New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-05-06
EUROPE IS KEEN FOR
AMERICAN R. R. BONDS.
Issues That Run Into Scores of
Millions Placed with French
and German Bankers.
B.&O.NOTES FOR SAC, 900, 900
Negotiations Dominate Stock
Market, Which Rallies on
Confirmation of Big
Transactions.

railroad Company yesterday authorized
an Issue of S4O0O0000 three-year col
lateral trust notes, a large part IF which
probably a majority, it is understood
will be placed with foreign investors.
Semi-official confirmation was OBJ
tanned of the reports that negotiations
were i! progress for placing in Paris
large issue of debenture bonds OF the
Chicago, Milwaukee & st. Paul, although
the exact amount under negotiation was
not disclosed William Rockefeller was
quoted as saying that negotiations for
the sale of the entire issue of S500O0OH
We're completed, and that only the for
NAL signing of the papers remained to
! finish the transaction.
Iii other quarters it was reported that
the conferences with the French bankers
covered only S3OO0O,O00 of the proposed
issue and that it was still uncertain
whether or not the remaining SO. 100000
would be brought out at once.
Official confirmation was given the re-
port that negotiations were proceeding
for the sale of Missouri, Kansas & Texas
bonds abroad, the amount, however,
being now stated as about S1O,0oOUt, as
I against the estimates on Wednesday of
So, 100000 to S3OOO0,000. The bonds
which are to be issued under new
mortgage, it is understood will be placed
in the German market, the Deutsche
Bank being associated with bankers of
this city in bringing them out.
The report of pending negotiations for
the sale of about S10,000,O00 debenture
J hi
cago & St Louis road in Paris also was
confirmed. The rumors that the Union
Pacific and Southern Pacific each We're
about to sell S15,000,000 of refunding
bonds, a large part of each block to be
disposed of in Europe, were said yester-
day on excellent authority to be I'M
founded Neither of these companies, it
was added, was contemplating any new
financing at present.
The Southern Railway Company gem
eral and development per cent bonds
which. as announced yesterday, are to
be introduced in the Berlin market by
the Nationalbank fir Deutschland and
the Dresdner Bank, will amount to
! S.. 100000 and perhaps more. They are
/ not new bonds, but form part of the
amount distributed to participants in the
| syndicate upon its dissolution a few
weeks ago.
Mexicans Listed on Bourse.
The conclusion of the negotiations for
the admission to the Paris BOurse of
the s125,OO0, 900 second preferred stock
OF the National Railways of Mexico, an
nounced on wednesday. brings on the
official list of that bourse for the first
time a stock dealt In on the New York
Stock Exchange. Several American Sc
curities are listed in the "couisse, or
outside department. of the Paris Bourse,
where the transa ctions are in trust, GER
tificates representing the shares them
| selves: but in the case of the National
| RAILWAYS of Mexico the actual stock
itself is listed, and trading in it will
begin on Monday. in the "Parquet. Ad-
mission to the "Parquet," or official list,
was sought for the common stock of the
| United States Steel Corporation year
or so ago.
The decision of the Baltimore e. Ohio
directors to issue notes at this time is
| I'm line with the policy of the late e. H
Hartman. who was a leading figure in
that company, and who always advo-
Gated the issuance of short term Obliga-
t,ons in the case of a railway of ample
credit and resources when financing was
to be done at a time deemed not entirely
propitious for the placing of long term
obligations His view was that such
road could take this course with safety,
as il could at the worst meet the notes
at maturity, in the event that a favor
able opportunity for taking them up and
replacing them with bonds should not
occur within the life of the notes.
The major part of the proceeds of the
note issue will be devoted to the acquisi-
ton of equipment for the Baltimore &
Ohio system. the new president of which
Daniel Willard, is understood to have
formed comprehensive plans for the up
building of the system; and large sums
also will be used in double tracking and
other improvements.
Market Rallies After Weakness.
The foreign exchange market was
weak in the early trading yesterday de-
mand sterling declining to 4.S665 on Of
ferings Of bills against the large pur-
cbases of stock for foreign account and
on further heavy speculative sales on the
renorts of the negotiations for the plac-
ing abroad of American bonds to the
amount of scores of millions of dollars
There were. however. no offerings of bills
AGAINST the bonds. as far as could be as
| certained.
In the later trading the market stead
led partly on covering of speculative
| eaIae and at the close the demand ster-
linz, rate was 486S5q4S690. The stock
market was dominated by the reports
concerning the bond negotiations, prices
Welding in the early trading, when no
oairial confirmation of the several trans
actions was yet Forthcoming. and rally
! ir,, in the afternoon, when il became ap-
,arent that some of the negotiations
y-ere likely to have successful outcome.
closing prices showed substantial gains
throughout the list, among them 1as
,oin,s I'm United States Steel common,
olL in Union Pacific. rs in Southern Pa
cifc . I'm chesapeake q Ohio and 1 81 in
/ ST Paul
p. r. T. MAY BORROW S2,50Ooo0.
pbiIadelphia, May 5.-The Philadelphia
r,,,,ld Transit Gompany's ordinance, which