New-York tribune., 1908-06-04
pIryS NEW U. P. ISSUE
,5;,ot, Takes Large Part OF
s,ao mo 900 Bonds authorized.

--.s-inr to-day Of the directors OF
to.r-,,r Pacific Railroad Company, announce
fne -, - mace * is Understood, OF TIE SAFE 10
rneni - composed OF Kuhn. Loeb s Co. Of this
g So rx-snr Bros e. Co. and Glyn- NILS. Cur
esis, e. e. - ro-aon Of q large part OF the Sleo.-
re g. ,-,a-+ease per cent bonds authorized
h" .,,,s,,olders at their special meeting on
os --h. amount OF bonds 70 be issued at TINS
hhs ri No 81 least s4o.eaeo. and may oe sS"'-
slne = -,,es-ion Of making x the larger amount
n4"s, - LEFT until to-day for final decision.
sR4Ns ~ which the bonds will be offered for
Inc pt.v,n-ion VIII probably be e5l1 or ss. anc
p-D-.. obtained by the railroad. accoroins TO IN
o' 60 -erort is s31- or q little less Ihe SUI
eoN-.s.- r-ice viii compare with that OF 9e. at
- $40 aoa 600 per cent forty-year Pennsyl-
W. z.u-osd bonds were heavily oTersuoscr1oed
vsn4s 80 ago. snd that OF e5ia. at which more
-, x7s ysae oen per cent ffty-year bonds OF ths
,-rEr9r were disposed Of.
1ss--f-nan said yesterday afternoon that he
ii satisfied with the Union Pacihcs fnanc-
Sas = .,,st The barking syndicate was as good as
u. ,s tsye been formed for the financing Of any
ooe-- -. -so7,i-en7ents IN the Pennsylvania bond
"a -, Rothschilds Of London were associated
-- z-r,b, Loeb & co. and Barring Bros & Co.
= ~ Hartman vas asked why they We're not
..fe.s with the Union Pacific operation. He
- +hst their non-participation was mat
= convenience with them, and that except for
e ~ would have been glad TO participate. Mr..
--,s- denied that the Illinois Central contro-
I- = which the Rothschilds were understood at
y. .i-oe 70 favor the cause OF Mr.. Fish. had any
,.trr 10 do with the case
= bonds about TO he brought out are first
-, =, shout so miles OF branch lines of the
- Pacific system. For several weeks their is
-. bss been currently expected. and there has
- -,-,c7 comment over the delay. which had
- ,---i-es 10 differences between the bankers
= r-esise-+ Hartman over terms. the latter be-
-. ,---s-s-oo5 10 have taken the position that the
= cr-s 7e1 by his company should be as favor
- - -hs- r7- hy the Pennsylvania. whose bonds
= z.,,,-s5 hz 2 mortgage on the main line Of the
-, As already shown. he has apparently
- his end although Il should be noted that
.-a,e- conditions are much mere propiuous than
- ,-e-e ~ the tine the Pennsylvania loan was
.,rrb- out an operation which Afforded the first
.-s--ztior since the panic that investors were
1yiing 70 come into the market as purchasers of
s-5s n even the highest quality and Of attractive
price.
t,Tf of The Union Pacific bonds about 10 he issued
ii be rlaced in Europe. it is understood As 10
-. cb,sr-s 70 which the proceeds of the bonds
rro,is - applied. President Hartman said last
month.
.-be MAXIMUM amount needed at this time to
49, re Germany IN funds does not exceed s25.oco.
a., ~ - =-s-- = resume Development work and
az o,,- reorle 70 work In event however, will
.v.- s50 40 90 of the bonds be issued against the
.o,s--iss roz owned. While the stockholders will
ts asked = their meeting tomorrow May 81 10
-h,-sz. 81 issue Of S1eao0o0o Of bonds, at least
- ~ -. n ne amount VIII be reserved for issue,
,r5s- s-tl~ guarded provisions. only Tor the con-
E--ur-i0n or acquisition of new lines and for addi-
TINS"