can hardly be more than guessed at
now. hut 1t Is worth noting that the Chi
cago and Northwestern provides the best
and most direct route between Omaha and
Chicago. The Union Pacific may or may not
have been party to the negotiations. but
the chances are that 1t was. At all events,
very impressive developments affecting the
railroad and involving the Union Pacific
may be looked for in the next two months.
1t may be stated as fact that the most
important buying Of Union Pacific lately
and now has been and Is based on far
reaching plans, which the Union Pacific is
in position to accomplish. rather than on
the forthcoming dividends, although these
are expected in well-informed quarters to
be satisfactory. The Union Paeinc's credit
Is high now. and 1t can accomplish things
impossible few years ago. In addition.
its $10o000.O00 Of unissued preferred stock,
which was authorized especially for the
purpose of making acquisitions. and It's
enormous cash and paper profits in tho
Northern Securities deal. provide valuable
resources for putting through great
schemes. Moreover, there is no hint OF
disastrous warfare involved in or to result
from further ACKNOWLEDGEMENT OF the Union
Pacific
So far as can be learned. the leading rail-
road interests in the west and northwest
would appear to have agreed to disagree,
and to have accepted the fact that compe-
tition for territory and new business
no mi Inc n hYft hat VT
be plenty of new business for all Mr.. Hill
has openly stated that he would welcome
the St Pauls extension to Seattle. Mr..
Gould's Western Pacific may suffer some
what for a time from the Southern Pacific's
obstructive tactics. but 1T will carry
freight and passengers to and from San
Francisco before many years are passed.
The awakening of the orient that is TAX
ing place means a great development in the
western part of this country. with its ia
cilities for trans-Pacific trade. And then.
a few years from now the opening of the
Panama canal will be a world lie stimulus
to industry, which will make the Missis-
sippi valley and gulf port railroads in this
country of enormous value. So that 1t Is
no wonder that the great western and north
western roads are now seeking to obtain
control of the southern traffic routes.
According to the best information OBJ
tainable, the news which accounts for Ma
tional Leads strength and obvious tendency
toward higher level will come out about
the last week of February.
.X
The Westinghouse Electric and Manufac-
turing Company, in its circular telling of its
proposed issue of S15000.OOO of per cent
sir king.-fund bonds convertible into assent
Ing stock of the company at 200 after jan
uary ] 1910. gives the following additional
details: THE trust indenture of the COM
pany besides providing that the properties
described therein shall remain unmort-
gagged, also provides that collateral trust
notes In addition to the existing amount of
SO OOO,Oo0 shall not be issued by the COM
pany against any of its present assets, and
only against securities hereafter acquired
to such amounts that the value of the
pledged cola teral shall equal 100 per cent
of the face value of the pledged collateral
notes.
No bonds In addition to the present issue
of $4,000 900, and the 81, 50o,oO thereof
served against said outstanding debenture
certificates. and no additional collateral
notes or other bills payable shall be issued
at any time unless the average annual
net earnings of the company and it's SUBJ
sidiary manufacturing companies In the
United States for the three calendar years
next preceding shall be at least double the
amount of the annual interest upon the
entire Indebtedness Of the company and its
subsidiary companies at the date OF such
issue, including the bonds. collateral notes
orr other bills payable SO to be issued
The indenture contains the following adj
ditional provisions: THAT the issue of bonds
under said trust indenture shall not ex-
coed $20,0O0,00O, except that $5,G00,0OO adj
ditional thereof may be issued from time
to time, but only to such amounts as shall
equal any amounts of cash paid into the
treasury of the company from the sale of
additional capital stock; that the aggregate
amount and value of the quick assets of
the company shall at all times exceed the
aggregate amount of its Indebtedness and
the Indebtedness of It's subsidiary COM
panies, exclusive, however of Its collateral
notes; that the company shall not issue
any stock entitled to preference or priority
over the asserting stock, and that none
of its capital shall be distributed by way
of stock dividend or issued at a price more
than 10 per cent below the market price of
the asserting stock at the time such stock
is offered for subscription or SALE
A shipment of 100000 Mexican silver dol
lars Is on its way over the Southern Pacific
to London by way of New York. The coin
came from Mexico City. Mexico continues
to exchange silver for gold quietly so as
not to reduce the bullion price of silver too
much. AT the present market price of sill
yer, with Mexico on gold basis of two
silver dollars for one gold dollar, Mexico
can continue TO exchange silver for goldl
with slight gain. The government wiz
continue to make the exchange gradually
until IL mas piehly VI Soiu ioF currency
purposes.
The United States Graphite Company of
Philadelphia has declared the regular quar-
terly dividend of 21s per cent. payable Feb
ruary 5.
Lohrke, Rosen &. Co. and Isadore Newman
& Son are offering the per cent. preferred
stock of the Electric Bond and Share Com